“c01AnIntroductionToMicroeconomics_PrintPDF” — 2022/7/19 — 7:26 — page 52 — #50
FIGURE 1.23 Some recent events affecting the markets for crops and livestock.
–6% to US$ 310/t in 2022–23
Wheat World wheat prices to ease but remain historically high.
–7%
FS
Barley
to US$ 266/t in 2022–23
Canola Decreased canola price driven by recovering global canola production.
Sugar
PR O
–26% to US$ 310/t in 2022–23
O
Coarse grain prices to ease due to increasing global supply.
Fall in international sugar price driven by recovering global production.
E
The easing of supply chain distruptions to cause a decline in cotton prices.
G
to USc 98lb in 2022–23
Cotton
Wool
PA
–16%
Saleyard cattle
Easing rebuilding sees prices fall, but remain historically high.
TE
to 718 Ac/kg in 2022–23
CO RR EC
Saleyard lamb Strong export demand in the US is expected to support high lamb prices.
5%
to 61 AC/L in 2022–23
19% to 1,659 Ac/kg in 2022–23
D
Strong economic growth in advanced economies to lift wool prices.
–9%
–11%
to USc 17lb in 2022–23
5% to 934 Ac/kg in 2022–23
Milk Constrained global milk supply and strong global demand is forecast to push the farmgate milk price higher.
U
N
Source: Images copied from Department of Agriculture, water and the environment, ABARES, Agricultural forecasts and outlook, March 2022, Volume 12.1, various pages, see https://daff.ent.sirsidynix.net.au/ client/en_AU/search/asset/1033304/0.
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Key Concepts VCE Economics 2 Units 3 & 4 Eleventh Edition
