I'm not particularly familiar with a wool industry, but I just tried this in 43.03.
I embarked with 5 female alpaca's and one male alpaca. Upon embarking, I enabled the farming related labours, built a loom and a farmer's workshop.
Immediately I noticed 6 of these in the Farmer's Workshop: (using 't' to look at the workshop)
stray alpaca wool [7]
stray alpaca wool [7]
stray alpaca wool [7]
stray alpaca wool [7]
stray alpaca wool [7]
stray alpaca wool [7] (in dark yellow/brown, not bright yellow color, but brown on these forums has been broken/red forever)
In any case, I setup a stockpile for cloth, the wool was not put there.
I setup a stockpile for refuse hair/wool, the wool was put there.
I created a job on the loom to 'y' [Weave Cloth (Wool/Hair/Yarn)] and it just fails/cancels with: "Needs 1 unused collected yarn thread".
When attempting to create a 's' [Shear Animal] job at the Farmer's Workshop, it fails/cancels with: "No creature" when clearly... I have 6 alpacas I've never sheared at this point, unless shearing is automatic, and it happened immediately without me telling them to do that, and took no time?
EDIT:
Ok, it's a Spin thread into yarn job at the farmer's workshop.. (not weave at loom) and it uses the wool, and produces alpaca wool yarn in the cloth stockpile.
After that, a 'y' [Weave Cloth (Wool/Hair/Yarn)] job at the loom worked fine, and produced alpaca wool cloth.
I then built a clothier workshop, created a job to make a yarn bag, and it produced an alpaca wool bag, as expected.
Seems to be working ok?