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Wool price fall in tough global market

Wool cheques will be smaller this year to 2015, producers have been warned by the British Wool Marketing Board (BWMB). Wool values have been confirmed at between 61p/kg and £1.18p/kg depending on breed, with coarser wools suffering most.

According to the chairman of BWMB Ian Buchanan, it is a tough global wool market. Strong sterling for most of the selling season, coupled with a weak New Zealand dollar, had been one of the main reasons for lower returns, he said.

The BWMB’s forecast for 2016 shows a slight improvement for some breeds, based on sales in January to April this year, when values had stabilised, said a spokesman. The past six months had seen continued demand for the fine and medium wools as a result of Chinese interest. Meanwhile, clearance rates at BWMB auction sales over the past few months had been strong and there was still demand for quality British wools.