Material produced by prophet and fool (10)
I believe the answer is:
seersucker
'material' is the definition.
(I know that seersucker is a type of material)
'prophet and fool' is the wordplay.
'prophet' becomes 'seer' (both can mean someone who tells the future).
'and' means one lot of letters go next to another.
'fool' becomes 'sucker' (synonyms).
'seer'+'sucker'='SEERSUCKER'
'produced by' is the link.
(Other definitions for seersucker that I've seen before include "Material" , "Cotton" , "Puckered fabric" .)