Sheep are at their highest values since the herd scheme commenced in 1987 with an average increase in value of almost 17%. Two tooth ewes increased from $191 to $224. For the first time in 25 years ram and wether hoggets have recorded the same value as ewe hoggets on the strength of an $8.50 schedule and the likelihood of $10 in the spring meaning male lambs to winter through are being highly sought after.

Drought has continued to be an issue in the 2022 season in some traditional sheep farming areas.

As in prior years sheep numbers continue to fall to less than 26 million, with slightly more than half in the South Island. Whilst wool prices have improved compared to the 2021 season, values are still depressed overall, and the increased cost of shearing means that there is very little profit in strong wool. Covid-19 related issues continue for European manufacturing, but there have been positive signs of increased demand and production.