abares agriculture commodities forecast 201603_v1 0.pdf

8/20/2019 ABARES Agriculture Commodities Forecast 201603_v1 0.pdf

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Agricultural commodities

Department of Agriculture

and Water Resources

2016

Research by the Australian Bureau of Agricultural

and Resource Economics and Sciences

MARCH QUARTER


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© Commonwealth of Australia 2016

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This publication (and any material sourced from it) should

be attributed as ABARES 2016, Agricultural commodities:

March quarter 2016. CC BY 3.0.

ISBN No: 978-1-74323-282-5 (online)

ISSN No: 1839-5627 (online)

ISBN No: 978-1-74323-282-8 (printed)

ISSN No: 1839-5619 (printed)ABARES project 43006

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Agricultural commodities: March quarter 2016 is available

at agriculture.gov.au/abares/publications.

Contact

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1ABARES

Agricultural commodities – vol. 6 no. 1 • March quarter 2016

ContentsEconomic overview

Crops

Wheat

Coarse grains

Oilseeds

Sugar

Cotton

Horticulture

Australian wine exports

Livestock

Beef and veal

Sheep meat and wool Pig meat

Chicken meat

Dairy

Fisheries

Farm performance: broadacre and dairy farms, – to –

Productivity in Australian broadacre and dairy industries

Disaggregating farm performance statistics by size

BoxesSeasonal conditions in Australia

Recent developments in Argentina’s agricultural export policies

Outlook for Australian chickpeas

UK Waste & Resource Action Programme GlassRite Wine project

Consumer demand for wool

Statistical tables

Report extracts

ABARES contacts


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66 ABARES


SugarOutlook to 2020–21

Benjamin K Agbenyegah

• The world indicator price for raw sugar (Intercontinental Exchange, nearbyfutures, no. 11 contract) is forecast to increase in the short term. This reflects a

decline in world stocks from record levels as world sugar consumption is forecast

to exceed production.

• Over the medium term, world sugar consumption is projected to grow at a faster

rate than production, further reducing world stocks. By 2020–21 the world

stocks-to-use ratio for sugar is projected to be around 28 per cent, compared with

43 per cent in 2014–15.

• The world indicator price for sugar is projected to average around US16 cents

a pound (in 2015–16 dollars) in 2020–21. This is based on an expectation that

world sugar consumption will continue to exceed production and lead to reduced

world stocks.

• Reflecting expected higher world sugar prices over the medium term, the

return to Australian growers is projected to reach $44 a tonne (in 2015–16 dollars)

in 2020–21, compared with an expected $37 a tonne in 2015–16.

Short-term outlook

Higher sugar prices to 2016–17

The world indicator price for raw sugar (Intercontinental Exchange, nearby futures,

no. 11 contract) is forecast to increase by around 5 per cent in 2015–16 (October to

September) to average US14 cents a pound. World sugar consumption is forecast toexceed production in 2015–16, reducing world stocks and putting upward pressure

on prices. If realised, world sugar stocks will decline for the first time in six years,

having increased significantly between 2010–11 and 2014–15 to reach a record

77.8 million tonnes.

In 2016–17 the world sugar indicator price is forecast to increase by 11 per cent to

average around US16 cents a pound. Growth in world sugar consumption is forecast

to again outpace the rise in world production, resulting in a further decline in

world stocks.


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Sugar

67ABARESAgricultural commodities – vol. 6 no. 1 • March quarter 2016

World sugar indicators a

Consumption

Mt2015–16USc/lb

Price (right axis)

Production

Closing stocks

a Production, consumption and stocks in raw value equivalent and years from October to September.f ABARES forecast. z ABARES projection.

7

14

21

28

35

40

80

120

160

200

2020–21z

2018–19z

2016–17f

2014–15

2012–13

2010–11

World sugar production to recover in 2016–17

World sugar production is forecast to be 177 million tonnes in 2015–16, 3 per cent

lower than in 2014–15. Lower production in China, the European Union and India

is expected to be partially offset by increases in Australia, Brazil, Thailand and the

United States. Forecast lower production in China and the European Union reflects

an estimated reduction in cane and beet plantings and assumed lower cane and

beet yields. Growers in these countries responded to relatively low sugar prices

by reducing plantings. Yields are assumed to be lower because of unfavourable

seasonal conditions.In India, sugar production is forecast to fall by 3 per cent to around 30 million tonnes

in 2015–16, despite a forecast 2 per cent increase in cane production. The forecast

decline largely reflects a 2 per cent rise in the share of cane allocated to gur

production (jaggery or crude, non-centrifugal lump sugar). This follows a shortage

of cane supply to local jaggery manufacturers in 2014, which resulted in a sharp rise

in domestic gur prices between October 2014 and September 2015.

Sugar production in China is forecast to decline by 10 per cent in 2015–16 to

10.3 million tonnes, reflecting a significant fall in cane and beet production.

Cane production is forecast to fall by 21 per cent to 86 million tonnes and beet

production by 14 per cent to around 8 million tonnes. Growers reduced plantings

in response to relatively low sugar prices, compared with alternatives, and dry

seasonal conditions negatively affected yields in some major producing regions.

In Europe, sugar production is forecast to be 23.5 million tonnes in 2015–16, down

from around 28 million tonnes in 2014–15. This forecast decline largely reflects

an estimated 23 per cent reduction in sugar production in the European Union to

around 15 million tonnes. Relatively low sugar prices during planting resulted in

growers reducing area. Average yield is estimated to decline because of dry seasonal

conditions in many EU countries. Partially offsetting this decline is an estimated

3 per cent rise in sugar production in Eastern Europe, driven by record production

in the Russian Federation. Sugar production in the Russian Federation is forecast to

be 5.3 million tonnes in 2015–16, 8 per cent higher than in 2014–15. Relatively highdomestic prices resulted in an estimated 12 per cent increase in planted area to around

1 million hectares. Average beet yield is expected to reach a record 38 tonnes a hectare.


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Sugar

68 ABARES


Sugarcane production in Brazil is forecast to increase by 5 per cent to 662 million tonnes

in 2015–16. This forecast is based on an estimated 5 per cent increase in average

cane yield to 72 tonnes a hectare, reflecting improved seasonal conditions in Brazil’s

central south region, which produces around 90 per cent of Brazilian cane. Brazil’s

sugar production is forecast to increase by 1 per cent in 2015–16 to 37.8 million tonnes.

Despite the forecast increase in cane crush, the share of cane allocated to ethanolproduction is expected to rise, constraining growth in sugar production.

The expected rise in the share of cane allocated to ethanol production in Brazil

reflects the lifting of the mandatory blending ratio of anhydrous ethanol with

gasoline by the Brazilian Government to 27 per cent in February 2015. In the first

10 months of the 2015–16 season (April to March), the share of cane allocated to

ethanol production rose to 59 per cent, compared with around 56 per cent in 2014–15.

Sugarcane production and allocation, Brazil a

Cane production

Mt %

Ethanol share (right axis)

Sugar production

a Production in raw value equivalent. z ABARES projection.

20

40

60

80

200

400

600

800

2020–21z

2017–18z

2014–15

2011–12

2008–09

2005–06

2002–03

In Thailand, cane production is forecast to rise by 3 per cent to a record 108 million

tonnes in 2015–16, reflecting an estimated 5 per cent increase in planted area more

than offsetting the effect of an assumed 2 per cent decline in average yield. The rise

in planted area is being driven by the introduction of government incentives that

are encouraging Thai farmers to move away from rice to sugarcane production.

Despite the forecast of a record cane crush in 2015–16, sugar production is forecast

to increase by only 1 per cent to 11.6 million tonnes. This reflects higher returns

to ethanol production, which have led to sugar mills diverting sugar cane and rawsugar to ethanol production. In September 2015 the domestic price of ethanol

was around US63 cents a litre, compared with the world sugar export price of

US12 cents a pound.

Sugar production in the United States is forecast to increase by 2 per cent in

2015–16 to 8 million tonnes. Area planted to cane and beet is estimated to increase

by 1 per cent to 825 000 hectare. Favourable seasonal conditions are expected to

support a slight improvement in average cane and beet yields.

In 2016–17 world sugar production is forecast to recover by 3 per cent to around

183 million tonnes. This largely reflects production increases in the European Union,

China, Brazil and India.


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Sugar


EU sugar production is forecast to recover by 29 per cent in 2016–17 to

19 million tonnes. An assumed return to average seasonal conditions, following

dry weather in 2015–16, is expected to encourage higher planting and improved

beet and sugar yields.

Sugar production in China is forecast to rise from 10.3 million tonnes in 2015–16 to

12 million tonnes in 2016–17. This forecast reflects increased cane and beet plantingas a result of an expected improvement in returns to sugar production.

Sugar production in Brazil is forecast to be around 40 million tonnes in 2016–17,

5 per cent higher than in 2015–16. This increase is largely based on an expected

rise in cane planting as growers respond to improving returns to sugar production.

Relatively low oil prices are expected to constrain growth in ethanol consumption

despite the Brazilian Government’s policy to support ethanol demand. The share of

cane allocated to ethanol production is expected to decline from its current high of

59 per cent to 52 per cent in 2016–17.

Forecast changes in world sugar production, by country a

Mt

2015–16

2016–17

–4

–2

0

2

4

6

world

other

Australia

EasternEurope

EuropeanUnion

Mexico

UnitedStates

Thailand

China

India

Brazil

a Production in raw value equivalent.

Higher world sugar consumption to 2016–17

World sugar consumption is forecast to increase from 181 million tonnes in 2014–15

to around 184 million tonnes in 2015–16. This forecast is driven by an increase indemand for sugar from food processing industries in developing Asian countries,

particularly China, India and Indonesia, and Brazil. If realised, forecast world sugar

consumption will exceed world production for the first time in six years.

In 2016–17 world sugar consumption is forecast to grow by a further 1 per cent to

around 187 million tonnes, supported by income and population growth in non-OECD

countries. China, India and Brazil are expected to account for around 95 per cent of

forecast world consumption growth.


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Sugar

70 ABARES


World sugar consumption, by country a

Mt

a Consumption in raw value equivalent. f ABARES forecast.

Other

European Union

Brazil

China

50

100

150

200

India

2016–17f

2014–15

2012–13

2010–11

2008–09

2006–07

2004–05

Lower world sugar stocks in 2016–17

World closing stocks of sugar are forecast to fall from a record 77.8 million tonnes

in 2014–15 to around 71 million tonnes in 2015–16. This decline reflects forecast

world consumption exceeding production. At this forecast level, the world

stocks-to-use ratio is expected to decline by 2 percentage points to around

39 per cent in 2015–16.

In 2016–17 continued growth in sugar consumption is forecast to result in a

further 6 per cent fall in world stocks to around 67 million tonnes. The world

stocks-to-use ratio is expected to decline to around 36 per cent.

World sugar stocks-to-use ratio

%

z ABARES projection.

2020

–21z

2017

–18z

2014

–15

2011

–12

2008

–09

2005

–06

10

20

30

40

50


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Sugar

71ABARES


World sugar exports to grow in 2016–17

World sugar exports are forecast to be 66 million tonnes in 2015–16, up from

64 million tonnes in 2014–15. This forecast reflects increased sugar supplies in

major exporting countries and strong import demand from China, the European

Union and Indonesia. Sugar supplies available for export are forecast to be higher in

Brazil, Thailand, India and Australia. Although India’s sugar production is forecastto be lower in 2015–16, the continuation of government export subsidies and large

carry-over stocks from 2014–15 are expected to support an increase in exports.

In 2016–17 world sugar exports are forecast to increase by a further 10 per cent

to around 72 million tonnes, reflecting forecast increases in sugar production and

continued growth in import demand.

Australian sugar returns to increase in 2016–17

The average mill-gate return to Australian cane growers is forecast to increase by

3 per cent in 2015–16 to $37 a tonne. This mainly reflects the combined effects of

higher world sugar prices and an assumed depreciation of the Australian dollar.In 2016–17 the mill-gate return is forecast to increase by a further 8 per cent to

$40 a tonne, largely reflecting the forecast rise in the world sugar price.

Modest growth in Australian sugar production to 2016–17

Australian sugar production is forecast to increase in 2015–16 by 5 per cent to

4.8 million tonnes. This increase is mainly based on an estimated 3 per cent increase

in sugarcane production to 33.1 million tonnes, largely reflecting an estimated rise in

harvested area. Average yield is expected to decline slightly because of dry seasonal

conditions and the spread of canopy syndrome in some growing regions.

Australian sugar production is forecast to increase by 6 per cent in 2016–17 to5.1 million tonnes, reflecting forecast higher cane production as a result of an

expected increase in cane plantings and an improvement in yields.

Australian sugar production, exports and returns to cane growers a

Production

Mt2015–16$/t

Return to cane growers(right axis)

Exports

a Production and exports in raw value equivalent. z ABARES projection.

10

20

30

40

50

60

1

2

3

4

5

6

2020–21z

2017–18z

2014–15

2011–12

2008–09

2005–06


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Reflecting the increase in sugar production, Australian exports are forecast to rise in

2015–16 by 5 per cent to around 3.8 million tonnes. In 2016–17 Australian sugar

exports are forecast to increase by a further 4 per cent to 4 million tonnes. The value

of Australian sugar exports is forecast to increase by 8 per cent in 2015–16 to around

$1.8 billion and in 2016–17 by 7 per cent to $1.9 billion, reflecting the combined

effects of increased export volumes, higher world sugar prices and an assumeddepreciation of the Australian dollar.

Medium–term outlook to 2020–21

Strong sugar demand to support world prices

The world indicator price for sugar is projected to rise slightly in 2017–18, before

easing towards the end of the projection period. By 2020–21 the world indicator

price is projected to average around US16 cents a pound (in 2015–16 dollars).

This projected higher price in 2020–21 is largely based on an expectation that world

sugar consumption will continue to exceed production and reduce world stocks over

the medium term.

World sugar consumption is projected to increase by an average of 2.5 million tonnes

a year over the medium term, to reach a record of around 197 million tonnes in 2020–

21. This projection is based largely on rising world population and continued income

growth in non-OECD countries, particularly in India, China, Brazil and Indonesia. The

food processing industries in these countries are expanding rapidly and expected to

increase sugar consumption accordingly.

World sugar production is projected to grow at an average annual rate of around

2 per cent over the medium term to reach 196 million tonnes in 2020–21, compared

with 177 million tonnes forecast for 2015–16. This largely reflects increased

production in Brazil, but production is also projected to rise in other major sugarproducing countries, including India, China, Thailand, Mexico, Australia and Pakistan.

Production growth is expected to be largely driven by increased planted area,

as producers respond to higher sugar prices. Some improvement in yields is also

expected, under the assumption of average seasonal conditions.

World production of cane-based ethanol is expected to grow over the medium

term but at a slower pace than recent years. The recent significant decline in world

crude oil prices is expected to have a limited effect on ethanol production in Brazil,

the world’s largest cane-based ethanol producer. This is because the Brazilian

Government mandates ethanol blending in automotive fuel. For smaller ethanol

producers, such as Thailand and India, sharply lower oil prices are likely to adversely

affect ethanol consumption but this is likely to be muted because of governmentincentives and support for ethanol production.

Production prospects for major producers

In Brazil, sugar production is projected to reach 47 million tonnes in 2020–21,

15 per cent higher than the record of around 41 million tonnes in 2009–10.

This projection largely reflects the Brazilian Government’s move to significantly

expand cane plantings and support sugarcane production. For example, in 2012

the government announced a loan package of US$2.2 billion to bring new land into

production and replace ageing cane plantings.


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Sugarcane demand for ethanol production in Brazil is also projected to rise over

the medium term, reflecting the mandatory blending ratio of anhydrous ethanol in

gasoline. However, the share of cane for ethanol production is expected to decline

from its current high of 59 per cent to 42 per cent in 2020–21. This reflects improved

returns to sugar production and constrained ethanol consumption growth beyond

the mandated level resulting from relatively low world crude oil prices.Sugar production in India is projected to rise to around 34 million tonnes in 2020–21,

compared with 30 million tonnes forecast in 2015–16. Sugarcane production in India

largely depends on rainfall during the Indian monsoon, with production volumes

fluctuating widely from season to season. Over the medium term, India is expected to

invest in the construction of more irrigation dams to reduce the reliance on monsoon

rainfall for cane production. The Indian Government is also expected to continue

policy measures supporting domestic sugar production, such as minimum support

prices for raw and refined sugar, export subsidies and loan facilities.

Thai sugar production is projected to reach 14 million tonnes in 2020–21, up from

around 12 million tonnes forecast in 2015–16. The Thai Government is expected to

continue current support policies to increase sugar production, including setting

domestic sugar prices, investing in new mills, making direct payments to cane

growers and supporting ethanol production.

In the European Union, sugar production is projected to grow to 21 million tonnes in

2020–21, compared with around 15 million tonnes estimated in 2015–16. The removal

of the EU quota system in October 2017 is expected to encourage higher sugar beet

planting—particularly in France and Germany, which have more efficient production

systems. The EU quota system restricts the amount of sugar produced by each

member state in support of a minimum sugar beet price. The quota for the 2015–16

season is 13.5 million tonnes and any production in excess of this can only be used

for export, sold for biofuel or other industrial non-food uses, or counted against thefollowing year’s quota.

Sugar production in the Russian Federation is projected to reach 6.5 million tonnes

in 2020–21, 1.2 million tonnes higher than estimated in 2015–16. This projected

increase largely reflects continued efforts by the government of the Russian

Federation to achieve more than 90 per cent self-sufficiency in meeting increasing

domestic demand.

US sugar production is projected to reach just over 9 million tonnes in 2020–21,

up from 8 million tonnes forecast in 2015–16. The US Government is expected to

continue supporting sugar production through subsidised loans to producers and

tariff-rate quotas, which have the effect of raising domestic sugar prices above

world prices. This support provides loans to sugarcane and sugar beet producers

and processors that guarantee a minimum price regardless of the prevailing market

price. The loan term is generally nine months, with sugar processors and producers

either giving the government the sugar they produced as payment for the loan or

selling their sugar on the market if the prevailing market price is higher than the loan

amount. For the 2015–16 season, the loan rate is US18.75 cents per pound for raw

cane sugar and US24.09 cents per pound for refined beet sugar.


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Sugar

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Sugar production in Mexico is projected to reach a record 7.7 million tonnes in

2020–21, driven by favourable returns from exporting sugar to the United States.

US sugar prices are maintained well above world levels and Mexico benefits

from this because of access to the US market through the North American Free

Trade Agreement.

World sugar exports to increase over the medium term

World sugar exports are projected to increase at an average annual rate of around

3 per cent over the medium term to reach a record 79.8 million tonnes in 2020–21.

This mainly reflects expected increases in sugar available for export, particularly in

Brazil, Thailand, Australia, Mexico and India.

World sugar closing stocks to decline

World sugar stocks are projected to decline by an average of 2.7 million tonnes a

year to reach around 55 million tonnes in 2020–21, reflecting higher growth in

world consumption than production over the medium term. If realised, projected

world stocks would be at the lowest level since 1997–98, when 47 million tonnes was

recorded. By 2020–21 the world stocks-to-use ratio for sugar is expected to decline by

15 percentage points to around 28 per cent. At this level, the projected stocks-to-use

ratio would be the lowest on record.

Return to Australian cane growers and sugar production

to grow

Reflecting higher world sugar prices, the average mill-gate return to Australian cane

growers is projected to increase over the medium term to average around $44 a tonne

(in 2015–16 dollars) in 2020–21. This compares with $37 a tonne (in 2015–16 dollars)

expected in 2015–16.

The area of sugar cane harvested in Australia is projected to expand to

413 000 hectares in 2020–21. This is 5 per cent higher than the 393 000 hectares

estimated in 2015–16 but well below the record 448 000 hectares harvested in

2003–04. The expansion of cane area is expected to be constrained by limited suitable

land close to existing sugar mills and the conversion of some former cane land to other

uses, including forest plantation.

Combined with an assumed 4 per cent rise in average yield, the projected increase

in area is expected to result in sugarcane production reaching 36 million tonnes in

2020–21, up from an estimated 33 million tonnes in 2015–16. Reflecting higher cane

crush, Australian sugar production is projected to grow at an annual rate of 1 per centto around 5.4 million tonnes in 2020–21. This projection is above the estimated

4.8 million tonnes in 2015–16 but below the record 5.6 million tonnes produced

in 1997–98.

Sugar exports from Australia are projected to be 4.4 million tonnes in 2020–21,

14 per cent higher than forecast in 2015–16. This compares with a record

4.7 million tonnes shipped in 1997–98. The value of exports is projected to reach

$2.2 billion (in 2015–16 dollars) in 2020–21, up from $1.8 billion expected in 2015–16.


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Sugar

75ABARES


Area of sugar cane harvested and average cane yield, Australia

Area harvested

’000 ha t/ha

Cane yield (right axis)

100

200

300

400

500

20

40

60

80

100


2020–21z

2017–18z

2014–15

2011–12

2008–09

2005–06

Outlook for sugar a

unit 2013–14 2014–15 s 2015–16 f 2016–17 f 2017–18 z 2018–19 z 2019–20 z 2020–21 z

Production Mt 182.1 182.4 177.0 182.9 185.0 189.8 192.8 196.0

– Brazil Mt 39.6 37.0 37.8 39.7 42.5 43.9 45.3 47.0

Consumption Mt 179.0 181.0 183.5 187.5 189.3 193.6 196.5 196.9

Exports Mt 64.3 64.0 66.0 72.4 73.5 75.5 77.2 79.8

Closing stocks Mt 76.4 77.8 71.4 67.0 62.6 59.1 55.6 55.0

Stocks‐to‐use ratio % 42.7 43.0 38.9 35.7 33.1 30.5 28.3 28.0

– nominal USc/lb 16.8 13.4 14.0 15.5 17.0 17.5 17.7 17.5

– real d USc/lb 17.1 13.5 14.0 15.2 16.4 16.5 16.4 15.9

Production g kt 4 364 4 572 4 800 5 081 5 179 5 222 5 266 5 387

Export volume kt 3 052 3 675 3 846 4 004 4 068 4 105 4 226 4 382

– nominal A$m 1 384 1 643 1 766 1 883 2 095 2 202 2 338 2 440

– real h A$m 1 436 1 676 1 766 1 838 1 995 2 046 2 120 2 158

a Volumes in raw value equivalent. b October–September years. c Nearby futures price, Intercontinental Exchange, New York, no. 11 contract.

d In 2015–16 US dollars. e July–June years. f ABARES forecast. g Raw tonnes actual. h In 2015–16 Australian dollars. s ABARES estimate.


Sources: ABARES; Australian Bureau of Statistics; Intercontinental Exchange; International Sugar Organization

World b

Australia e

Price c

Export value


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ABARES contacts

Executive Director Karen Schneider [email protected] (02) 6272 4636

Agricultural Commodities and Trade

Assistant Secretary and

Chief Commodity Analyst Jammie Penm [email protected] (02) 6272 2030

Agricultural Trade Caroline Gunning-Trant [email protected] (02) 6272 2123Agricultural Commodities Trish Gleeson [email protected] (02) 6272 2124

ACT Outlook Peter Collins [email protected] (02) 6272 2017

Agricultural Risks Management Matthew Miller [email protected] (02) 6272 3527

Farm Analysis and Biosecurity

Assistant Secretary Peter Gooday [email protected] (02) 6272 2138

Productivity Alistair Davidson [email protected] (02) 6272 2487

Infrastructure and Water Tim Goesch [email protected] (02) 6272 2009

Farm Survey and Analysis Milly Lubulwa [email protected] (02) 6272 2069

Biosecurity Alistair Davidson [email protected] (02) 6272 2487

Invasives and Social Sciences Bertie Hennecke [email protected] (02) 6272 4263

Fisheries, Forestry and Land

Assistant Secretary Ilona Stobutzki [email protected] (02) 6272 4277

Domestic Fisheries and Marine Simon Nicol [email protected] (02) 6272 4638

International Fisheries and Data James Larcombe [email protected] (02) 6272 3388

Fisheries Economics Robert Curtotti [email protected] (02) 6272 2014

Quantitative Sciences Belinda Barnes [email protected] (02) 6272 5374

Forest Sciences Steve Read [email protected] (02) 6272 5582

Forest Economics Beau Hug [email protected] (02) 6272 3929

Portfolio Strategies and Land

Assistant Secretary Lisa Elliston [email protected] (02) 6272 2091Deregulation Donna Hawkes [email protected] (02) 6272 4627

Data and Land John Sims [email protected] (02) 6272 5732

Editing, Production,

Online and Design John Wilson [email protected] (02) 6272 3811

Library Resources Karen Kidd [email protected] (02) 6272 4270

Media [email protected] (02) 6272 3232

Publication inquiries [email protected] (02) 6272 3933

Agricultural commodities March quarter 2016 was designed and produced by the Department of Agriculture and Water Resources and the Agricultural Commodities team of ABARES.

Editors: Jane Wiles, Julia Church and Emma Rossiter


15/15

agriculture.gov.au/abares

Australian Bureau of Agricultural and Resource

Economics and Sciences (ABARES)

Postal address GPO Box Canberra ACT

Switchboard

Email [email protected]

Web agriculture.gov.au/abares

A B A 2 2 9 2_

0 1 1 6

The ‘Biosphere’ Graphic Element

The biosphere is a key part of the department’s visual identity.

Individual biospheres are used to visually describe the diverse nature

of the work we do as a department, in Australia and internationally.

Also in this series

• Agricultural commodities, December

• Agricultural commodities, March

• Agricultural commodities, June

• Agricultural commodities, September

• Agricultural commodities, December

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