Sheep ranchers in Wyoming have seen prices for their products reach all-time highs this spring.
U.S. Grade 64 Wool, a standard class, sold for more than $4.60 per pound last month. From 2008 to 2011, average price about this time of year was $3.35 per pound.
Industry observers say tough seasons in Australia and New Zealand, which produce most of the world's sheep, have resulted in less wool.
But, the demand for wool has remained the same, with some demand for fine wool products increasing.
But Ron Swenson, who ranches south of Gillette, notes to the Gillette News Record that the higher prices for wool are offset by higher diesel prices.
Much of his equipment runs on diesel.