According to ABARES June quarter Agricultural Commodities Report, the value of Australian crop production is forecast to remain unchanged from 2018-19 at $ 30 billion, weighed down by lower prices compared to the high domestic grain prices 2018-19..
ABARES predicts that, assuming adequate rainfall, Australias grain production will increase by 20 per cent to 36.4 million tonnes (Mt) this season. That will be 10pc below the 10-year average.Crop export earnings are forecast to increase by 3pc, driven by increased grain, oilseed and pulse exports. However, world prices are forecast to decline for most major crops, including wheat and barley.
ABARES forecasts Australian wheat production to increase 22pc over the drought affected 2018-19 crop. Although planting conditions have been below average in parts of New South Wales, southern Queensland and Western Australia, production is expected to increase to around 21 million tonnes. Australian wheat exports in 2018-19 are estimated to be 45pc below the five-year average, at around 9.7 million tonnes.