Committee reduces wool production forecast

The Australian Wool Production Forecasting Committee has reduced the 2013-14 shorn wool production forecast to 340 million kilograms greasy, a decrease of 3.4 per cent from the 2012-13 season total of 352 million kilograms greasy.

AWPFC chairman Russell Pattinson said the downward revision could be attributed to continued dry seasonal conditions, high slaughter rates and a further decrease in Australian Wool Testing Authority year-on-year pre-sale test data (-3.3 per cent until the end of March).

"The effects of the recent rains in many areas are greatly welcomed, however, the impact on this season's production will be limited," Mr Pattinson said.

The AWPFC has also made an initial projection for the 2014-15 season, with a slight decrease in wool production (-2.9 per cent) to 330 million kilograms greasy.

"This decrease is due to the expected reduction in 2014-15 sheep numbers as a result of the high slaughter rates in the current season," he said.