{"id":341589,"date":"2023-12-05T15:46:59","date_gmt":"2023-12-05T05:46:59","guid":{"rendered":"https:\/\/southburnett.com.au\/news2\/?p=341589"},"modified":"2023-12-05T15:48:58","modified_gmt":"2023-12-05T05:48:58","slug":"ag-production-forecast-to-fall","status":"publish","type":"post","link":"https:\/\/southburnett.com.au\/news2\/2023\/12\/05\/ag-production-forecast-to-fall\/","title":{"rendered":"Ag Production Forecast To Fall"},"content":{"rendered":"
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The value of Australian agricultural production is forecast to fall this financial year, but will still be the third highest result on record according to ABARES<\/figcaption><\/figure>\n

December 5, 2023<\/strong><\/p>\n

The value of Australian agricultural production is forecast to fall as drier conditions affect farmers.<\/p>\n

\u200bABARES acting executive director David Galeano said the forecast for total agricultural production values in 2023-24 was $78 billion.<\/p>\n

\u200bThis was $16 billion lower than estimated production values for 2022-23 but would still be the third highest result on record.<\/p>\n

\u200b\u201cThe gross value of production is forecast to fall in 2023-24 as drier conditions impact record-high crop production levels seen in 2022-23,\u201d Mr Galeano said.<\/strong><\/p>\n

\u200b\u201cIn total, Australian crop production values are expected to fall by $12 billion in 2023-24.<\/p>\n

“Livestock production values are also forecast to decline reflecting recent price falls.<\/p>\n

\u200b\u201cFalling production values and incomes are also linked to declining global prices that are reflective of higher global supply.<\/p>\n

\u200b\u201c(During) the past three years, agriculture has seen record-breaking crop production because of higher rainfall.<\/p>\n

\u200b\u201cAs we enter the El Ni\u00f1o period, we expect to see the national crop production fall from these record highs.<\/strong><\/p>\n

\u200b\u201cProspects for winter crops over spring have been mixed, and planting of summer crops in 2023-24 is expected to fall, reflecting below-average rainfall and low soil moisture levels during the early planting window.<\/p>\n

\u200b\u201cDrier conditions and lower prices mean average broadacre farm cash incomes are forecast to fall strongly in 2023\u201324.<\/p>\n

\u201cHowever, the past three years of high incomes have allowed broadacre farms to build up liquid assets, which should help cushion the forecast downturn.\u201d<\/p>\n