Farm production above average
Value of crops to fall while livestock and livestock products forecast to rise
THE gross value of Australian farm production is forecast to decrease by three per cent to $58 billion in 2018–19, six per cent lower than the record production in 2016–17 but still above the 10-year average of $56 billion.
Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES), paint a thought.
ABARES executive director, that while drought was forecast to affect the production of some commodities — especially crops - increases in farmgate prices and strong production in Western Australia were providing a buffer to the national outlook.
“The annual value of crop production is forecast to decline by seven per cent to $29 billion in 2018–19, driven by a 23 per cent fall in winter crop production nationally, as a result of the drought in cropping regions in New South Wales, Queensland and Victoria,” Dr
“Forecasts for an above average winter crop harvest in West- ern Australia and higher prices for broadacre crops are keeping the value of production from falling further.
“A lower Australian dollar will also help.
“On the other hand, the value of livestock and livestock products is forecast to increase by two per cent to almost $30 billion - droughts tend to increase meat production, but high prices for lamb and wool are also forecast to support the value of production.”
cant challenge for producers in drought affected regions, resulting in higher than average cattle turn-off across eastern Australia.
“In 2018–19 export earnings for agricultural commodities are forecast to decline by seven per cent to $45 billion,” he said.
“This is largely the result of lower production due to poor seasonal conditions and increased domestic consumption of coarse grains and wheat for feed.”
See the full December Agricultural Commodities Report at agriculture.gov.au/ag-commodities-report.
The gross value of Australian farm production is forecast to decrease three per cent to $58 billion in 2018–19, six per cent lower than the record in 2016–17 but above the 10-year average of $56 billion.
In 2018–19, export earnings for agricultural commodities are forecast to decline by seven per cent to $46 billion.
The value of crop production is forecast to decline by seven per cent to $29 billion, driven by substantially lower production of crops, including cotton, wheat, canola and chickpeas.
The value of livestock and livestock products are forecast to increase two per cent to $30 billion. Higher cattle and sheep turn-off and strong prices for lamb and wool are forecast to support the value of production.