Wool prices are set to gather momentum over the coming months. This follows four successive full clearances at recent auctions hosted by British Wool in Bradford.
Prices have risen by approximately 20% over the last four months, with the October auction predicted to see this trend continuing.
But despite the strengthening of the market, British Wool has ruled out making an interim payment to sheep farmers, in respect of 2024 wool deliveries up to this point.
British Wool vice chair, Brendan Kelly, said that “it had been the tradition to issue interim payments to wool suppliers up to the onset of Covid.
“However, it was a practice that seemed to cause confusion with a number of farmers regarding the overall price they received for their wool, once a production and supply year had been completed.
“We now issue one payment reflecting all the wool supplied by farmers during the previous 12 months.
“British Wool will be sticking with this policy into the future. Under the current scheme, producers know exactly how much wool they supplied across an entire season. They then get paid for this wool accordingly: it’s a totally transparent process.”
Wool prices
Meanwhile, supplies of wool to the Ulster Wool depot at Muckamore in Co. Antrim are down 15% year on year to the end of September, creating a shortfall of 137t. Ulster Wool works in partnership with British Wool.
Kelly continued: “Smaller fleece weights this year account for approximately 7% of this shortfall. No doubt, there are significant quantities of wool still out on farm.
“I would ask farmers to have these fleeces delivered to Muckamore or their nearest wool merchant when at all feasible.
“With the initiatives we have in place, and feedback from the market, we are confident the recent price gains are sustainable. Prices need to increase further, but this is a positive step in the right direction.
“Our depot and drop off sites remain open and ready to receive wool.”
Northern Ireland is home to some 950,000 breeding ewes, producing approximately 1.9 million kilos of wool annually.
Ulster Wool handles approximately 75% of this output at the present time.
“British Wool is working to secure the best possible returns for all wool producers in Northern Ireland.
“All of this is delivered on the back of a cooperative ethos, which fully recognises the value of each farmer-supplier,” he added.
