Agricultural Commodities Report March 2025

• Value of agricultural production to fall by just under 1% to $91 billion in 2025–26.
• A return to neutral seasonal conditions relative to 2024–25 to result in lower crop production volumes.
• Global crop prices to rise in 2025–26 reflecting tightening global supply.
• Livestock production values to hit new record as strong global demand supports prices.
• Average farm cash incomes to rise in 2025–26 to $110,000 supported by rising prices and easing input costs.

Download this report: Overview (PDF - 2.8 MB)

• Global economic outlook assumed to be subdued in 2025 and 2026.
• Strong population and income growth to support the medium-term outlook in Australia’s key export markets.
• The Australian dollar is assumed to remain relatively low against the US dollar in 2025–26.
• Australian consumer spending to improve with growth in household disposable income.

Download this report: Economic Overview (PDF - 2.8 MB)

• Global crop production in 2024–25 projected to remain above 2023–24 levels.
• Australian 2024–25 crop production improved in the east and west since the December 2024 Agricultural Commodities Report.
• Above average summer 2024–25 rainfall and subsequent build-up of soil moisture reserves in eastern Australia is expected to provide a strong incentive for planting ahead of the 2025–26 winter crop season.

Download this report: Seasonal Conditions (PDF - 2.8 MB)

• Gross value of wheat production to fall by 8% to $10.4 billion in 2025–26, driven by lower production.
• Value and volume of wheat exports to remain above average in 2024–25 and 2025–26, with higher exportable supplies.
• Australian wheat production to remain above historical average in 2025–26 under expectation of improved seasonal conditions in South Australia and Victoria.
• World production and consumption of wheat to increase over the medium term.

Download this report: Wheat (PDF - 2.8 MB)

• Value of coarse grain production to fall by 4% to $5.8 billion in 2025–26.
• Value of coarse grain exports to remain stable at $3.8 billion in 2025–26.
• World coarse grain prices expected to increase in 2025–26, reflecting tightening stocks.
• Real value of coarse grain production to be lower over the medium term with falling real prices.

Download this report: Coarse Grains (PDF - 2.8 MB)

• Value of canola production to rise by 6% to $4.4 billion in 2024–25.
• Value of canola exports are forecast to fall by 13% to $3.8 billion in 2024–25.
• Australian canola production is forecast to rise by 1% to 6.0 million tonnes in 2025–26.
• The Australian canola price is forecast to rise by 2%, averaging $761per tonne in 2025–26.
• Global oilseed prices are forecast to rise before falling over the outlook period.

Download this report: Oilseeds (PDF - 2.8 MB)

• Australian wine grape production to rise by 3% to $966 million in 2025–26.
• Value of Australian wine exports to increase by 4% to $2.7 billion in 2025–26.
• Average wine grape prices expected to increase but remain below long-term averages.
• Real value of wine grape production and wine exports to trend down over the medium term to 2029–30.

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• Value of horticulture production to rise by 4% to $18.8 billion in 2025–26.
• Value of horticulture exports to increase by 4% to $4.1 billion in 2025–26.
• Horticulture export prices to fall in 2025–26, reflecting increased global supply and weaker demand.
• Real value of horticulture production and exports to be higher over the medium term.

Download this report: Horticulture (PDF - 2.8 MB)

• Value of beef, veal and live cattle production to rise by 1% to $18.4 billion in 2025–26.
• Value of beef, veal and live cattle exports to fall slightly to $15.8 billion in 2025–26.
• Cattle saleyard prices and beef export prices to rise in 2025–26, reflecting strong demand.
• Real value of beef, veal and live cattle production and exports to be lower over the medium term.

Download this report: Beef and Veal (PDF - 2.8 MB)

• Value of milk production to rise by 4% to $5.7 billion in 2025–26.
• Value of dairy product exports to fall by 10% to $3.2 billion in 2025–26.
• Dairy product export prices to fall in 2025–26, reflecting rising global production.
• Real farmgate milk price to fall over medium term; Australian production to remain relatively steady.

Download this report: Dairy (PDF - 2.8 MB)

• Value of sheep meat and live sheep production to rise by 3% to $5.0 billion in 2025–26.
• Value of sheep meat exports to fall by 5% to $4.5 billion in 2025–26.
• Lamb and mutton saleyard prices to rise in 2025–26 reflecting increased saleyard demand.
• Real value of sheep meat production and exports to be higher over the medium term.

Download this report: Sheep Meat (PDF - 2.8 MB)

• Value of wool and cotton production to fall by 1% and 5% respectively in 2025–26.
• Value of wool exports to fall by 1% and cotton to rise by 2% in 2025–26.
• Eastern Market Indicator wool price to remain relatively low at 1,150 cents per kilogram in 2025–26.
• Cotlook A Index of cotton prices to rise by 4% to 84 US cents per pound in 2025–26.

Download this report: Natural Fibres (PDF - 2.8 MB)

• Value of pig, poultry and egg production to ease slightly in 2025–26 but remain high.
• Production of pig, poultry and eggs projected to grow over medium term, driven by demand growth.
• Egg supply disruptions expected to stabilise, although Avian influenza remains a key risk.
• Biosecurity is critically important to protect Australian pig, poultry and egg producers.

Download this report: Pig, Poultry and Eggs (PDF - 2.8 MB)

• Value of seafood production to reach record $4.0 billion in 2024–25, driven by salmonids and rock lobster.
• Over the medium term, high global seafood supply expected to ease seafood prices, except rock lobster.
• Medium term demand growth for premium seafood to support higher Australian seafood export volumes.

Download this report: Fisheries and Aquaculture (PDF 2.8)

• National average broadacre farm business profits forecast to rise by $77,000 in 2025–26 from $33,000 to $110,000, driven by higher commodity prices and easing input costs.
• Average farm business profit estimated to increase for broadacre crop and livestock farms.
• Dry conditions in parts of South Australia and Victoria led to below-average farm profits in 2024–25; improving conditions in these states is forecast to lift production and profitability in 2025–26.
• National average dairy farm cash incomes are estimated to fall by $6,000 in 2024–25 from $373,000 to $367,000, driven by lower farm-gate milk prices and despite lower cash costs.

Download this report: Farm Performance (PDF - 2.8 MB)