Cut to cattle herd value

Cattle producer Australian Agricultural Company will slash the value of its herds, partly because continued dry weather has hit domestic cattle prices. The company says rainfall has been well below average for its properties in northern Australia and is lower than during the 2007 drought. Demand for cattle for restocking has declined and domestic cattle prices are well below last year's.

Cattle producer Australian Agricultural Company will slash the value of its herds, partly because continued dry weather has hit domestic cattle prices. The company says rainfall has been well below average for its properties in northern Australia and is lower than during the 2007 drought. Demand for cattle for restocking has declined and domestic cattle prices are well below last year's.