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This is the second month of NAB’s new regional price indicators, in effect a separate NAB Rural Commodities Index for every region in Australia.

This month NAB Economics introduces new regional price indicators, in effect a separate NAB Rural Commodities Index for every region in Australia.

The NAB Rural Commodities Index is an index of 28 agricultural commodities weighted by the relative size of each commodity in the Australian agricultural sector.

Prices have seen a gradual recovery from the mid-2014 to early 2016 price slide.

Summer has brought extremely volatile conditions to Australia’s cropping districts. While much of eastern Australia has baked in an extraordinary heatwave, Western Australia has suffered substantial flooding.

For the 2016-17 season, we developed a new wheat production forecast model, based on regional rainfall and state yields going back to federation, with an allowance for technological change.

While prices are likely to stay subdued for some time, increased volume will see the value of exports increase significantly.

2016 was a very tough year for many Australian dairy producers, with farmers beginning the year amid extremely dry conditions in key dairy regions and steep cuts to farmgate prices

The Australian cattle industry has enjoyed a stellar two year run of rising prices, and more recently, very good rains across many cattle producing regions.