| Australia on Tuesday slashed forecast production levels for wheat, cotton and other agricultural commodities in fiscal 2015/16 as an El Niņo weather phenomenon grips the country and dries out farmland. Meteorologists warn the current El Niņo, the second in five years in Australia, will persist until the end of the year.
"We should see an end to this El Niņo by December, January at the latest," Andrew Watkins, manager of climate prediction services for the Australian Bureau of Meteorology. In the year ending July 1, 2016, cotton production in Australia is forecast to reach only 520,000 tonnes down from a March forecast of 559,500 tonnes, according to the latest quarterly update from the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES)...............................................Full Article: Source
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