Bendigo Bank has released its Mid-Year Australian Agriculture Outlook citing ‘cautious optimism’ amid challenging seasonal conditions and a volatile geopolitical environment.
The report points to a positive outlook for cattle, cropping and horticulture, with a balanced view of sheep and wool, while the dairy industry continues to face significant challenges.
Senior Manager for Industry Affairs at Bendigo Bank, Neil Burgess, says recent weather conditions and global uncertainty means a mixed outlook for the second half of the year.
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Fast Facts :
| Cattle ↑ A lift in beef production, strong export demand and an increase in prices gives a positive outlook for the cattle industry. | Cropping ↑ Adequate global supplies will pressure domestic prices near-term, while geopolitical tensions and trade policy shifts will create volatility and marketing opportunities. | Dairy ↓ With Australian industry confidence low, producers are seeking support to manage the contraction of the industry. |
| Horticulture ↑ Rising domestic demand, combined with improved yields and quality will provide a boost to growers despite easing prices. Record calendar year export value is forecast. | Sheep ↔ Prices should remain firm over the next six months, but production will ease following dry conditions and destocking over the past two years. | Wool ↔ A reduction in supply should provide enough support to keep prices around their current level. |
