Forecasts of drier conditions ahead see the national commodity forecaster ABARES peg this season's agriculture production at $80 billion — down from an all-time high of $92b last season.
abc.net.au/news/abares-commodities-report-agricultural-production-third-highest/102812874The value of Australia's crop, livestock and fisheries production is expected to remain strong despite the outlook for drier conditions this season, according to the national commodity forecaster.
At $65 billion, food and fibre exports are predicted to be 17 per cent lower than 2022–23 figures due to falling commodity prices, particularly for livestock, and lower production.The ABARES report estimates Australian grain growers will produce 45.2 million tonnes, which is slightly below the 10-year average, for crops such as wheat, barley, canola and chickpeas.
"The inland central/north WA cropping belt and northern NSW/QLD are concerning dry, but favourable conditions elsewhere are balancing out the national crop number," he said in the bank's monthly agribusiness report.Livestock prices at saleyards around the country have been sliding for months now, and the forecast for drier conditions ahead will only see that trend continue, according to ABARES.
"As supply increases, saleyard prices for cattle and sheep are expected to fall," Dr Greenville said, adding that sheep prices were forecast to fall below their long-term average."These factors will mean, despite higher production volumes, the value of livestock production is expected to fall by $1.6 billion to $34 billion in 2023–24."
The Eastern Young Cattle Indicator, an index of cattle sales on the east coast, dropped 40 per cent in the year to July 2023.
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