Australian agriculture output to hit record value - chief commodity forecaster

The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) said the value of Australian agriculture production will total A$66.3 billion ($51 billion), a rise of 0.6% from its last estimate in March. "This is due to strong domestic livestock prices, and because the pace of Australian grain exports has been faster than expected after harvesting the second-largest winter crop on record," said Jared Greenville, acting executive director of ABARES.

The value of Australian agriculture goods will hit a record this year, the country's chief commodity forecaster said on Wednesday. The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) said the value of Australian agriculture production will total A$66.3 billion ($51 billion), a rise of 0.6% from its last estimate in March.

"This is due to strong domestic livestock prices, and because the pace of Australian grain exports has been faster than expected after harvesting the second-largest winter crop on record," said Jared Greenville, acting executive director of ABARES. ABARES last week raised its wheat production forecast during the 2021/22 season by 11.2% from a forecast three months ago after rains across several major growing regions improved the prospects for yields.

($1 = 1.2994 Australian dollars)

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