Faba bean plantings and production in Australia have shown significant variability over the past 10 years, with both highs and lows. South Australia experienced a record crop of 300,000 tonnes last year, but this is expected to decrease by more than half this year. Faba bean prices have remained relatively steady in recent years, but prices have not reached the highs seen in 2019 due to ample supply.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.
Original content
Figure 1 shows that faba bean plantings can be highly variable. Over the past 10 years, we’ve seen a low of 164,000 ha and a high of 313,000 ha (Figure 1). Faba bean production is even more variable. During the 2018-19 drought harvest, just 233,000 tonnes were produced, with a high of 678,000 tonnes coming in 2020-21. South Australia produced a record 300,000 tonnes crop of beans last year, and this year it is expected to decrease by more than half (Figure 2). With plantings reduced, and a more average season this year the supply of beans will be cut. Australian total faba bean production is forecast to decline 31.5% from 2022-23, and 38% from 2020-21. Forecast faba bean production for 2023-24 is expected to be the lowest since 2019-20, and lower than the 10-year average.Faba beans are not a major commodity, but in South Australia and Victoria, they are an important break crop, and a valuable feed source when beans don’t make export grade. Prices are a factor of supply, ...
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