According to NAB, hefty increase in beef prices and lesser increase in dairy, lamb and vegetable prices counterbalance the mixed performance in the grains industry.

Economists at various agribusiness said that the coming months are optimistically looking great and positive. Moreover, beef is firmly staying at such elevated high levels with dairy looking like it might have taken the plunge in order to provide assistance and support to dairy prices in the domestic prices.

Lamb prices were in the rise while the failing dollar would act as a cushion to fibres and grains markets from lower prices on the international markets.

This year, dairy production is predicted to increase by 1.5 % and sugar by 5 % whereas wool and cotton were speculated to contract correspondingly.

NAB forecast the Australian dollar to fall to a low of U.S. $ 0.74 cents this year and U.S. $0.73 cents by the year 2016.

The Rural Commodities Index has greatly expanded to include 28 commodities, up from eight on the prior index.

It presently includes wheat, sorghum, oats, rice, field, peas, canola, chick peas, cotton, lupines, sugar, wool, wine grapes, poultry, lamb, beef, dairy, oranges, strawberries, mangoes, bananas tomatoes, lettuce, broccoli, potatoes and carrots.