Back to the wool industry in droves

ON THE SHEEP’S BACK: Above average wool prices and increased international demand have reinvigorated the sheep industry.

VICTORIAN farmers are returning to the sheep industry in droves thanks to an increase in sheep meat production and a surge in wool and lamb prices, according to the inaugural 2015 National Sheep and Wool Update.

According to the report, the recent trend of Victorian producers changing from wool breeds to dual-purpose sheep and prime lambs has continued contributing to the increase in sheep meat production across the state.

The report, launched by Rural Bank and Rural Finance’s specialist insights team Ag Answers, provides producers and industry with a state-by-state analysis of the sheep and wool sectors.

Rural Bank and Rural Finance general manager of sales and business development, Andrew Smith, said the increase in the number of sheep farmers throughout Victoria was a trend he hoped would continue well into the future.

“This recent upswing in interest in the sector is very encouraging,” Mr Smith said.

“While challenges remain, sheep producers have cause to be optimistic about the future of the industry.”

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