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Australia Beef Crisis Hits as Drought Decimates Wheat
Anecdotal evidence showed that many feedlots had completely closed down, including medium-sized feedlots, not just small opportunity lots, Weeks said.
Looming imports of grain -- only the second time Australia has been forced to import wheat since colonial times -- will not assist the cattle industry.
http://www.planetark.com/dailynewsstory.cfm/newsid/44567/story.htm
And it looks like less than 9.8 million tons will
be cut.
Maybe only 6.
Arkansaw of Samuel L Clemens
New News:
Australia Likely to Import Wheat
The consulting group Australian Crop Forecasters have indicated that they expect Australia to import wheat for only the second time in its history this season, following the extended period of drought that has reduced the wheat crop by around two-thirds, to 9.5Mt. It is reported that Australian farmers have been slaughtering livestock as they do not have enough feed for them, given the small crop.
And that makes approx. 4 million tons not factored into
this report:
Bloomberg.com: Commodities
The IGC (International Grain Council) expects Australia to produce 13.5 million tons of wheat, less than the Australian Bureau of Agricultural and Resource Economics' forecast of 15.5 ...
www.bloomberg.com/apps/news?pid=20601012&sid=aJMnE4fD.iBw&refer=commodit... - Similar pages
Arkansaw of Samuel L Clemens
Well, at least the meat market should be well supplied then, at least for a while...