A RETURN to glory days for the wool industry could push the value of this commodity past the lucrative $3 billion mark for the year.
New figures out show that wool has reached the billion dollar mark so far and with flock numbers at lows industry leaders say the demand for fibre is pushing the commodity into new territory.
“The multiplier affect for the wool industry is going to be massive, this really helps every country town and all of the regional cities,” said Mangoplah grower Paul Cocking, “Kaloona.”
He said the money generated by wool allows growers to reinvest in genetics, new sheep yards, and spend within the community.
“We are going to see this filter down for years to come,” he said.
Mr Cocking said the alignment of high lamb prices and replacement sheep prices also added to the overall value of the sector.
“This is a reward for people who have stuck by the wool industry,” he said.
He said the success in dollar terms also provided valuable feedback in regards to the inroads in marketing and development of the fibre.
Mr Cocking said wool held pride of place in sports wear through to evening apparel.
He said now was also the time to encourage people back into the industry and to promote the positive attributes of improvements in innovation.
Figures released by Mercado this week indicate that at the same point in the season, last year, wool prices were 26 per cent lower than current 2017 levels.
And that figure comes when supply is estimated at 10 per cent lower.
The Mercado analysis shows that the wool market has not been at this level since week 17 during 2002.
The Eastern Market Indicator (EMI) rose 10c on the week to 1578c in Australian dollar terms.
The fibre news comes at a time when big turnovers continue to dominate at the Wagga Livestock Marketing Centre.
The centre sold just just shy of 1.7 million sheep and lambs and when cattle were added into the mix the overall figure comes in at more than $428 million.
Wagga Livestock Marketing Centre manager Paul Martin said overall prices were higher for sheep and lambs and this helped to boost the results.
In fact, average across the board for all lines was $130. And the sheep and lamb market on its own was worth $219 million.
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