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Australian wheat crop forecast falls
 
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The latest figures from the Australian Bureau of Agricultural and Resource Economics have seen revisions in estimates across the spectrum of Australian-grown grain and fibre crops.


After predictions in March of a record 2008-2009 Australian wheat crop of around 26 million tonnes, estimates have dropped almost nine per cent to 23.7 million tonnes.

With dry autumn weather in vital growing areas of the eastern states, many crops were either dry sown or postponed until widespread rainfalls in early June.

While the 2008-09 forecast has been downgraded it is still an increase of almost 82 per cent on last year’s drought-ravaged 13 million tonne harvest. However more rainfall will be required through the growing season to meet current estimates.

Looking to barley production, despite downgrading from the March forecast of 8.96 million tonnes to 7.9 million, ABARE’s forecast is still up 34 per cent on the 2007 return.

ABARE’s forecast for canola production is in line with that released by the Australian Oilseeds Federation, with both groups predicting a 1.66 million tonne crop, up from last year’s 1.07 million tonnes.

The outlook for this year’s rice crop is also significantly higher than the 2007 result. Last year’s crop suffered due to limited irrigation and yielded only 19,000 tonnes. The forecast for this year is far brighter, with 253,000 tonnes predicted.

The recently harvested cotton crop is expected to yield 126,000 tonnes, a 54 per cent drop from the 2007 return of 274,000 tonnes.

Expectations of improved conditions for irrigators have resulted in predictions of a return to reasonable yields for cotton growers in 2008-09, with a crop of 428,000 tonnes expected next year.



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Source: Investor TV
Release Date: Monday, 23 June 2008 12:46 PM
Author: Lee Jenson, investorTV
Runtime: 2 minutes 1 seconds

Comments: 0 | Post Comments
Rating: Not Rated
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