A huge drop in the Australian dollar has sparked big wool price rises today.
Early trading in both Melbourne and Sydney saw prices for finer wools lift by 40 to 50 cents a kilogram, and 30-40c/kg for 20 to 22 micron fleece lines, while skirtings enjoyed a 30c/kg rise as well.
Early reports from Sydney had stronger demand pushing the best 19 micron wools up 40c to 1110c/kg (clean), 21 micron wools up 35c/kg at 865c/kg and 23 micron wools trading 35c/kg higher at 835c/kg.
Trading in Melbourne was just as fierce with gains about 10c/kg below those seen in the north.
The 3-5pc gain early comes just in time and on the back of a lack-lustre re-start to sales last week after a three week recess.
There are 44,500 bales were rostered for sale across the three main centres this week and growers selling wool will be thanking the volatile nature of the exchange markets for the unexpected lift.