They are on track to export $72 billion in agricultural products in 2022-23 despite flood losses and waterlogging that has destroyed and stripped value.
that has destroyed and stripped value from wheat and other crops in parts of Queensland, NSW and Victoria.
Although commodity price are expected to remain high, the crop now being harvested is considered the most expensive ever produced by farmers after steep increases in the price of fertiliser, farm chemicals and fuel.Specialist rural lender Rabobank believes fertiliser prices have peaked and are on their way back down and Nufarm has noted a similar trend in chemicals like glyphosate.
Crops in WA and South Australia benefitted the most from spring conditions, with the west set to produce of 23.8 million tonnes of grain and surpass last year’s record of 23.1 million tonnes.South Australia is on track to produce 11.5 million tonnes and Victoria forecast to produce 10.7 million tonnes, although ABARES admitted the full extent of flooding and waterlogging crop losses in Victoria was unknown.
The flooding is expected to have major ramifications for summer crops in NSW, with ABARES tipping big falls in cotton and rice production.
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