Farms set to reap profit
Government authorities say Australian farmers will break records this year.
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) says that with the price of grain climbing and unprecedented livestock prices all year, total farm production should hit $78 billion this financial year.
Of that number, exports are tipped to hit a record-breaking $61 billion.
Poor seasonal conditions experienced by competitors like Canada, Russia, Ukraine, Brazil, Argentina and the United States are a win for local producers, having reduced the supply of wheat, barley and canola, driving prices up.
La Niña conditions on the east coast are also expected to set farmers up for a good year in 2022, filling the soil with moisture, reducing irrigation water costs and ensuring feed for growing livestock.
ABARES expects farm cash income to hit a record $30.6 billion.