24 Jun Weekly Wool Forwards for week ending 21st June 2019
A quiet week in the forwards market with only two trades, reflecting the falling auction markets of recent weeks.
One trade was dealt in 19 micron wool for August and agreed at 2,050¢ One trade was dealt in 28 micron wool for August and agreed at 1,040¢.
It’s been a few weeks since we’ve seen the forwards market this reserved but it is to be expected in a falling auction market. Growers don’t generally lower their prices to suit a weak market, but hold for when it will eventually rise again. Until then, as prices fall in search for a base and the outlook looks less optimistic as explained earlier, we will likely see quieter forwards for some time.