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LATEST NEWS

New forecast predicts 9% decline in Australian shorn wool production in 2019/20

25 November 2019
The Australian Wool Production Forecasting Committee met on Wednesday, 20th November to review its forecast of shorn wool production for the 2019/20 season. The Committee decided to move its meeting forward from December given the continued dry and drought conditions across many of the major sheep and wool producing regions. The dry conditions have resulted in a larger decline in wool volumes tested and offered at auction than the Committee had previously expected. The Committee’s new forecast…

US imports of wool clothing from China slump in September

18 November 2019
There are signs in recent weeks of an easing in the tensions between the US and China on the trade front. There has been progress in negotiations between the two countries with reports in the media that the US will hold off from imposing the new additional tariffs on the remaining Chinese goods planned for December. In return, China would begin to remove the embargo it has placed on imports of US agricultural products which has hurt the Mid-West farmers in the US. The Chinese negotiators are…

Australian wool exports slump in September

11 November 2019
The latest data on Australian wool exports was released on 7th November. It shows that wool exports from Australia dropped sharply in September compared with a year earlier. The weight of wool exported in September was 35% below the levels in September 2018, while the value of exports was down by a massive 56%. Incredibly, this monthly year-on-year decline by value is the largest seen since June 1990! Exports to the four largest export destinations were down in September by between 27% and 45%…

Media Release: NCWSBA opens historical display of wool broking in Sydney

11 November 2019
The National Council of Wool Selling Brokers of Australia today opened a wool broking industry historical display at the Sydney Wool Selling Centre in Yennora. The display celebrates the history of the wool broking industry in Australia and is a companion to the NCWSBA historical display in Melbourne. NCWSBA President John Colley opened the display, saying “The Australian wool industry is an iconic part of Australia’s history and its economy. Wool broking companies have been a vital part of…

South African wool prices less volatile than in Australia, broad wool prices depressed

04 November 2019
Australian wool prices have been extremely volatile week by week over the past month or so, after having fallen sharply in August. Despite this volatility, wool prices in Australia have recovered well from the recent low point of 1365 c/kg in the first week of September. It is now 230 cents higher than that low point but is still 121 c/kg (7%) below the level at the start of the season. Have we seen the same decline and volatility in wool prices in other countries? The situation in South Africa…

Cotton prices remain low as production outstrips demand

28 October 2019
Cotton prices, as judged by the CotLook A Index (a global benchmark indicator for cotton), have fallen sharply since mid-2018, despite a brief respite at the start of 2019. From a high of 101.5 USc/lb (or 223.7 USc/kg) in June 2018, the CotLook A Index fell by 31% to a low of 70.4 USc/lb (or 155.1 USc/kg) in August. Prices have since recovered a little to 75.2 USc/b (165.8 USc/kg). The fall in prices over the past 15 months is the result of the rise in cotton production outstripping the growth…

Media Release: Premiums for Non-Mulesed Wool Jump in the first quarter of 2019/20

28 October 2019
The premiums for non-mulesed Merino wool jumped in the first quarter of the 2018/19 season to more than 100 cents, according to data and analysis from AWEX. This confirms the anecdotal reports from buyers about the continued very strong demand for non-mulesed wool this season, even as wool prices in general have fallen back. The premiums for non-mulesed wool over equivalent mulesed wool averaged as much as 108 cents/kg for Merino wool in the first three months of the 2019/20 season to…

Australian wool price volatility hits highest level in 20 years

21 October 2019
The volatility of Australian wool prices in the past few months has been at the highest level in any time in the past 20 or 30 years. Price volatility can be assessed by looking at standard deviation of the weekly change in prices, annualised. The volatility of the Eastern Market Indicator has leapt in the past few months after a period of relatively low volatility between 2016 and 2018. Volatility of the EMI is currently at the highest level in at least the past 20 years. The extreme…

Raw wool demand falls

14 October 2019
Wool prices have dropped sharply in the past few months, reflecting sharply lower demand and comes despite the lower volumes of wool available from Australia. The fall in demand is illustrated by the decline in the volume of wool exported by the five major wool exporting countries (Australia, New Zealand, Argentina, South Africa and Uruguay). For the first eight months of 2019, total wool exports from these five countries were 11% lower than for the same period in 2018. At just 352 mkg greasy,…

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The National Council of Wool Selling Brokers of Australia

 

News Flash

The Australian Wool Production Forecasting Committee met on Wednesday, 20th November to review its forecast of shorn wool production for the 2019/20 season. The Committee decided to move its meeting forward from December given the continued dry and drought conditions across many of the major sheep and wool producing regions. The dry conditions have resulted in a larger decline in wool volumes tested and offered at auction than the Committee had previously expected.

The Committee’s new forecast is for shorn wool production to total 272 mkg greasy this season, down by 9.2% on the 300 mkg that was produced in 2018/19. For those interested in historical precedence, this is the lowest level of shorn wool production in Australia since the 1923/24 season when shorn wool production was 268 mkg greasy.

In August, the Committee predicted that shorn wool production would fall by 5% this season based on a return to more normal Spring rainfall and rain falling in areas that are in drought. This has not eventuated for many regions, with below average rainfall in the three months from August to October in almost all of the major wool growing regions in Australia. This has resulted in lower fleece weights in many states, with the exception of some areas of Victoria. Overall, the Committee expects the national average wool cut per head to fall this season by 1.7% to 4.06 kg/head. This is the lowest average at least since 1981/82 (when the AWPFC’s data series begins). However, the biggest contributor to the decline in shorn wool production is from a sharp drop in sheep shorn numbers. This is predicted to decline by 7.5% to 67.1 million head.

Full details, including a chart showing the trends in sheep shorn numbers and shorn wool production in Australia since the start of the 2000s, are provided in this week’s Weekly Newsletter. Available to NCWSBA members.

National Council of Wool Selling Brokers of Australia

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