(Bloomberg) -- Cattle prices in Australia, the world's second-largest beef exporter, had their biggest weekly plunge in six months as continuing drought depletes feed supplies, forcing farmers to sell livestock.
Australia's benchmark Eastern Young Cattle Indicator, which measures auction prices of young cattle sold at sale yards in the east of the country, fell 28 cents, or 8.6 percent this week, to close at A$2.96 ($2.47) a kilogram. That's the biggest weekly fall since a 9.1 percent plunge in the week ending Oct. 20.
Read more at Bloomberg Commodities News
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