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Recent News:
  • Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.    Fri, May 10 05:00 AM  Crude oil futures drop as dollar's strength grows:  The emboldened U.S. dollar pulled down West Texas Intermediate crude oil futures on Friday, as the world's reserve currency pushed to its top level in more than 14 days, according to Bloomberg.  Read more.    Fri, May 10 04:33 AM  Loonie dives after release of weak labor report:  The Canadian dollar on Friday dropped to its week-low against the U.S. dollar after the nation released underwhelming job-creation data, Bloomberg reports.  Read more.    Fri, May 10 02:17 AM  Aussie's losses increasingly causing concern:  Friday saw the Australian dollar dive toward parity with the world's reserve currency for the first time since the beginning of the second half of last year as concerns about Australia's economy were gaining momentum, according to Bloomberg.  Read more.   
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South Africa wool industry to be harmed by foot-and-mouth virus outbreak

Mar 02, 2011 02:32 PM

An outbreak of foot and mouth disease in South Africa is expected to harm the nation's wool industry, Bloomberg reports.

The wool industry postponed a weekly auction scheduled for Wednesday evening in Port Elizabeth. Additional sales also were thrown into question due to the ban placed exports of cattle, sheep, pigs and their byproducts.

"The country's two biggest exporters say it's no use having the sale because we can't export anything," Ona Viljoen, a spokeswoman for industry body Cape Wools, told Bloomberg on Tuesday. "This will have grave consequences for the local wool industry."

Wool prices for Wednesday settled up 0.68 percent, an $0.08 climb to $11.93 per kilogram.

The wool industry represents about 18,000 farmers and their 14 million sheep. They generate approximately 50 million kilograms of wool per year.

Exports have been discontinued for at least 90 days as a result of about 300 animals testing positive for the virus, according to the Department of Agriculture, Forestry and Fisheries. The nation trails only Australia as the globe's second-largest producer of wool. Its top export locations include Italy, France, Japan and China.

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