On-farm stocks of feed and fodder were relatively high going into the drought

On-farm stocks of feed and fodder in south-Eastern Australia were relatively high going into the drought, and  prices of hay and feed grain were relatively low. However, as  poor conditions have continued, prices have increased  rapidly, and are now approaching levels observed during the  2006-07 drought.

Feed prices are likely to remain at these levels only until additional fodder can be produced, likely from November 2018, as pasture hay growers in Victoria enter peak spring
production and some grain crops are converted to fodder.

In addition, alternative sources of roughage for livestock (for example sugarcane bagasse) are likely to be utilised if feed prices remain high.

Source: http://www.agriculture.gov.au/abares/Documents/abares-insights-analysis-2018-drought.pdf