SYDNEY, Dec 9 (Reuters): Australia cut its forecast for 2014/15 wheat exports and increased its beef export forecast as dry weather hits crops and drives up slaughter rates, taking the national herd to at least a 17-year low.
The forecasts come as Australia's weather bureau warned last week that an El Nino weather event - linked to hot, dry weather - is likely over the next three months, darkening the outlook for agricultural producers..
Australian wheat exports were pegged at 16.99 million tonnes, down 6 per cent from a September forecast, the country's official commodities forecaster said. The move followed a cut in its wheat output forecast earlier this month.
Beef exports by the world's third-largest exporter were seen at 1.18 million tonnes in the 2014/15 season, up 4 per cent from a September estimate, the Australian Bureau of Agriculture, Resource Economics and Rural Sciences (ABARES) said.
The bureau warned this number could be exceeded without a break in the dry weather.
"Australia's cattle industry is mostly pasture based and unfavourable seasonal conditions would result in a further weakening in carrying capacity, leading producers to continue liquidating their herds," ABARES said.
With many parts of Queensland state experiencing below average rainfall over the past two years, the country's national herd will fall to at least a 17-year low of 26.4 million head of cattle, it said.
ABARES' data only extends back to 1998, but industry body Meat and Livestock Australia estimates the national herd will fall to a two-decade low at the end of the 2014/15 season.
Australia cuts 2014/15 wheat export forecast, ups beef
FE Team | Published: December 10, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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