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Impact of recent weather events on Australian agriculture. Jammie Penm Chief Commodity Analyst. Impact on Australian commodities. Excessive rainfall in November to mid-December: wheat export forecast down by $480 million in 2010-11 sugar export forecast down by $470 million in 2010-11
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Impact of recent weather events on Australian agriculture Jammie Penm Chief Commodity Analyst
Impact on Australian commodities Excessive rainfall in November to mid-December: • wheat export forecast down by $480 million in 2010-11 • sugar export forecast down by $470 million in 2010-11 The floods in eastern Australia in late December-January: • loss of agricultural production of an additional $1 billion in 2010-11; including • $600-700 million in winter crops • $225 million in fruit and vegetables • $150 million in cotton • $30 million in sorghum Coal exports 15 million tonnes lower, or $2 to 2.5 billion between December 2010 and March 2011
Impact of Cyclone Yasi • Banana production in Far North Queensland, valued at $384 million, accounts for around 90 per cent of Australian production • Sugar production in the region, valued at $240 million in 2008-09, accounts for 20 per cent of Australian production • No major damage to mining operation, infrastructure and ports
Fruit and vegetable prices In the Melbourne market: • prices for many vegetables and fruit have shown signs of easing, after increasing in late December and January • prices for bananas have increased significantly
Weekly wholesale prices for selected vegetables - Melbourne Index 04Dec=100
Weekly wholesale prices for selected vegetables - Melbourne Index 04Dec=100
Weekly wholesale prices for selected fruit - Melbourne Index 04Dec=100
Conclusions • Loss of agricultural production and exports of around $2.3 billion in 2010-11. • Prices for many vegetables and fruit have shown signs of easing after floods. • Markedly higher crop production nationally despite the impact.