The market, despite this week's upturn due solely to the weaker $A, was at least 20pc stronger in February, allowing astute growers then, to earn an extra 200c/kg.

That could be worth as much as $40,000 across a 100-bale, 21-micron clip.

It is always easy to make bold assumptions in hindsight, but the warnings about the wool market and global economic conditions were made at the start of 2008.

Platinum Agribusiness principal Bill Mitchell said a good number of growers are taking up marketing options.

“For a 20-micron collar contract you can lock in a January price at a 800c low or a 950c high and it will only cost about 20c/kg,” he said.

“I would have thought that was a fair hedge.

"You still gain from the market lifting and stop your losses at 800c/kg if it falls that low - and the EMI is presently at 873c.

"Given the very negative sentiment out there, that may not be such a bad option.”

Last week the EMI rose a welcome 3.2pc or 27c to 873c/kg thanks to some serious support from a massive fall in the Australian dollar, which has fallen by US11c within five weeks, to US87c.

Taking the exchange rate out gives the real story: In US dollar terms, last week’s market fell 1.3 pc, reflecting the underlying weakening demand and uncertain market sentiment.

In real terms, the market has fallen about 90c/kg since the restart of trading in the 2008-09 wool selling season a fortnight ago.