In Farmanco Facts, June 2022 we’ve written about the current economy / currency situation, the WHS Act, current grain prices and their impact on potential profit, upper canopy blackleg canola, and getting ready for the E.O.F.Y.
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Looks behind some of the key economic indicators behind the May rate rise, compares how the Australian economy is performing against other countries.
Economy & Currency Update
(Ryan Duane, Grain Marketing Consultant)
The Reserve Bank of Australia (RBA) has lifted interest rates for the first time in more than a decade
Inflation is currently higher than target
We'll compare the key economic indicators for various countries
The AUD/USD has dipped below $0.7000 for the first time since January; and
We'll assess the impact of the AUD/USD for the AUD price of wheat.
The WA government has implemented the Work Health & Safety Act 2020 (WHS Act). We’ll explore what the new laws mean for farming businesses and how to lessen their impact.
What the Work, Health & Safety Act means for you and your business
(Katrina Kowald, Farm Management Consultant)
From March 2022, the Work Health & Safety Act 2020 (WHS Act) has replaced the OHS Act 1984 and brought all WA workplaces under a single Act
Business owners are now responsible for the wellbeing (physical and mental) of their employees and are required to prove that they have taken all steps possible to eliminate risks to health and safety
Penalties for failure to provide a safe working environment can run into the millions and possibly incur jail time; and
You need to get on the front foot and not put this into the too hard pile. There are many resources available to help.
The need to manage your crop and business cost base carefully must always remain a priority.
How current grain prices may impact potential profit for 2022
(David Ward, Farm Management Consultant)
Good subsoil moisture has maintained yield potential in much of Australia
Models project June to August rainfall to be above median for much of mainland Australia, but below median for south-west WA and western to south-western Tasmania
Higher commodity prices offer good potential profit; and
With higher input prices, minor variations in production can have a considerable impact on your production costs.
Optimising canola yield can add to blackleg disease pressure, so understanding when this occurs will help with management.
Upper canopy blackleg, canola
(Mark Lawrence, Agronomist)
Early sown canola increases risk in upper canopy blackleg
Upper canopy blackleg can reduce yield potential of canola
In-crop monitoring is important to assess blackleg pressure and decide best management practice; and
More work is needed on quantitative genes resistance in varieties.
Bookkeeping Reminder: Are you ready?