In a recent chat with Rowena, Grant Edwards, the General Manager for Wool at PGG Wrightson, shared positive developments and challenges in the wool market. Listen to the segment below or read the  brief overview:

1. Crossbred Wool Prices on the Rise

Throughout the month, crossbred wool prices have shown steady growth, approaching levels not seen since 2016. While there's acknowledgement that there's still progress to be made, the upward trend is encouraging, with strong global support.

2. Fine Wool Auctions and International Interest

Fine wool auction prices remain buoyed by contracts surpassing those achieved through auctions. Notably, New Zealand fine wools continue to command significant premiums over Australian Merino wools. Moreover, there's a surge in interest from national and international brands previously less engaged with New Zealand wool. These brands are now seeking to establish direct relationships with growers, emphasising integrity, traceability, and transparency in their supply chains.

3. Strengthening International Collaborations

A notable collaboration is with the Norwegian company Devold in the merino wool sector. This partnership has seen key Devold’s top-level staff visiting New Zealand, underscoring the significance of this international relationship.

4. Supply Chain Challenges and Innovations

The industry is still grappling with supply chain challenges following the cyclone's impact on the scouring industry. Wool stores are experiencing high volumes, making new wool processing a considerable challenge. Efforts are underway to address these issues, including the strategic redirection of crossbred wool to India and China, where it's processed directly.

5. PGG Wrightson's Role in the Shearing Sports Season

PGG Wrightson is a major sponsor of the National Shearing Circuit, which kicked off with the fine wool shears in Alexandra. This event marks the beginning of the shearing sports season, and PGG Wrightson is excited to play a significant role in supporting and celebrating the competitors.

Grant Edwards' insights provide a comprehensive overview of the current state of the wool market and PGG Wrightson's pivotal contributions. The positive trends in crossbred wool prices, coupled with burgeoning international collaborations, bode well for the future of New Zealand's wool industry.