Australian Sheep Crisis: Farmers Cull and Give Away Livestock as Prices Plummet

Record rainfall leads to sheep population boom and mutton price drop, with drought threat looming.

Australian sheep farmers are culling or giving away their livestock due to a plummet in mutton prices, caused by an oversupply of sheep.
The sheep population in Australia has surged to about 78 million, the highest since 2007, due to heavy rainfall leading to abundant grass for feeding.
Mutton prices have dropped by 75% to their lowest level in 16 years, leading to a 'massive fall in profitability' for farmers.
Slaughterhouses are at full capacity, contributing to the crisis as farmers struggle to reduce their flock sizes.
The upcoming threat of drought due to an El Niño weather pattern could further exacerbate the situation by limiting grain production, a key feed for the sheep.