# ABARES says value of production to hit record $66 billion as farmers have their best year yet - ABC News

> ABARES forecasts Australia's 2020-21 agricultural production value will reach a record $66 billion, driven by good weather and a large grain harvest. Average farm incomes are projected to rise 18% to $184,000 per farm.

- Date: 2021-03-01 · published 2021-03-01T12:00:00.000Z
- Category: report · region Australia · magnitude low
- Page: https://feedsoft.ai/events/48063-abares-says-value-of-production-to-hit-record-66-billion-as-farmers-have-their
- Commodities: [Wheat (SRW)](https://feedsoft.ai/c/WHEAT.md), [Barley](https://feedsoft.ai/c/BARLEY.md)

## Why it matters

A huge Australian grain harvest adds exportable feed grain supply, which tends to pressure feed grain prices in export markets.

## Read by commodity

- WHEAT: bearish ▼
- BARLEY: bearish ▼

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| WHEAT | 2016-12-07 | [Winter crop production to hit record high: ABARES](https://feedsoft.ai/events/73447-winter-crop-production-to-hit-record-high-abares.md) | +1.1% | +0.2% |
| WHEAT | 2023-04-14 | [Australian farmers headed for one of their best production and export years — MercoPress](https://feedsoft.ai/events/36375-australian-farmers-headed-for-one-of-their-best-production-and-export-years.md) | +8.4% | -1.3% |
| WHEAT | 2022-02-28 | [ABARES forecasts value of Australian agriculture to hit $81b in 2021-22, a new record - ABC News](https://feedsoft.ai/events/42662-abares-forecasts-value-of-australian-agriculture-to-hit-81b-in-2021-22-a-new.md) | +12.1% | +26.0% |
| WHEAT | 2022-03-09 | [Record crop production: ABARES](https://feedsoft.ai/events/42226-record-crop-production-abares.md) | -3.1% | +3.6% |
| WHEAT | 2020-02-18 | [Foodgrain production set to touch a record high - The Hindu](https://feedsoft.ai/events/54544-foodgrain-production-set-to-touch-a-record-high-the-hindu.md) | -0.9% | -0.1% |

## Sources

- abc.net.au: https://www.abc.net.au/news/2021-03-02/abares-outlook-says-farm-production-to-hit-record-66-billion/13203914

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