By  on August 7, 2014

SYDNEY (Bloomberg) — Cotton production in Australia is set to plummet as much as 50 percent next season as drought curbs water supply in the world’s third-biggest exporter, according to growers and shippers.

Output may be between 2 million and 2.5 million bales in 2014-2015 from about 4 million bales this year, according to Cotton Australia, the Sydney-based producers’ group. Production may total about 2.25 million bales, according to the Australian Cotton Shippers Association, which promotes exports. An Australian bale weighs 227 kilograms (500 pounds).

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