Australia eyes record farm export earnings from bumper wheat harvests

Australian farmers are expected to earn a record amount from agriculture exports this financial year, the country’s chief commodity forecaster said on Tuesday, as it raised its estimate on the back of favourable weather and high global prices.
The Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) said farm export earnings could total a record A$70.3 billion ($48 billion) for 2022-23. That is up around 8% from its previous forecast in June.
Australia’s east coast has been dominated by La Nina, typically associated with increased rainfall, over the last two years. While triggering flooding in several places, the weather pattern has also brought good rains across the eastern wheat belt.