Continuing unfavourable conditions and a lack of water kept Australian agricultural production down during 2007-08, according to figures released by the Australian Bureau of Statistics. With laws of supply and demand dictating prices, it does not bode well for some food prices, though there were some favourable figures. Rice plantings dropped to the lowest levels since 1927 – from 20,000 hectares in 2006-07 to 3,000 hectares in 2007-08 – while production was down 86% to 23,000 tonnes.... ...Read more »