Rural Bank’s latest Australian Agriculture Outlook report says favourable seasonal conditions are expected to extend into 2022 with continued improvement in supply and demand. The bank’s report follows the Australian Bureau of Agricultural and Resource Economics and Sciences forecast released last week predicting a record year for Australian farmers due to “unprecedented favourable conditions with prices the highest in 30 years.” ABARES forecast Australia’s agricultural production will reach a record $78 billion in 2021/22, with the most valuable winter crop ever expected to increase to even $22.3 billion (US$15 billion). Australia has had two consecutive years of above average rainfall, contributing “great strengths” to agriculture. This has allowed production volumes to grow for cropping and horticultural producers with 2021 winter crop production expect to outdo 2020’s record winter crop production. Wetter conditions have also allowed livestock producers to rebuild the nation’s cattle herd and sheep flock following reductions in response …