Wool production expected to dip

The latest Australian Wool Production Forecasting Committee's forecast of shorn wool production for 2023/24 is 324Mkg greasy, 1 per cent lower than the 2022/23 season estimate.

It's a a 4Mkg downward revision of the December forecast.

Meanwhile the committee's first forecast for the 2024/25 season puts production at 306Mkg, down by 5.8pc.

The biggest production fall is expected in Western Australia next season, with an estimated drop of 5 Mkg, down from 60.6Mkg to 55.6Mkg.

Victorian wool production is expected to decline by 1.3Mkg while Queensland wool production is expected to decline by 1.2Mkg.

The number of sheep shorn is forecast at 71.6 million head, up by 0.1pc due to held over lambs.

The last forecast, released in December, had tipped that the 2023/24 season production would watch that from the previous season.

Average cut per head is forecast to reduce 2.2pc to 4.53 kg greasy due to dry seasonal conditions since the December forecast.

Committee chairman Stephen Hill said the revised April forecast reflected the varied seasonal conditions across the key wool growing regions of Australia and the impact on numbers of sheep shorn and average cut per head.

"Held over lambs and older breeding ewes remain in the flock as sheep meat prices stay relatively low," he said.

"The number of sheep shorn during 2023/24 is expected to remain at 71.6 million near the 2022/23 season level."

"New South Wales is forecast to shear 26.6 million head this season (up 2.7pc) despite the varied seasonal conditions across the state as the key wool producing regions in the central west and southeast have had a reasonable season to date with recent welcome widespread rain.

"The number of sheep shorn is expected to increase in South Australia due to favourable seasonal conditions in the pastoral regions but will remain either steady or decrease in other states."

Average cut per head is expected to be 4.53 kg greasy, down 2.2pc compared to 2022/23.

AWTA key test data for the season to date shows no change in mean fibre diameter or vegetable matter, a 2.1 mm decrease in staple length to 87.5 mm and a 0.6pc reduction in yield to 65.8pc.

AWTA wool test volumes to the end of March were down by 2.9pc on a year-on-year basis, while first-hand offered wool at auction to the end of March was up 1.4pc compared with the same period in 2022/23.