Grain growers are set to enjoy a record-breaking year as demand for Australian exports continues but, closer to home, food prices are unlikely to ease over the next 12 months.
Grain growers are set to enjoy another record-breaking year for Australian farm exports, according to the national commodity forecaster ABARES.Grain exports are tipped to be the most valuable ever this season
Ukraine has consistently been among the world's top exporters of grain and oilseeds, and Russia's invasion in March sent prices for those commodities skyrocketing. Australian farmers have responded to these cues, planting 1 per cent more wheat than they did last year, at 13.2 million hectares, and a record amount of canola, at 3.4 million hectares.
In a separate report published last week, Rabobank analysts said Australian wheat exports could hit 26 million tonnes this season — about 50 per cent above the 10-year average.
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