Australian farm production to hit $45.2bn

Feb 22 (AAP)- High global prices are expected to cushion the blow to agricultural production from Australia's wet and wild summer.
The latest NAB Rural Commodities Wrap said despite huge flooding and a devastatingly wet summer, the forecast for 2010-2011 is $45.2 billion - up $5 billion on the previous year.
Net farm incomes are expected to total $9.2 billion.
Rather than flooding or Cyclone Yasi, heavy rain on the wheat crop has been to blame for many of the recent downgrades in farm production values, the forecast says.
But reduced production and quality of crops has been offset to some extent by "very high global prices".
Wool, generally left behind in last year's commodities price surge, is expected to gain ground in 2011, having passed the 1200 cents per kilogram mark earlier this month.
Cotton prices continue to be volatile, with the latest rally meaning prices have almost tripled in the past year alone.
Consumers are likely to feel the brunt of price increases too, with NAB forecasting a sharp rise in the cost of fruit and vegetables in the March quarter.
But it is expected this will prompt the Reserve Bank to keep a lid on interest rates.