Wool Impact And Data Company Fusca Partner To Develop Strong Wool Price Indicator

Wool impact and data company, Fusca have partnered for the development of a strong wool price indicator.

Both organisations have recognised the need to develop a representative strong wool price indicator that provides a visible and consistent benchmark for the sector and allows them to monitor the impact of work being undertaken to drive demand and value.

Start-up Fusca has the technology to develop a commercial data platform that will provide farmers and the wool supply chain with more detailed and accurate pricing data based on the weekly wool auction and export data. Fusca’s Chief Executive and co-founder, Ryan Cosgrove, has first-hand experience in the wool sector and knows the importance of reliable and relevant data.

“We need to raise awareness of the value of wool as natural fibre, however, to increase demand and value for wool, we need to better understand what the drivers for value are and be able to monitor these.

“Current pricing information for wool is aggregated into broad types that make it hard for farmers to know the value of their specific wool types and what the premiums and discounts are to inform where they invest,” says Cosgrove.

According to Wool Impact’s Ross McIsaac there needs to be an increase in the availability of data and information for the wool sector to better inform it about what we produce, where it goes, how it’s used, and its value.

“This is an exciting development for us to partner with a team that understands wool and is embracing technology to better utilise the data available to inform our sector. We are partnering to develop a strong wool price indicator that is representative of our sector and that can be accessed easily and free of charge by growers, the supply chain and brand partners,” says McIsaac.

Fusca and Wool Impact are working together, and with representatives from each stage of the domestic supply chain to develop the methodology for the indicator so that it is robust to seasonal variation and gives a high-level view of the health of the industry. Fusca’s platform will provide access to historical and up to date pricing information for all wool types transacted and allow users to personalise reports.

“There are a lot of cool people trying to do cool things with wool but without a way to accurately track value, outside of total FOB value, it's hard to really measure impact. We want farmers and wool traders to have full visibility and transparency of the prices for their wool types and the comparative discounts and premiums available,” says Cosgrove.

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