The Australian government forecasting agency raised its estimate of beef exports in the trade year that ends next July 1 by 20 percent, as ranchers liquidate their herds in the face of drought worsened by El Niño, said Reuters. Beef exports were pegged at 1.225 million tonnes, said the Australian Bureau of Agriculture, Resource Economics and Rural Sciences (ABARES), up from the June forecast of 1.02 million tonnes.
“The increased exports will help alleviate supply concerns in the United States, which imported record amounts of Australian red meat in 2014/15 after seven years of consecutive falls in the size of the U.S. herd,” said Reuters.
ABARES estimated wheat exports are 17.53 million tonnes, up 6.5 percent, crediting timely rains that boosted the harvest.