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Australian Market Down After Unplanned Off Week

13 March 2020

The Australian wool market resumed this week after an unprecedented event forced the cancellation of sales in Week 35.

Talman – the company that provides system software to a large number of brokers and the majority of buying houses – succumbed to a cyberattack that prevented access to their mainframes. This in turn meant buyers and brokers across the country, could not access the systems that they required for inputting types, generating invoices, setting buying limits, printing catalogues and the ordering out of wool. The inability to perform these vital tasks meant that the sales scheduled for Week 35 could not proceed, forcing the National Auction Selling Committee to make the difficult decision to cancel the rostered sales.

Talman and other industry personnel worked through the week to bring systems back online. This was finally achieved early this week, allowing the resumption of sales across the country on Wednesday. Both buyers and sellers alike, were pleased to be able to return to auction rooms, to resume the change of ownership of Australian wool. Due to the backlog of wool that was unable to be sold in Week 35, the overall national quantity increased significantly – the 62,217 bales on offer was the largest weekly figure since 2008.

The market opened solidly, with wools selling at similar levels to those achieved at the previous sale (Feb. 20). As the sale progressed however, prices continually deteriorated, with the lesser-style lots and those with poor additional measurement results recoding the largest falls.

Across the country the individual Micron Price Guides fell by 5 to 84 cents for the week, with the Western region recording the biggest falls. On the back of these losses the AWEX Eastern Market Indicator lost 19 cents for the series, closing the week at 1,562 Australian cents.

TheSheepSite News Desk