Record har­vest is pre­dicted

Shepparton News - Country News - - SEYMOUR ALTERNATIVE FARMING EXPO 2017 -

Favourable weather con­di­tions across grain grow­ing re­gions of Aus­tralia through­out the sea­son have helped the na­tion’s crop farm­ers de­liver a record har­vest, ac­cord­ing to an Aus­tralian crop up­date.

Ex­pected to ex­ceed 53 mil­lion tonnes, the 2016-17 har­vest is set to be the high­est on record and 34 per cent higher than last sea­son, ac­cord­ing to Ru­ral Bank and Ru­ral Fi­nance’s Fe­bru­ary 2017 Aus­tralian Crop Up­date.

The chal­lenge now for grow­ers will be to se­cure the best price for their grain, as prices are pre­dicted to re­main un­der down­ward pres­sure both do­mes­ti­cally and in­ter­na­tion­ally.

The new re­port, launched by spe­cial­ist in­sights team Ag An­swers, pro­vides pro­duc­ers and in­dus­try with a con­cise anal­y­sis of the cur­rent na­tional and world crop pro­duc­tion es­ti­mates, sea­sonal con­di­tions, prices, demand and fi­nan­cial per­for­mance of Aus­tralia’s crop­ping farms.

Ru­ral Bank and Ru­ral Fi­nance agribusi­ness gen­eral man­ager An­drew Smith said the wet con­di­tions through­out win­ter and spring had been a game changer for Aus­tralia’s crop farm­ers.

‘‘De­spite ini­tial con­cerns about frost dam­age af­fect­ing West­ern Aus­tralian crops in the early grow­ing sea­son, good weather con­di­tions for the rest of the year have meant that our crop farm­ers are ex­pe­ri­enc­ing record yields,’’ Mr Smith said.

‘‘Although do­mes­tic and global crop prices re­main un­der pres­sure due to strong sup­ply — par­tic­u­larly for wheat and bar­ley — prices are ex­pected to stay within re­cent ranges.’’

The new re­port re­vealed Aus­tralia was not alone in pro­duc­ing record high crop yields in 2016-17, with global wheat pro­duc­tion lev­els also pre­dicted to reach all­time highs.

‘‘With Aus­tralian pro­duc­tion now known, all eyes will be firmly fixed on the per­for­mance out­look for the North­ern Hemi­sphere grain and oilseed mar­kets, as this will greatly af­fect mar­ket ac­tiv­ity over the next few months,’’ Mr Smith said.

Most states are near­ing the end of this year’s har­vest, while Tas­ma­nia is not ex­pected to fin­ish un­til late March due to wet win­ter con­di­tions and de­layed sow­ing. ■ To view the Aus­tralian Crop Up­date, visit ru­ral­bank.com.au/crop

Bumper crop . . . Ru­ral Bank and Ru­ral Fi­nance’s Fe­bru­ary Aus­tralian Crop Up­date has re­vealed the 2016-17 crop­ping sea­son will be the best ever.

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