Extract AUST Business today:
BUMPER CROP PREDICTED AS EL NINO APPROACHES
Despite the looming El Nino bringing drier conditions to most of the continent, Australian farmers are expected to produce the third most valuable crop on record this financial year.
Winter crop production is likely to be below the 10-year average but high water storage volumes left over by three consecutive good wet seasons are likely to provide farmers with a bumper summer crop, according to the Australian Bureau of Agricultural and Resource Economics and Sciences.
The forecast $80bn value of agricultural crops and commodities is down 14 per cent on last year’s $92bn record yield, which coincided with high prices and above-average rainfall in eastern Australia’s cropping regions.
Predictions of the third-most- valuable crop on record come as sheep and cattle values decrease and global commodity prices fall.
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GNC Price at posting:
$7.45 Sentiment: Hold Disclosure: Held
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