Key Takeaways:

World prices are strong; U.S. grower data doesn’t show it. Australia's benchmark finished the 2025/26 season 61 percent higher, while the value of the 2025 U.S. clip fell 7 percent. The U.S. clip is coarser than the wool behind the headlines. Only about 7 percent was finer than 20.5 micron in 2023, and 30 percent was 26 micron or coarser. Using 6 November prices, the U.S. mix is worth roughly three-quarters of what the benchmark implies per clean pound. The missing middle is a scale problem. Only about 9.1 million of the 22.7 million pounds clipped in 2023 needed domestic scouring, while a 2022 Australian feasibility study puts a fine-wool scour breakeven above 17.6 million pounds. Anchor demand is the way in. Military...