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Australian Weekly ABARES Report


15 November 2012

Australian Weekly ABARES Report - 15 November 2012Australian Weekly ABARES Report - 15 November 2012

Frost events associated with cooler than average night-time temperatures across much of southern Australia this week, may result in some production losses in late maturing crops.

The Australian Bureau of Agricultural and Resource Economics and Sciences

Parts of the southern Queensland and New South Wales have received falls of up to 100 millimetres this week, which has reportedly delayed the grain harvest in some areas.

Water storage levels in the Murray–Darling Basin have decreased by 78 gigalitres this week and are at 95 per cent of total capacity.

Low reliability water allocations in the Broken and Campaspe systems (Victoria) have increased to 40 per cent and 81 per cent respectively.

Commodities

The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$378 a tonne in the week ending 13 November 2012, largely unchanged from the previous week.

The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$319 a tonne for the week ending 14 November 2012, largely unchanged from the previous week.

The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$606 a tonne in the week ending 13 November 2012, around 3 per cent lower than the US$622 a tonne it averaged in the previous week.

The Australian canola indicator price (Portland, Victoria) averaged $542 a tonne in the week ending 12 November 2012, compared with $558 a tonne in the previous week.

The world cotton indicator price (the Cotlook ‘A’ index) averaged US 79.9 cents a pound in the week ending 14 November 2012, largely unchanged from previous week.

The world sugar indicator price (Intercontinental Exchange, nearby futures, No. 11 contract) averaged US19.2 cents a pound in the week ending 14 November 2012, largely unchanged from previous week. It is the lowest the sugar indicator price has been since week ending 11 August 2010 when it averaged US18.2 cents a pound.

Brazil Sugar Industry Association’s data indicates that, as at the end of October 2012, sugar output from Brazil's major sugar growing region had reached 29.34 million tonnes this season (April to March season), around 30 000 tonnes higher than at the same time last year.

Climate

Cooler than average night-time temperatures have been recorded across much of southern Australia this week. These cooler than average conditions have prompted some concern that associated frosts events may result in lost production in late maturing crops especially across southwest Victoria.

Parts of the southern Queensland and New South Wales have received falls of up to 100 millimetres this week. While the rain has reportedly delayed the grain harvest in many areas, it is too early to establish if there has been any loss in grain quality in unharvested crops.

A large influx of wild ducks has reportedly damaged emerging rice crops in the New South Wales Murray region. Producers are reporting higher numbers than last year, with wet conditions during the 2011-12 summer providing ideal breeding conditions.

Cool spring conditions across the southern agricultural region of Western Australia have reportedly slowed locust hatchings, reducing the potential impact on crops and pastures (Department of Agriculture and Food, ‘Cool spring delays locusts’, 8 November 2012). The risk of significant infestation in southern and eastern Australia remains relatively low this spring, however recent heavy rainfall may encourage localised hatchings.

Rainfall this week

For the week ending 14 November 2012, falls of between 15 and 50 millimetres were recorded over much of eastern and northern Australia with localised falls in excess of 100 millimetres. The highest measured rainfall total for the week was 176 millimetres at Berrimah, near Darwin in the Northern Territory. For further information, click here.

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