News in brief: Sheep prices in Australia have fallen by 75%, forcing some farmers to give away their animals for free. Industry experts are calling for government support to help farmers cope with the low prices.
Australia’s sheep industry is grappling with a severe crisis, as prices for sheep have plummeted to near 16-year lows, a news report says. This has forced some farmers in the country’s western regions to give away their animals for free to pet food manufacturers.
The drastic decline in sheep prices is attributed to a combination of factors, including increased competition from mutton imports, reduced demand from key markets, and ongoing drought conditions that have impacted pasture availability.
Mutton prices have reportedly plunged by 75% over the past year, according to Tim Jackson, global supply analyst at Meat & Livestock Australia. This fall makes it harder for sheep farmers to cover the costs of raising their animals.
In some cases, sheep prices have fallen so low that farmers are unable to even sell their animals for slaughter. As a result, some farmers have resorted to giving away their sheep for free to pet food manufacturers.
Industry experts warn that the current crisis could lead to a significant decline in Australia’s sheep flock, which could have far-reaching implications for the country’s agricultural sector.
To address the crisis, industry leaders are calling for government support to help farmers cope with the low prices and to promote market diversification to reduce reliance on traditional markets. They also emphasize the need for long-term strategies to improve the resilience of the sheep industry in the face of future challenges.
