Winter crop production down after consecutive strong harvests

Grain and oilseed production is down in Australia due to drier growing conditions on the back of three consecutive strong harvests.

Australia is due to deliver a winter crop of 48.72 million tonnes, which is 24 per cent down on last year's record-breaking 63.85 million tonnes, according to rural and agriculture financer Rabobank's 2023 to 2024 forecast.

The bank is predicting all cereal and coarse grain production, including wheat, barley and oats, will decrease this season.

LIVE UPDATES: Three times more Aussies in Gaza than thought

RaboResearch associate analyst Edward McGeoch said there was a silver lining for farmers as prices had risen above those globally, which created a "positive basis" for wheat and barley.

"Global export demand should also be supportive of canola prices," McGeoch said.

He said a "tighter supply outlook" was ahead for grain and oilseed due to the drier El Nino climate outlook.

READ MORE: Clive Palmer's $40m superyacht runs aground

"Production expectations are varied across regions with some farmers expecting to see elevated production due to positive growing conditions they have experienced while others will be facing tough decisions as to whether it will be worth harvesting their crop," McGeoch said.

Victoria is the only place where production is expected to rise due to last year's floods in the northern parts of the state.

For more information see the Rabobank here.