Aus­tralian beef prices to soar for two years

China Daily (USA) - - BUSINESS -

The price of Aus­tralian beef and cat­tle is set to soar for the next two years as the na­tional herd hits a 20-year low. The lat­est quar­terly up­date from Meat & Live­stock Aus­tralia said the na­tion’s “se­verely de­pleted” cat­tle sup­ply has plum­meted by about 3 mil­lion heads to 26.2 mil­lion in the past three years, with herd num­bers in western Queens­land and New South Wales shrink­ing by up to 40 per­cent, the Aus­tralian As­so­ci­ated Press re­ported on Wed­nes­day. Slaugh­ter rates in the eastern states are also ex­pected to drop from the record highs of two years ago to a pre­dicted 120,000 in 2017, the same level as 2006 when the in­dus­try was try­ing to re­build herd num­bers.

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