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ABARES forecasts Australian agricultural production to fall 14% to A$79 billion in 2023-24, with crop production down 34% to 44.9 million tonnes. Export earnings are forecast to drop 17%, and the outlook reflects the end of La Niña and expected El Niño conditions.
A one-third drop in Australian crop output would significantly reduce grain exports and tighten global wheat and barley supplies, supporting feed grain prices. The forecast gives buyers a clear signal to expect higher Australian-origin grain costs.
abc.net.auFiona BreenJun 6, 2023
dtnpf.comCliff JamiesonJun 6, 2023
farmonline.com.auGregor HeardJun 6, 2023
graincentral.comGrain CentralJun 5, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
After 1,072 past bullish weather events, Wheat (SRW) moved a median +0.2% over 5 sessions (55% higher; middle half -1.4% to +2.3%), and +0.3% 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.
