November 10, 2006
November 10, 2006 - Last Friday, U.S. Department of Agriculture's Agricultural Marketing Service's Ron Cole started reporting wool sales utilizing AWEX-ID or Australian Wool Exchange descriptions of the non-measured wool characteristics. The descriptions can be found under the grease wool section of the market report.
"I realize that I am using wide descriptions. However, we will be able to be more specific as we receive a larger volume of reportable wool on a weekly basis," commented Cole.
As a common, universal language for domestic and international trade, AWEX-ID helps better describe U.S. wool to both current and new customers. More complete market reporting, price discovery and market transparency are all possible when a more universal language is spoken in the trade. Through the adoption of a more universal description system, warehouses will be able to build the customer's confidence on the wool they are marketing. This confidence is essential as more U.S. wool is being exported and new customers are looking to purchase U.S. wool.
The weekly report can be accessed by going to www.sheepusa.org
and clicking on the USDA Market Summary link in the lower left-hand corner of the home page. Staff contact: Bob Padula