Despite the devastating impacts of the global COVID-19 health pandemic on the value of our beautiful wool fibre, let's look at the positives.
Above average seasonal conditions have delivered high lambing percentages and set new benchmarks in the quality of sheep progeny.
Shearing is well underway and both sheep and lambs are pushing-out higher cuts per head.
This is leading to increased production - of up to 0.75 kilograms per head, or 10-15 per cent more fibre - in many areas.
Pastures are growing rapidly, aided by excellent subsurface moisture, and carrying sheep and lamb systems with ease. This is cutting the need for supplementary feeding.
All these factors are allowing us to lower our costs of wool production and this aids in softening the blow of the lower prices, for this season at least.
As a woolgrower, it is absolutely fantastic to rotate your stock from paddock to paddock knowing that the grasses are moving and the weather is warming.
We are truly lucky to have the freedom of our farms and the natural existence and lifestyle that we enjoy.
Farming truly does bestow us dignity and it is so much more evident in these uncertain and challenging times.
Merino and terminal ram sales to date have delivered new quality standards and the market has responded, with studs reporting increased average 'sold' prices this season compared to last year.
We congratulate all studs on their efforts to navigate the challenges of the pandemic and produce high quality rams - from which our industry will benefit for years to come.
While the wool market has found short-term support, the fundamentals remain unchanged.
As surplus wool stocks continue to mount in broker warehouse and in the wool textile pipeline, it is difficult to be optimistic about values in the short to medium-term.
International wool textile businesses must continue to consolidate, and this will occur from the farm gate all the way through to high-end fashion houses.
We all must adjust our wool and sheep enterprises so we can survive the massive impact of this pandemic - and it has little regard for big operators versus small.
Last season's price volatility has broken all previous records and the flow-on effect has caused international trade confusion, leading to credit defaults and the unenviable issue of market-related quality claims.
There are few winners in our industry when it comes to volatile wool prices, so we are now all in search for signals of price stability going forward.
Are we there yet?
Keep in mind, specialist wool buyers will pay significant premiums for wool that contains low vegetable matter - particularly in lamb wool types - of 0.3 per cent or less.
Shearing before grass seeds get into wool is ideal and, of course, protects sheep from fly strike in the warmer months.
Lambs will grow much faster when they have been shorn at this time of the season and, with solid meat prices, this provides further value for your sheep systems.
We can report that wool yields are about 2-3 per cent above average in most of our growing regions.
Fibre tensile strength is also up and, for those shearing annually in the spring, we can report ewe wool is delivering above average staple strength and lower than average mid-breaks.
Wool topmakers will discount wool that is tender and contains high mid-breaks due to the outcomes they experience when they card and comb the fibre.
These discounts are more obvious in a weaker market and can be substantial.
In contrast, high staple strength wool, with low mid-breaks, will attract premium prices - as it will convert into wool tops more efficiently with less short fibre lost during the process.
With sheep numbers at record lows, only a slight improvement in wool fibre demand will allow surplus stocks to be consumed - and then upward price pressure can recommence in our market place.
KareeWool's trade tips include to calculate and understand costs per kilogram, regularly consult with your wool service provider about risk management options and know (and benchmark) your wool selling costs rates against others.