SYDNEY (Reuters) — Australia has lowered its forecast for most of its main agricultural commodities in fiscal 2015-16 as an El Nino weather phenomenon grips the country and dries out farmland.
This year’s El Nino, which was increasing prospects of below-average rain in eastern Australia, could cut the yield further as the next planting season gets under way, said the Australian weather bureau.
Pacific ocean temperatures continue to warm, which supports El Nino weather conditions for the rest of 2015, according to Australia’s Bureau of Meteorology.
Australia’s cattle farmers have borne the brunt of drought. Unable to find enough food or water for their cattle, they have been forced to slaughter animals at record levels, pushing the national herd to its lowest level in 10 years.
