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Rain pushes cattle prices up in Australia
Friday, 26 June 2020
By Rebecca Wright
Following a three long year drought in Australia, optimism has returned to the cattle industry. During the dry period farmers tended towards downsizing herds especially when feed became expensive. The recent rain, which caused some flooding in Australia, means that farmers there are now looking to re-build their herds. The number of heifers available for slaughter is expected to be limited.
Production in Australia is forecast to decline by 16% to 2 million tonnes. This tighter supply is supporting prices despite concerns a few weeks ago that a recent trade dispute between Australia and China could damped them. The trade dispute began after Australia demanded for an investigation into the origins of COVID-19, and China then increased tariffs on some agricultural products as well as banning beef from four processing plants.
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