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“Not everyone is big enough to hold on to their wool clip and wait for the price to change,” said Dave Young, a farmer near the New South Wales town of Yass.

That means companies that make those products like Nufarm, which reports half-year financial results on Wednesday, could become the latest to be caught in the fallout from the catastrophic drought that is already hitting everything from wine production to the wool clip.

Drought has also damaged the winter wheat crop and is expected to drag the wool clip to a record low.

As harvesting gets into full swing, forecasts show winemakers are the latest to succumb to a catastrophic drought that has already wilted the winter wheat crop and is expected to drag the wool clip to a record low.

Wheat production has been cut to its lowest in a decade, the wool clip and wine crush are set to drop, and crop protection company Nufarm Ltd last month reported an annual loss as farmers without crops pass on its products.