# ABARES forecasts agricultural production to fall $16b this financial year due to dry conditions in spring - ABC News

> 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.

- Date: 2023-12-05 · published 2023-12-05T12:00:00.000Z
- Category: report · region Australia · magnitude medium
- Page: https://feedsoft.ai/events/32670-abares-forecasts-agricultural-production-to-fall-16b-this-financial-year-due-to
- Commodities: [Live Cattle](https://feedsoft.ai/c/LCATTLE.md)

## Why it matters

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.

## Read by commodity

- LCATTLE: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| LCATTLE | 2023-12-04 | [USDA increases beef production forecasts - Grainews](https://feedsoft.ai/events/32852-usda-increases-beef-production-forecasts-grainews.md) | -1.8% | -0.5% |
| LCATTLE | 2019-04-18 | [Beef Market Update: USDA Cattle on Feed, calving season, and dry pasture conditions on the Prairies - RealAgriculture](https://feedsoft.ai/events/5962-beef-market-update-usda-cattle-on-feed-calving-season-and-dry-pasture.md) | -0.3% | -8.9% |
| LCATTLE | 2022-09-07 | [China: Livestock and Products Annual \| USDA Foreign Agricultural Service](https://feedsoft.ai/events/39526-china-livestock-and-products-annual-usda-foreign-agricultural-service.md) | -0.2% | +0.4% |
| LCATTLE | 2018-04-09 | [Steady growth forecast for Australian food commodities, ABARES \| Australian Food News](https://feedsoft.ai/events/65461-steady-growth-forecast-for-australian-food-commodities-abares-australian-food.md) | +0.1% | -1.7% |
| LCATTLE | 2017-11-20 | [Competitor watch: Is the US nearing the top of its beef production cycle? - Beef Central](https://feedsoft.ai/events/67922-competitor-watch-is-the-us-nearing-the-top-of-its-beef-production-cycle-beef.md) | -1.1% | -0.8% |

## Sources

- abc.net.au: https://www.abc.net.au/news/rural/2023-12-06/abares-crops-livestock-down-16-billion-dollars-2023-24/103188988

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.