The Australian Wool Production Forecasting Committee (AWPFC) released its updated forecast of shorn wool production in Australia for 2016/17 on 19th August.
It predicts that shorn wool production will be 325 mkg greasy, the same level as its estimate for the 2015/16. The new forecast for 2016/17 is higher than its previous forecast of 320 mkg greasy released in April, while the Committee’s estimate of 325 mkg greasy for the 2015/16 season is also higher than the estimate of 322 mkg greasy made in April. There has been widespread and good rain throughout Australia since April. As a result, the Committee considers that average wool cut per head in 2016/17 will increase in 2016/17. The Committee expects this to offset a decline in the number of sheep shorn in 2016/17. The current forecast of shorn wool production is at the lowest level in 90 years.
The detailed report is available from www.wool.com.