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Drought in Australia
Rabobank found that 41% of farmers thought agricultural conditions would worsen in the coming 12 months, after ABARES revised down its winter crop forecast for 2019-20 by 13%.
ABARES forecasts that sharp falls in livestock production and summer crops will lead to farm production volume dropping by 15% next year, hitting lows not seen in more than a decade.
While the drop is significant, production is expected to remain close to average levels in 2017-18 given that last year was a record-breaking season.
National Australia Bank expects cattle prices to fall further in 2017 due to softening demand abroad but is optimistic that weaker Australian dollar will help exports.
South Africa’s agricultural sector has shown consistent improvement, but controversial land reform could hurt capital investment, according to Agbiz.
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