Nick McBride

Armidale based woolgrower, Nick McBride, uses the web-based Woolcheque for budgeting, wool pricing, price risk management and bench marking for his Merino wool business.

Two years ago, the south east South Australian based McBride family purchased Dunoon, a 1,650 hectare property 50kms north west of Armidale in New England.

"We run around 20,000 DSE at Dunoon and on our South Australian property, Conmurra, we run up to 45,000 DSE, including 400 breeding cattle and have around 1,000 bale wool clip" Mr McBride said.

The McBride’s are now using Woolcheque as an additional tool for decision making about the timing of selling wool and reserve setting.

"I was very glad to learn about Woolcheque and find it very worthy," Mr McBride said.

"The program lets you know exactly what your clip is worth at any given period and having a current price, along with an historical price mechanism is really great.

"Woolgrowers usually spend 12 months growing wool, spend thousands of dollars on shearing and preparation of the clip - to go into the first sale and to take whatever the market says it’s worth. This is what I call a fair amount of risk.

"We are at the mercy of the market on any given day and Woolcheque is a tool that brings us more information for making marketing decisions - this is why we’re now using it."

Aware that a 19 micron clip or finer is a very volatile commodity on any day, Mr McBride said by using Woolcheque he had gained the confidence to place a realistic reserve that was consistent with the market.

Growers of fine wool will find the similar lots function particularly beneficial. Users can view the most recent prices received at auction for the same type of wool as their own. These clear comparisons will help growers gauge an accurate, up-to-date value for their wool.
 
He said Woolcheque gave him the option of checking the current market and allowed him to go back for up to three years.

"In a rising market, being a little more aggressive and by using Woolcheque, I’ve been able to go back in history for pricing that’s more relative for the market we’re heading in to."

"It’s a very secure program and because it gives us independent market information we have confidence that we are trying to reach the reserves that are right for us."

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