There was a marked contraction in the Southern Hemisphere sheep flock as at June 2009, in the main as a result of prolonged drought conditions. Australian sheep numbers were at their lowest level for more than 90 years and a further decline is expected in 2010. However, lamb production in Australia is forecast to increase again in 2010 as, encouraged by the high prices received in 2009, producers are understood to be breeding more lambs for slaughter. Although this will essentially increase the supply of lamb for export, the global trading environment is likely to be just as difficult as in 2009, particularly now that an increase in New Zealand lamb supplies looks likely.
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