ABARES increase estimates for record wheat and canola crops in Australia

Published 2023년 3월 7일

Tridge summary

Australia's 2022-23 winter-crop harvest is projected to yield record-breaking amounts of wheat, barley, and canola, with production estimates at 39.2 million tonnes of wheat, 14.1 million tonnes of barley, and 8.3 million tonnes of canola. This is expected to contribute to a booming agricultural sector, with production valued at a record $90 billion and agricultural exports expected to reach $75 billion. Despite the threat of drier conditions in the future, good soil moisture and high water storage levels are expected to support production. ABARES forecasts the value of 2023-24 agricultural production at $81 billion, the third-highest on record.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

AUSTRALIA is estimated to have produced 39.2 million tonnes (Mt) of wheat, 14.1Mt of barley and 8.3Mt of canola from the 2022-23 winter-crop harvest, according to estimates released today by ABARES in its quarterly Australian Crop and Agricultural Commodities reports. The wheat figure is up 7 percent from the previous estimate released in December of 36.6Mt, which broke the national production record set in 2021-22 of 36.3Mt. The canola estimate is up 13pc from 7.3Mt forecast in December, which broke last year’s record of 6.8Mt. Barley is up 6pc on the previous estimate of 13.4Mt, and sits as the third-largest crop on record, with its area being down from 2021-22 because of increases for wheat and canola. In commentary tied to the crop report and to ABARES March quarter Agricultural Commodities Report, the national forecaster said the record-breaking streak for Australian agriculture was set to continue in 2022-23 with the sector expected to reach $90 billion in the year to June ...

Source: Graincentral