US company cotton company Weil Brothers will be slashing its presence in the Australian industry due to the massive impact the drought has had on production levels.
The Alabama-based firm yesterday notified clients of its plans to reduce its presence in the short term, with a view to regenerating when seasonal conditions and market conditions improve.
The move means its Australian staff will not be required on a full-time basis.
It says futures market volatility, seasonal conditions and the increasing price appeal of other crops have resulted in production swings of between 500,000 and five million bales annually in the Australian industry.
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