Australia Trims 2018-19 Wool Forecast
December 14, 2018

Australia on Tuesday trimmed its forecast for wool production by nearly 5 percent as dry weather across the world's largest producer of the fiber squeezes production to at least a 21-year low - the worst on record.

Wool production during the 2018-19 season will total 385,000 tonnes, the Australian Bureau of Agricultural and Resource Economics and Sciences said, down from an estimate in September of 404,000 tonnes.

That forecast would mean the smallest amount of wool produced since before 1997 - Australia does not keep official records on wool production before this date.

With Australia's east coast - home to the majority of the country's livestock industry - seeing less than 40 percent of the rains it would normally receive in the last six months, farmers have been forced to cull sheep after pastures wilted.

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Source: Reuters