The value of Australian farm exports is forecast to reach $48 billion next financial year, thanks to surging cotton and dairy exports, and solid rises in the value of beef, wool and wine shipped overseas.

The figure, down only marginally on 2016-17, is still well above the average of recent years underlining the strong current contribution of agriculture to the nation's export earnings and wider economy.

In 2017-18, total farm production is tipped to reach $59.9 billion, according to a report from the Australian Bureau of Agricultural and Resource Economics and Sciences. This is down slightly on this financial year's record-breaking returns, but still $5 billion (or 9 per cent) greater than the five year average to 2016-17.

After record grain crops in 2016-17 (coupled with low grain prices) and soaring beef prices, one of the key stories in agriculture over the coming year appears to be cotton.