Australian agriculture’s record-breaking run is set to dry up, with winter crop production to plunge more than a third while overall production is also forecast to fall.
The latest quarterly outlook has been released by ABARES, the agency responsible for agricultural science and economic research.
It predicts agricultural production will drop by 14 percent to $79 billion (US$52 billion)after three consecutive record years.
“We’re expecting agricultural production to pull back from what has been a peak for quite some time, last year where we reached close to $92 billion,” ABARES executive director Jared Greenville told AAP.
“It’s largely being driven by a reversion to a more average to below-average yield, particularly across our winter cropping,” he said….