Cattle prices in Australia fall due to widespread drought

Published Dec 1, 2023

Tridge summary

Australia has experienced a severe drought, which has significantly decreased the value of their livestock. The slaughtering of cattle and sheep has shown a decrease in value of about A$750 million due to falling prices. The drought, coupled with the forecasted hot summer, has experts predicting that the herd will not recover quickly.
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Original content

This more than halved the value of 29 million head of cattle and 79 million sheep in Australia. The roughly 500,000 head of cattle and 2.5 million sheep and lambs slaughtered each month are worth about A$750 million less than before prices began to fall, Reuters calculations based on MLA data show. November rains eased fears of widespread and immediate drought, lifting prices somewhat. But with forecasters warning that the El Niño weather pattern will lead to a hotter-than-usual summer, experts don't expect the herd to recover quickly. Many farmers are selling their animals for a fraction of what they paid for them, and some have been unable to find buyers and are simply shooting sheep they can't sell, more than 20 livestock farmers and agents said in interviews. Rising interest rates and soaring costs of essential commodities such as fuel, machinery and fertilizers have also ...
Source: Agronovosti
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