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Rural commodity prices ease as rainfall deficit continues in SE Aust
10 Aug 2004
The Westpac-NFF rural commodity price index eased 2.3 per cent in July. Increases in the prices of beef and sugar were outweighed by price falls in wheat, barley, canola, cotton and wool. The $AUD was steady.
The July decline followed two months of price increases, in which the rises were underpinned by a weaker $AUD, said NFF CEO Anna Cronin. Sugar prices are continuing to improve and growers are optimistic about a price recovery in the short term. Export conditions for beef continue to be positive, especially into the Japanese and South Korean markets.
Ms Cronin said while there was some welcome rainfall in NSW, Victoria and southeast SA, the weather forecasts still say the southeast of Australia is suffering from a rainfall deficit that has accumulated over the last two years, and much depends on good rainfall continuing.
National Farmers' Federation News Release, 6/8/04.
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