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Dip in $A benefits farmers
6 Apr 2004
The Westpac-National Farmers' Federation rural commodity index rose 3.5 per cent in March due to a fall in the value of the $AUD. Commodity prices all lifted during the month: wheat was up 9.1 per cent, barley 14.3 per cent, canola 10.3 per cent, sugar 13.5 per cent and beef 0.6 per cent. But prices for for cotton (down 4.2 per cent) and wool (down 0.1 per cent) both fell during March.
The NFF said the fall in the $AUD's value had brought some relief to farmers but is still more than 24 per cent higher than March 2003. The NFF calculates this increase would have cut annual farm incomes by $2.8 billion. Westpac is predicting the $AUD will reach US80 cents by the September 2004 quarter, which will further cut farmers' incomes.
Tradingroom.com.au, 5/4/04.
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