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Bank expects bounce for rural sector
13 Feb 2008
While the value of agricultural production fell 10 per cent to $34.2 billion, Rabobank has forecast that improved seasonal conditions and high commodity prices could make 2008 a "year to remember". The bank's head of agribusiness research, Bill Cordingley, said that even if there is a recession in the US it was not likely to derail the growth in commodity prices. "There is a growing belief that global demand will remain structurally higher than supply for some time, keeping prices strong," he said. Figures from the Australian Bureau of Statistics show that the value of cropping fell by 20 per cent over 2006-07, while milk production was down 5 per cent. Slaughterings were up 3 per cent even though prices for beef and lamb fell.
The Australian Financial Review, 13/2/2008
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