Australia: Forecast of lower crop production in the 2023/2024 season

Three good years after the drought in 2020. Australia has a diverse agricultural sector, producing a wide range of crops, including significant amounts of wheat, barley and rapeseed. After the end of a three-year drought in 2020, Abares said, conditions in many agricultural regions went from very bad to very good in one season. Three consecutive years of record wheat production were extraordinary and were primarily the result of three consecutive years of unusually high rainfall in most of Australia's wheat-producing regions, the US Department of Agriculture's Foreign Agriculture Service (FAS) said. In addition, the higher than usual price of wheat encouraged the expansion of the cultivated area and the use of high inputs to optimize yields. Australia achieved a record gross value of agricultural production in 2022–2023 amounting to 94 billion Australian dollars (1 Australian dollar = PLN 2.6488, NBP 2024-01-24). Over the last 20 years, the gross value of agricultural, fishing and ...