The price outlook for beef, lambs and wool is weaker heading into 2013, according to the latest Rural Commodities Wrap released by the National Australia Bank (NAB).
According to the NAB, Australian beef prices in 2013 are forecast to average 4% lower year-on-year, the combination of a 3% increase in production and the dampening effect of the higher A$.
Furthermore, global economic conditions continue to be a major concern, reflecting weak consumer sentiment and spending.
For lambs, prices are forecast to average 1% year-on-year lower in 2013, with production increasing 4% during the same period – following on from the substantial rise in lamb turnoff in 2012.
Additionally for Australian sheep producers, wool prices are forecast to average 15% lower in 2013, despite only a 1% increase in production.
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