Strong end to the 2020 wool selling season

As the shearing seasons starts to gain momentum, British Wool have confirmed that the wool market is continuing to recover with the 2020 selling season ending strongly with robust demand and improving prices.

Since February, prices have started to recover with the average auction price at the end of the 2020 selling season finishing at 69p per kilo compared to 50p – 55p for most of the last 12 months. 97% of the 2020 wool clip has now been sold with the remaining 2020 wool carried forward into the new selling season which starts in July. Due to the shearing season this year being at least 3 weeks behind compared to the previous season, this will support supply and the mix of wool available for the early season sales.

Andrew Hogley, CEO, British Wool said: “As the 2021 wool selling season starts in July, over the last 12 months we have sold 31m kg of British Wool, the largest annual volume for ten years. We are optimistic the price recovery we have seen in recent months will continue during the course of the next year. With a healthier stock position, reduced cost base and recovering auction prices this puts British Wool in a much stronger position to deliver better value for our producers in 2021.”

Mr Hogley concluded: “I’d encourage all producers to support British Wool and for those who have 2020 wool still on the farm, to deliver this into us this season. Every kilo of wool that British Wool handles makes an important contribution to supporting your organisation ensuring we can continue to provide a high standard of service to all producers, drive demand for British wool with our customers and downstream manufacturers and continue to represent your best interests as wool producers.”

British Wool will be making further announcements during July on initiatives that are being launched to further drive demand for British wool.