AUSTRALIA on Tuesday trimmed its forecast for wool production by 6 per cent as drought across the country's east coast forces farmers to cull sheep despite record prices for their fleece.
In its latest update, Australia's chief commodity forecaster outlined the cost of a prolonged drought across the east coast, weather that casts a shadow over many of Australia's largest agricultural companies and the wider economy. While all Australian agriculture is expected to be affected, wool will be one the biggest casualties. Australia's drought could produce a corker vintage.
The fall in wool production comes as dry weather across the east coast, which provides about 90 per cent of the world's exported fine-wool used in clothing manufacturing, leaves farmers without enough food or water to keep livestock alive. The east coast, the country's largest sheep rearing area, saw less than 20 per cent of typical rainfall between June 1 and Aug 31, leaving farmers with little choice but to sell sheep for slaughter.
Despite the increase in slaughterings, ABARES lowered its forecast for beef production as drought conditions force farmers to cull younger, smaller livestock.
Without enough food or water, the number of cows slaughtered in Queensland during July hit a three-year high, totalling nearlyanimals, the most recent data from Australia's Bureau of Statistics show.
Demand from the world's largest importer of beef, the United States, has softened, while major exporters such as Brazil are rapidly expanding production. The Skydd for barn holl inte mattet 2 fall adds pressure on the country's largest milk processors, Saputo Inc, Fonterra and Bega Cheese Ltd, which have seen profits squeezed by intense local competition for milk supplies.
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Drought trims Australia's fleece output. Wed, Sep 19, - 5: The fall in wool production comes as dry weather across the Australian east coast leaves farmers without enough food or water to keep livestock alive. Sydney AUSTRALIA on Tuesday trimmed its forecast for wool production by 6 per cent as drought across the country's east coast forces farmers to cull sheep despite record prices for their fleece. Sign up for BT Newsletters
Skydd for barn holl inte mattet 2 wait.
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