# Australian farming sets $90b record after wet weather creates food, fibre bonanza  - ABC News

> ABARES data shows Australian farm production reached a record $90 billion in 2022-23, with winter crop output at 67.3 million tonnes. Farm exports are forecast to hit $75 billion, while value is expected to fall to $81 billion in 2023-24.

- Date: 2023-03-06 · published 2023-03-06T12:00:00.000Z
- Category: report · region Australia · magnitude low
- Page: https://feedsoft.ai/events/36807-australian-farming-sets-90b-record-after-wet-weather-creates-food-fibre-bonanza
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Barley](https://feedsoft.ai/c/BARLEY.md)

## Why it matters

A record Australian crop and export forecast signals heavy origin supply of grains, which weighs on world feed grain prices, while the expected 2023-24 value decline hints at smaller crops ahead.

## Read by commodity

- WHEAT: bearish ▼
- BARLEY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2016-12-05 | [Latest Australian crop report reaffirms farmers are set to harvest their biggest wheat crop ever - ABC News](https://feedsoft.ai/events/73443-latest-australian-crop-report-reaffirms-farmers-are-set-to-harvest-their.md) | +4.0% | +3.3% |
| WHEAT | 2023-03-07 | [Australia sets new national crop record  \| Farm Online \| ACT](https://feedsoft.ai/events/36803-australia-sets-new-national-crop-record-farm-online-act.md) | -1.2% | -4.5% |
| WHEAT | 2022-12-08 | [Australia Set for Record Grain Harvest Despite Weather](https://feedsoft.ai/events/38220-australia-set-for-record-grain-harvest-despite-weather.md) | +9.5% | +8.2% |
| WHEAT | 2024-12-06 | [Record-Breaking Australian Winter Harvest](https://feedsoft.ai/events/26919-record-breaking-australian-winter-harvest.md) | +0.7% | +0.4% |
| WHEAT | 2021-11-29 | [Australian farmers set to harvest largest crop but recent rain has brought pricing pain - ABC News](https://feedsoft.ai/events/44018-australian-farmers-set-to-harvest-largest-crop-but-recent-rain-has-brought.md) | -1.1% | -3.5% |

## Sources

- abc.net.au: https://www.abc.net.au/news/2023-03-07/farm-sector-sets-90-billion-record-abares-reveals/102059398

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