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Article: DROUGHT CAUSES AUSTRALIAN WOOL PRODUCTION PLUNGE.
- Article from:
- WWD
- Article date:
- January 8, 2008
- Author:
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Copyright informationCOPYRIGHT 2008 Fairchild Publications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Patty Huntington
SYDNEY - The Australian wool industry closed 2007 with bittersweet news for wool growers and their customers: U.S. prices hit a 17-year high, but production levels fell to their lowest in 61 years.
The Australian Eastern Market Indicator, the index for international wool prices, closed 2007 above 10 Australian dollars a kilogram for the first time in five years. While that represents a 19 percent surge in wool prices over the past year in Australian dollar terms, it equates to a 25 percent price surge in U.S. pricing. On Monday, $1 was worth 1.15 Australian dollars.
Australian wool growers are "reasonably happy" with the prices they are ...
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