The official commodities forecaster said the predicted fall reflects lower prices across most livestock and livestock product categories more than offsetting higher levels of production.
The forecast fall in the gross value of production is driven by beef, veal and live cattle (down 20% to $12.1 billion) as well as sheep meat and live sheep (down 19% to $3.7 billion). Lower production values are also forecast for milk (down 3% to $5.9 billion) and wool (down 7% to $2.9 billion). However, the production value of pork and poultry meat is expected to rise (up 1% to $5.4 billion).
The…
