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Australian Weekly ABARES Report


01 November 2012

Australian Weekly ABARES Report - 1 November 2012Australian Weekly ABARES Report - 1 November 2012

Thunderstorm activity has affected producers in parts of southern and central Queensland this week. Hail storms and heavy rain have reportedly damaged farm infrastructure and affected the movement of livestock to local markets.

The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of Key Issues

  • Thunderstorm activity has affected producers in parts of southern and central Queensland this week. Hail storms and heavy rain have reportedly damaged farm infrastructure and affected the movement of livestock to local markets.
  • Heavy rainfall forecast across much of the southern cropping areas over the coming week may delay the harvest of the 2012 winter crop.
  • Water storage levels in the Murray–Darling Basin decreased this week by 255 gigalitre (GL) and are at 96 per cent of total capacity.
  • Allocations to high reliability water entitlements reached 100 per cent in the Victorian Murray, and low reliability allocations increased to 16 per cent in the Broken catchment, and to 69 per cent in the Campaspe catchment.
  • 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 30 October 2012, largely unchanged from previous week.
  • The world coarse grains indicator price (US no. 2 yellow corn, free on board Gulf ports) averaged US$320 a tonne for the week ending 31 October 2012, marginally lower than US$325 a tonne in the previous week.
  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US81.7 cents a pound in the week ending 31 October 2012, compared with US84.6 cents a pound in the previous week.
  • The Australian Eastern Market Indicator price for wool rose by around 3 per cent in the week ending 25 October 2012 to 1048 cents a kilogram clean.
  • Australian milk production for the first three months of 2012-13 was 2.1 per cent higher than the same period in 2011-12.
  • Vegetable wholesale prices were generally lower in the week ending 27 October 2012.

Commodities

Production and 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 30 October 2012, largely unchanged from previous week.
  • The world coarse grains indicator price (US no. 2 yellow corn, free on board Gulf ports) averaged US$320 a tonne for the week ending 31 Oct 2012, compared with US$325 a tonne in the previous week.
  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$640 a tonne in the week ending 30 October 2012, largely unchanged from the previous week.
  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US81.7 cents a pound in the week ending 31 October 2012, compared with US84.6 cents a pound in the previous week.
  • The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US19.5 cents a pound in the week ending 31 October 2012, around 2 per cent lower than in the previous week.
  • Data from the China National Cotton Reserves Corporation shows that as at 26 October 2012, the Chinese government has purchased 1 million tonnes of cotton, 150 per cent higher than the amount bought by the same time last financial year.
  • According to the Brazilian Sugarcane Industry Association, the Brazilian government is considering raising the mandatory amount of ethanol blended into gasoline back to 25 per cent in 2013. The government cut the mandated level to 20 per cent in October 2011 after prices of the renewable fuel rose following a poor cane harvest.
  • The Australian canola indicator price (Portland, Victoria) averaged $558 a tonne in the week ending 29 October 2012, largely unchanged from the previous week.
  • Changes to fruit wholesale prices were mixed in the week ending 27 October 2012 with strawberry prices increasing while watermelon (seedless) and rockmelon prices were lower. Banana (cavendish) prices were largely unchanged.
  • Vegetable wholesale prices were generally lower in the week ending 27 October 2012. Beans (round), pumpkin (grey bulk), cauliflower, onions (brown) and tomato (field gourmet) wholesale prices were all lower, while, iceberg lettuce and peas (green) prices were higher.
  • The Queensland young cattle indicator price (330-400 kg live weight C3) increased by around 2 per cent to 346 cents a kilogram in the week ending 26 October 2012, compared to the previous week. However, this remains 12 per cent lower than the same time last year.
  • Australian milk production for the first three months of 2012-13 was 2.1 per cent higher than the same period in 2011-12. Milk production in Victoria and Tasmania both increased by 3 per cent while production in New South Wales was 1.5 percent higher. Milk production in Queensland and South Australia both fell by around 2 per cent while production in Western Australia was largely unchanged.
  • The Australian Eastern Market Indicator price for wool rose by around 3 per cent in the week ending 25 October 2012 to 1048 cents a kilogram clean. The total number of bales offered at sale fell by 20 per cent compared with the previous week.

Climate

Notable Events

  • Thunderstorm activity has affected parts of southern and central Queensland this week. Isolated hail storms have reportedly damaged farm infrastructure, while heavy rainfall in some areas has affected the movement of livestock to local markets.
  • Frosts and an ongoing lack of rainfall have led to yield losses in the Mallee region in Victoria, while producers in Victoria’s southwest are reporting that they have received too much rain which is having a negative impact on crop yields.
  • Heavy rainfall is forecast across much of the southern cropping areas over the coming week. If these heavy falls eventuate it is likely to result in harvest delays in some areas and some loss in grain quality.

Rainfall this Week

For the week ending 31 October 2012, rainfall was patchy with highest falls recorded across Northern Australia and in Tasmania. Troughs produced thunderstorms across Northern Australia and widespread rainfall throughout south east Queensland. Cold fronts brought rainfall to Tasmania. The highest measured rainfall total for the week was 119 millimetres at Leanyer near Darwin in the Northern Territory. For further information, click here.

November 2012

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