Future Fields of Gold: Australian 2021/22 Planting, Price, and Inputs Outlook

With great prices and favourable conditions in most cropping regions across Australia, we expect national winter crop planting to grow 2% YOY, to 22.93m hectares, and within 1% of the 2016/17 record high. While most regions had excellent opening rainfall, particularly in Western Australia and northern New South Wales, not all have been so fortunate. In parts of South Australia and western Victoria, less favourable conditions have meant we will not be able to factor in a year-on-year area increase in those regions, despite prices incentivising many other regions to expand total area. Assuming average rainfall going forward, we expect wheat production to hit 28.9m tonnes, 10m tonnes of barley and 4.1m tonnes of canola this season.