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ABC News reports that ABARES forecasts Australian agricultural production value to fall $16 billion to about $78 billion in 2023-24. Crop value is down $12 billion and livestock value $4 billion, with cattle prices down 59% and lamb down 40% amid El Niño and Indian Ocean Dipole dryness.
Sharply lower livestock prices and drought-hit herds point to weaker Australian cattle and sheep markets. Lower feed availability could also keep livestock prices under pressure.
abc.net.auDavid Claughton, Angus VerleyDec 5, 2023After 144 past bearish report events, Live Cattle moved a median -0.1% over 5 sessions (49% higher; middle half -1.1% to +0.9%), and +0.5% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
