Farm value to rise

A MODEST increase in the net value of farm production is forecast in 1999-2000 according to the March issue of ‘Australian Commodities - Forecasts and Issues’ released last week by ABARE.

The net value of farm production (the residual between gross value and costs) is expected to rise by 6% to $3.7 billion in 1999-2000 following an estimated 12% fall in 1998-99.

The estimates are largely based on a forecast increase in crop production and a slight rise of 1% in the average prices received for farm production following an estimated 4.5% fall in 1998-99.

Lower prices for sugar, cotton, and dairy products are expected to largely cancel modest increases in the prices of wheat, beef and wool.