Home > Rabobank releases March edition of Agribusiness Monthly

Rabobank releases March edition of Agribusiness Monthly

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The March edition of the Agribusiness Monthly from Rabobank covers all the major agricultural sectors relevant to Australia and New Zealand. The March report also covers the latest economic, retail and currency developments.

Autumn climate conditions across Australia are expected to be mixed. Drought has been declared for most of the North Island in New Zealand, with the South Island also challenged by ongoing dry conditions. Agricultural producers in Australia have more reasons to be confident than their counterparts in NZ where dry weather is expected to persist into March.

The Australian economy grew by 3.1% in Q4 2012 with mining-led investment continuing to contribute in a major way to growth.

Official interest rate settings in Australia and New Zealand remained steady at the most recent central bank policy meetings. The focus continues to be on labour markets, both locally and abroad.

Highlights of the Agribusiness Monthly report:

  • Income from agriculture has dipped from recent highs achieved in 2011-12
  • Value of seasonally adjusted retail trade in Australia recovered strongly by 0.9% in January 2013
  • Consumer sentiment has rebounded to around 10-year average levels
  • Australian wheat and barley prices declined throughout February and early March
  • Australian wheat prices are expected to weaken relative to CBOT prices, making Australian exports more competitive on the global market
  • China has overtaken Korea in export volumes of beef from Australia, and is now the third largest export market behind Japan and the US, while exports to the Middle East broke records in February
  • Improved farmgate prices for Australian lamb and mutton are supported by a surge in export volumes for sheepmeat
  • Dairy commodity prices have continued to rise on the back of continuing pressure on milk production and export supply in most key dairy export regions
  • Strong demand from China has helped cotton futures gain momentum
  • Australian cotton production and exports to remain high in 2013
The full report is now available online.

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