Impact of recent weather events on Australian agriculture

1. Impact of recent weather events on Australian agriculture Jammie Penm Chief Commodity Analyst

3. Impact on Australian commodities Excessive rainfall in November to mid-December: • wheat export forecast down by $480 million in 2010-11 • sugar export forecast down by $470 million in 2010-11 The floods in eastern Australia in late December-January: • loss of agricultural production of an additional $1 billion in 2010-11; including • $600-700 million in winter crops • $225 million in fruit and vegetables • $150 million in cotton • $30 million in sorghum Coal exports 15 million tonnes lower, or $2 to 2.5 billion between December 2010 and March 2011

4. Impact of Cyclone Yasi • Banana production in Far North Queensland, valued at $384 million, accounts for around 90 per cent of Australian production • Sugar production in the region, valued at $240 million in 2008-09, accounts for 20 per cent of Australian production • No major damage to mining operation, infrastructure and ports

5. Banana consignments from north Queensland and banana price

6. Fruit and vegetable prices In the Melbourne market: • prices for many vegetables and fruit have shown signs of easing, after increasing in late December and January • prices for bananas have increased significantly

7. Weekly wholesale prices for selected vegetables - Melbourne Index 04Dec=100

8. Weekly wholesale prices for selected vegetables - Melbourne Index 04Dec=100

9. Weekly wholesale prices for selected fruit - Melbourne Index 04Dec=100

10. Total winter crop production

11. Murray–Darling Basin water storage

12. Total summer crop production

13. Conclusions • Loss of agricultural production and exports of around $2.3 billion in 2010-11. • Prices for many vegetables and fruit have shown signs of easing after floods. • Markedly higher crop production nationally despite the impact.