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Prices offset rising fuel costs
15 Mar 2006
Rural prices grew 4.2 percent overall last month according to the Westpac/NFF commodity index, led by wool, up 9.4 percent and wheat, up 7.7 percent. World wheat stocks and production are expected to fall this year because of poor conditions in the US and the Black Sea. ABARE’s revised farm profit forecast is for growth of 13 percent this year to a total of $6.4 billion. The 40 per cent rise in fuel costs translated to a 4 percent rise in total farm costs said Rabobank and were a catch up for low prices over the last twenty years.
The Age, 15/03/06
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