There was $800 at stake for first prize and the event ended the first of the three days of the 59th Golden Shears.
Brett Roberts, of Mataura, and Hemi Braddick, of Eketahuna, were placed third and fourth respectively after being beaten in the semi-finals, in which Ferguson posted the night's fastest time of 21.104 sec.
Abraham had been top qualifier from the heats to the eight-man quarterfinals.
The open speed shear, (mirroring dozens of single-sheep contests held around the country each year), attracted 23 competitors, of whom two fell at the first hurdle, their sheep rejected by judges appointed to ensure that while speed was the object, the quality was still kept to the highest-possible standard.
The senior speed shear also had 23 entries and was won by Connor Puha, of Kimbolton, shearing his final sheep in 26.593 sec, outgunning Winton shearer Jade Maguire Ratima by just 0.22 sec.
Masterton-based Sean Gouk was third and Brandon Maguire Ratima was fourth.
The speed shear was, however, only a prelude to the main event, with the Golden Shears Open and Senior championship heats being held throughout today, along with Open woolhandling heats, together involving about 150 entries taking the number of competitors at the championships close to 400.
Other events being decided at the championships include transtasman tests in woolhandling tonight and shearing tomorrow, when most of the individual titles will be decided.