Weekly Wool Forwards for week ending 21st June 2019
Nine trades were dealt on the forwards market this week, most of them in 19 micron wool, a bit of a slap in the face after predicting quieter markets, but healthy for the forwards market.
Seven trades were dealt in 19 micron wool. One agreed for July at 2,025¢, two agreed for August at 1,985¢ and 2,045¢, quite a discrepancy of 60¢. One trade was dealt for September and agreed at 1,905¢ while two trades were agreed for October at 1,900¢ and 1,915¢.
Two trades were dealt in 21 micron wool, both for December. One agreed at 1,900¢ and the other at 1,920¢.
It’s hard to predict what might be ahead for the forward market as auction supply continues to dwindle. Furthermore, a falling auction market fosters doubt and hesitance among participants in the forward market and makes for thin and volatile trading.