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Wool production to rise for first time in 12 years
24 Apr '10
1 min read
It is for the first time in 12 years that wool production is projected to rise. According to the Australian Wool Production Forecasting Committee, in the forthcoming season, wool production is expected to increase by 10 million kilograms.
The rise in prices is a result of good rains in almost every corner of NSW and also in other areas. But, though there are positive signs regarding rise in wool production, the country's sheep herd is likely to reduce, as cultivator's are either shifting to meat production or are taking up crop farming.
But according to Russell Pattinson, Chairman of the forecasting committee, it is too early to comment on the fact that, higher supply of wool in the markets would lead to reduced prices.
He further added that, the predictions were not based on the wool prices, but on his observations, according to which, they were coming off the previous minimal levels of wool production.
Pattinson concluded by saying, currently the manufacturing was still the lowest in 80 years, and that what was being discussed was just an addition of 10 million kilograms to the current 350 million kilograms.
The rise in prices is a result of good rains in almost every corner of NSW and also in other areas. But, though there are positive signs regarding rise in wool production, the country's sheep herd is likely to reduce, as cultivator's are either shifting to meat production or are taking up crop farming.
But according to Russell Pattinson, Chairman of the forecasting committee, it is too early to comment on the fact that, higher supply of wool in the markets would lead to reduced prices.
He further added that, the predictions were not based on the wool prices, but on his observations, according to which, they were coming off the previous minimal levels of wool production.
Pattinson concluded by saying, currently the manufacturing was still the lowest in 80 years, and that what was being discussed was just an addition of 10 million kilograms to the current 350 million kilograms.
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