IN A boost for South Western farmers, wool prices are at a seven year high thanks to a rising demand from buyers.

Wool returns received by British Wool’s members are at the highest level since 2018. This has been driven by strong demand from buyers over the course of the last year, with auction prices in March hitting levels not seen since October 2018.

Commenting on the trends, Jim Robertson, chairman of British Wool, says: “With an average auction price of £1.00 per kg, British Wool’s sale price is 18p per kg higher than last year. Coupled with strong cost control, this price increase has flowed through to improved member returns.”

According to figures, there was a significant increase in demand for cross-bred wool through the autumn and winter, with prices in both the UK and New Zealand showing a strong recovery. This has resulted in a 70 per cent increase in member returns this year.

According tot he chairman, many auctions experienced nearly full clearance due to the rise in demand.

Mr Robertson said: “Demand for British wool through the middle of the selling season was exceptional, with many auctions having nearly full clearance.”

The strong market led to British Wool having sold 83 per cent of its supplies by mid-April. The remaining wool is scheduled to be auctioned in May and June before the new season’s wool is ready for auction in July.

British Wool has been particularly active in the market over the past 12 months, proactively working to drive demand for British wool from manufacturers and retailers.

British Wool’s Yarn and Fabric collections, which were showcased internationally, have helped increase the number of brand partners, now more than 170, that specify the wool in their products is sourced from British Wool’s members.

However, despite rising prices, the amount of wool received by British Wool has been decreasing in recent years. It is believed that this is due to some farmers choosing to hold on to their wool, with many opting to use it on-farm rather than send it to a depot or collection centre. Though, with the positive news of these wool prices, Mr Robertson is hopeful that more wool will be sent to the organisation.

Mr Robertson explained: “As wool prices improve; better returns should hopefully encourage more UK farmers to send in their wool. This year, British Wool will be opening several new collection centres around the UK to improve convenience for members. We want to make it as easy as possible for farmers to deliver their wool.

“British Wool is the only organisation in the world that collects, grades, sells, and promotes fleece wool. We are committed to collecting wool from all sheep farmers, regardless of quantity, quality, type, or location. Demand for wool from UK farmers is improving, and to maximise returns, British Wool urges its members to send in their fleeces in 2025. Please contact your local depot or visit the British Wool website for details of your nearest collection centre.”