Increased rainfall spells good for Australian farmers
While the excessive rain in parts of Australia may be unwelcome by many residents, there are those ...
While the excessive rain in parts of Australia may be unwelcome by many residents, there are those that could benefit from the deluge.
Stakeholders of the agricultural industry have in the past been faced with many seasons of uncertainty due to drought, with 2010 being a particularly dry year.
Last year, however, the extra rainfall brought record crops of grain to Western Australia - reaching 15 million tonnes.
A recent report illustrates that this year's wetness may continue to inspire bumper crops - a positive motivator for land investment and an encouraging forecast for farmers that are still recovering from previous losses brought on by drought.
According to Rabobank's Australian Crop Update, the wetter-than-normal autumn will delay the summer crop harvest, but should pave the way for record amounts of wheat.
Rabobank also anticipates elevated prices for grains and oilseeds for 2012 - with soybeans as the upside leader.
Water availability in the coming season will likely boost regional agricultural production, adding appeal to rural property investment.