News

Australian cattle prices slump amid widespread drought

Meat
Frozen Bone-In Beef
Australia
Sustainability & Environmental Impact
Market & Price Trends
Published Nov 30, 2023

Tridge summary

Severe drought conditions in southeastern Australia have caused a decrease in rainfall, leading to a shortage of grass on farms. Farmers like Angus Hobson are being forced to sell off a significant portion of their cattle and sheep to ensure enough food for the remaining animals. The drought has devastated the livestock market, causing a decline in the value of cattle and sheep, and farmers are struggling with financial pressures and some are even questioning their ability to continue farming.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

He will be selling into a market that has collapsed. After three years of plentiful rain and rising livestock numbers, dry weather has withered pastures across Australia. That more than halved the value of Australia's 29 million cattle and 79 million sheep. The roughly 500,000 cattle and 2.5 million sheep and lambs slaughtered each month are worth around A$750 million less than before prices started to fall, Reuters calculations based on MLA data show. Once they are shorn of their valuable wool, Hobson said he would offload up to 3,000 of his 9,000 sheep. Of his 200 cows, he said some breeding stock could have to go and "anything not integral to breeding will be sold." Others have already downsized. Stuart Austin at Wilmot Cattle in northern New South Wales said he has halved his herd to 4,000 cattle since April. November rainfall has eased fears of widespread and immediate drought, lifting prices somewhat. But with forecasters warning that an El Nino weather phenomenon will bring ...
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