SYDNEY, Sept 6 (Reuters)听–听Australian听蹿补谤尘ers are expected to earn a听谤别肠辞谤诲听amount听蹿谤辞尘听agriculture听别虫辫辞谤迟s this financial year, the country’s chief commodity forecaster said on Tuesday, as it raised its estimate on the back of favorable weather and high global prices.
The听础耻蝉迟谤补濒颈补n Bureau of Agricultural and Resource Economics and Sciences (ABARES) said听蹿补谤尘聽别虫辫辞谤迟听别补谤苍颈苍驳蝉听could total a听谤别肠辞谤诲听A$70.3 billion ($48 billion) for 2022-23. That is up around 8%听蹿谤辞尘听its previous forecast in June.
Australia‘s east coast has been dominated by La Nina, typically associated with increased rainfall, over the last two years. While triggering flooding in several places, the weather pattern has also brought good rains across the eastern听飞丑别补迟听belt.
ABARES has forecast听飞丑别补迟听production of 32.2 million tons and 6.6 million tons for canola, just shy of their听谤别肠辞谤诲s hit last year. Barley production is expected to total 12.3 million tons, the fourth largest on听谤别肠辞谤诲.
“Winter crop prospects in听础耻蝉迟谤补濒颈补聽are looking very promising at the beginning of spring – we’re forecasting a 55.5 million ton harvest,” ABARES Executive Director Jared Greenville said in a statement.
Planting of summer crops is forecast to be well above average for the current season supported by suitable soil moisture and more land previously left fallow during winter.
The forecast could bring relief after Russia’s war in Ukraine limited shipments听蹿谤辞尘听one of the top grain听别虫辫辞谤迟ing regions. The conflict has tightened global food supplies, sending prices higher and fueling concerns of a food crisis.
Though favorable seasonal conditions are expected to persist, soaring global inflation, a sluggish Chinese economy and rising costs of fertilizers and听蹿补谤尘聽equipment could take some shine off a听产耻尘辫别谤听harvest, Greenville said.
Greenville said the latest forecasts have also factored in tapering global growth and the likelihood of a third straight La Nina, roughly a once in a 30-year weather event.
The country’s weather bureau last month said听础耻蝉迟谤补濒颈补聽was facing a 70% chance of La Nina returning in Spring.聽 – Reuters
