Australia: Barley prices slipped 4.1 % while fuel prices up
Prices for key Australian farm exports are slumping while farmers battle with fuel prices of up to A$1.30 a litre. Barley prices slipped 4.1 %, AAP news posted on May 6. The federation's economics committee chairman, Charles Burke, said continued good crops in the northern hemisphere were weighing down on prices. The stronger Australian dollar was also undermining prices which could not come at a worse time for most farmers.
The latest National Farmers' Federation-Westpac rural commodity index showed falls during March in the prices of every major farm export except for cotton.
"The cost of fuel is also a mounting concern, with diesel prices of up to $1.30 per litre in parts of regional Australia," Mr Burke said in a statement. "Rain is desperately needed in the next four to six weeks for this year's winter crops, but these high fuel costs will also make the decision to plant this year even more difficult and expensive."
There has been a large fall in the prices of wheat, barley and canola over the past 12 months. Canola prices are down almost 30 per cent.
Westpac senior economist Justin Smirk said there were signs crude oil prices would ease in the second half of this year. "Westpac believes this will not come soon enough for farmers who will have make tough decisions, weighing the current high price of diesel against a moderating outlook for grain prices and uncertain seasonal conditions," he said.
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