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ABARE sticks to pessimistic crop forecasts
21 Jun 2005
The Australian Bureau of Agricultural and Resource Economics said it now forecast that farm incomes would fall from $35.9 billion this financial year to $34.3 billion in 2005/06. The forecast is based on the assumption the balance of this year will remain dry. ABARE said the recent rain has aided the cropping program, but with very little subsoil moisture it is going to need follow-up rain to be able to make a difference.
ABARE is forecasting an 11 per cent decrease in crop volumes, but higher world prices will translate into a six per cent fall in value.
The Australian, 21/06/05
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