The fall in wool prices in foreign currency was the extraordinary feature this week. Prices were no doubt cheaper in local currency but the fall in USD and Euro values was significant. The Australian dollar is always less favoured during times of turmoil as investors move to the safer global currencies or gold. The Australian dollar is also influenced by demand for our minerals with iron ore and coal exports likely to be impacted by the pandemic. The Reserve Bank of Australia injected a further stimulus to the economy this week with a cut in the official interest to 0.25%. This sent our dollar plummeting further against the other major currencies.
AWEX Eastern Indicator compared with 13/03/2020
Change in % -5.46
If you want to learn more about AWEX indicators, visit the official website http://www.awex.com.au
Authentico Index Values
Change in %: -4.65
Change in %: -7.13
Change in %: -6.39
Change in %: -5.78
Change in %: -5.68
Change in %: -6.12
As a slight diversion from the regular commentary, we’ve included a nice piece from an Italian psychologist, Francesca Morelli.
“Nature has its way of balancing things when its laws are turned upside down.
In a society based on productivity and consumption, in which we all run 14 hours a day, we are forced to stop, stay home for many days and deal with a time that has slowed down. Do we still know what to do with it?
In a phase in which the education of our children is, necessarily, often delegated to other figures and institutions, the virus closes the schools and forces them to find alternative solutions, putting mums and dads together, rebuilding the family.
In a dimension in which relationships, communication and sociality are virtual and social networks give us the illusion of being together, the virus takes away human contact: nobody touch each other, no more kisses, no more hugs. How much have we taken these gestures and their meanings for granted? How much do we miss them…
In a selfish society where everyone thinks just for himself, the virus sends us a clear message: the only way out is working together, finding the sense of belonging, protecting the community and gives you the feeling of being part of something greater to take care. We all feel more responsible as now, more than ever as we’ve never been depending so much on each other.”
Auction offering – current week
Selling Centres for week 38
Market Sale Offered Sold Passed In
North S 38 8792 6927 21.2%
South M 38 25128 18627 25.9%
West F 38 8066 5317 34.1%
Auction offering – next week
Market Sale Sale days Volume
North S 39 W/T 9446
South M 39 T/W/T 29043
West F 39 W/T 11385
If you want to see the complete Wool Sales Roster click here.