Australian Cattle Prices Fall Amid El Nino Concern
AUSTRALIA - Cattle prices in Australia, the world's second largest beef exporter, fell to a three-month low amid concern El Nino conditions may extend a drought and reduce supplies of grain and grass needed for livestock feed.
21 September 2006
1 minute read
Prices fell 1.25 cents, or 0.4 percent to A$3.45 ($2.61) a kilogram today, the lowest since June 16, on the benchmark Eastern Young Cattle Indicator. They have declined 3 percent this month.
Drought covers at least 60 percent of Queensland state, the biggest beef producer in Australia, and 92 percent of New South Wales, the number No. 2 supplier. Developing El Nino conditions, which can cause drought in the Asia-Pacific region and flooding in the Americas, may cut the chance of the rainfall needed to boost feed supplies.
Source: Bloomsberg.com
