Wool Prices Unchanged
April 22, 2005
April 22, 2005 - According to ABC Australia, there will be no big change for wool growers hoping for better prices this year. The 12-month outlook from National Australia Bank shows a global economic slowdown and when combined with a record cotton crop, the wool market is expected to struggle.
Agribusiness economist Luke Chandler says the Australian dollar is also expected to weaken, helping exporters.
"We're forecasting that the Australian dollar is going to ease over the next 12-months," stated Chandler. "I think our forecast is for it to hit about 73 US cents by the end of 2005 and then down to around 68 cents throughout 2006, which is where we see the long-term average level."