March 8, 2007

Grain production on the rebound
 

The Australian Bureau of Agriculture and Resource Economics (ABARE) is expecting grain production to bounce back this year.

Assuming normal seasons, winter cereal production is forecast to be 23 million tonnes more than last years at 38.4 million tonnes.

World wheat prices are at their highest level for 10 seasons, up from $191 a tonne last year to $242 a tonne.

ABARE is predicting a 21 per cent rise in the value of wheat exports, up to $3.8 billion.