Drought conditions in Australia have affected livestock supply, with the federal government's commodities forecaster revealing there had been increased demand and high prices.
"We've seen high prices lately for both livestock and animal products, like beef, lamb and milk," Australian Bureau of Agricultural Resource and Economics and Sciences' Jared Greenville said.
The forecaster's commodities report for the September quarter predicts production is set to reach $101.6 billion in 2025/26.
The record production would eclipse the previous financial year by a whopping $7.3 billion.
Livestock production alone is set to reach $41.6 billion, bolstering the overall agricultural value to an expected record high of $94.7 billion.
It is a remarkable rise after the National Farmers Federation set a goal just seven years ago for the agriculture industry to be worth $100 billion by 2030.
The drought did appear to take its toll, with crop production down.
"Wheat production and value are set to fall as global prices and Australian yields decline slightly from last financial year," Dr Greenville said.
Wheat production is still ticking along above the 10-year average, with a crop of almost 34 million tonnes forecast.
Rain had revived some regions but the forecaster had concerns for southern NSW due to a slow start to the winter cropping season and relatively low soil moisture levels.
Agricultural exports were expected to fall slightly in 2025/26 but were still "well above average" at $74.6 billion, Dr Greenville said.Â
Beef and sheep meat exports are set to take a hit but horticulture and wheat are set to rise.
"The global trading environment remains uncertain, but there is still strong international demand for Australian food and fibre from markets like China, Japan and the US," Dr Greenville said.
Agriculture, Fisheries and Forestry Minister Julie Collins said hard work, resilience and farmers working hand-in-hand with government had to led to the record results.
"The continued growth in our agriculture, fisheries and forestry sector is good for our farmers, it's good for our regional economies, and it's good for our trade relationships," she said.
"This record forecast is not only a result of increased demand for our world-class products, but what you can achieve when government works with industry to deliver for them."
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