The market started the new season with a much-welcomed turn-around. With only 30,994 bales offered, it was the smallest start to the selling season in AWEX history (since ’95).
Although the NRI recorded a small 2 cent loss on the first day of selling, the overall tone of the market was positive, with the market showing strong signs of improvement as the day progressed. The rises experienced late on day one, were quickly realised on day two with the NRI gaining 9 cents, to close at 1738. The individual MPG’s across the three regions, generally rose by 10-40 cents for the week.
Although the increase in the NRI was small, the importance of the rise was large, as the long run of losses was finally brought to a halt. Next week is the last sale before the three-week mid-year recess. Currently, there are 34,831 bales rostered for sale next week.