Trading for dwarf ale will boost mood when explorers travel home with it. Trading for lore can give you an increased chance of success in exploration events that occur in the North and reveal the Inland sea. The dwarves will randomly attack another clan's territories as well.
If you do not go to Noastor early enough in the game, the glacier from the Northwest will take over its location making it impossible to go to. Noastor is in the far North in between the Glacier and the Jord Mountains. Sometimes you may experience a text event the first time you travel up to Noastor where another clan will only tell you about the Noastor trading post. Other clans will refer to this location as a trade post run by friendly or surly dwarves.