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Wool supply and prices could be hit by Australian drought

As per experts, the ongoing drought in wool growing regions of Australia is likely to hit supply and prices. Figures from the Bureau of Meteorology indicate the second-driest autumn in Southern Australia with rainfall 57mm (2.24in) below average. In July, less than 10mm of rain was recorded in New South Wales, prime farming territory, and ongoing dry conditions are forecast to continue.

This week, 23 per cent of New South Wales was classed as being in intense drought, while the rest was in drought or drought affected. The state produces around 25 per cent of Australia’s agricultural output. Other parts of Australia also suffered, with over half of Queensland being in drought and some areas of Victoria and South Australia also seeing dry conditions.

 

 
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