An increasing level of confidence in the economic outlook across both Europe and the rest of the world is having a positive impact on wool prices with the opening sales of the current selling season showing the improvement in prices was being sustained.

With the strong clearance at British Wool Marketing Board auctions going on, this increased demand can be maintained through the remainder of the 2013/14 selling season.

BWMB chairman Malcolm Corbett, who farms at Dykehead in Redesdale, Northumberland, said that the demand was so strong in the closing half of 2012/13 season that they sold virtually every kilo of wool which was hugely important as they headed into the new 2013/2014 selling season.

With high clearance rates and prices up on the same time last year it’s also encouraging to see the volume of wool sold to date is significantly higher than at the same time last year.

Demand for British wool has traditionally been largely driven by the carpet market and an upturn in the housing market is helping increase demand.

However, the strong demand from the market in China is also having an impact on the interest and the demand shown in their product.

Mr Corbett encouraged visitors to the Winter Fair – being held at Melton Mowbray Livestock Market on Friday, January 31 – to visit the BWMB stand to find out more about the board’s activities.

In the BWMB’s competitive auction system, all producers marketing their wool through BWMB would benefit from these price increases.