The year 2016 was a remarkable one. Milk producers experienced close to a 4c per litre decrease in price as it fell to an average of 27c/litre. Prices of finished cattle fell 5% due to strong supplies and currency volatility. Cereal yields were down on 2015 levels. As a result, incomes were down across dairy, livestock and tillage farms in 2016.

But 2016 has also been a remarkable year for exports. In a year when global commodity prices fell 10%, boosted by increased output volumes, total export values for food and beverage increased 2%.