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Australian Weekly ABARES Report


29 November 2012

Australian Weekly ABARES Report - 29 November 2012Australian Weekly ABARES Report - 29 November 2012


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of Key Issues

  • Parts of western and northern Australia have recorded rainfall in excess of 100 millimetres over the past two weeks, assisting growth of native vegetation which supports livestock production activities in pastoral regions.
  • Bovine Johne’s disease, a muscle wasting condition which leads to lost productivity and eventual stock death, has been detected in a cattle herd in central Queensland.
  • Forecast thunderstorm activity and high temperatures are likely to delay harvest activity across southern Australia in the coming week.
  • Water storage levels in the Murray–Darling Basin decreased by 380 gigalitres this week and are at 92 per cent of total capacity.
  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$368 a tonne in the week ending 27 November 2012, compared with US$366 a tonne in the previous week.
  • The world coarse grains indicator price (US no. 2 yellow corn, free on board Gulf ports) averaged US$331 a tonne in the week ending 28 November 2012, compared with $325 in the previous week.
  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$607 a tonne in the week ending 27 November 2012, largely unchanged from the previous week.
  • Changes to the wholesale prices of fruit were generally mixed and wholesale prices of vegetables were generally lower in the week ending 24 November 2012.
  • Saleyard lamb prices fell in all states in the week ending 23 November 2012.
  • The Global Dairy Trade (GDT) weighted average cheese price rose to US$3436 a tonne on 20 November 2012, compared with US$3037 a tonne on 6 November 2012. Butter prices (AMF) increased 1.4 per cent to US$3066 a tonne while skim milk powder and whole milk powder prices fell 1.4 per cent to $3042 a tonne and 2.3 per cent to $3276 a tonne, respectively.

Climate

Notable Events

  • Parts of western and northern Australia have recorded rainfall in excess of 100 millimetres over the past two weeks. Many pastoral areas have received more than twice their November monthly average rainfall, assisting growth of native vegetation which supports livestock production activities in these regions.
  • Bovine Johne’s disease has been detected in a cattle herd in central Queensland. Bovine Johne’s disease is a muscle wasting condition which leads to lost productivity and eventually stock death. While there is no effective treatment for the disease, it does not pose a risk to human health. A number of properties have been placed under quarantine and activities are under way to track the movement of affected cattle, with Biosecurity Queensland reported to be undertaking risk assessments to determine the potential spread of disease.
  • Lightning strikes have reportedly ignited fires in western Queensland during the past week. Despite recent rainfall, some fires are still burning – putting many graziers on alert. Properties around Jericho, Barcaldine and Blackall have reported the loss of pasture and some damage to fences and other infrastructure.
  • Thunderstorm activity and temperatures exceeding 40 degrees are forecast across southern Australia over the coming week. The forecast thunderstorms are likely to bring high winds and further lightning strikes.

Rainfall this Week

For the week ending 28 November 2012 rainfall was recorded in all states and territories with the heaviest falls recorded across western and northern Australia. Most of the rainfall was associated with slow moving surface troughs, which triggered locally heavy rain and thunderstorms. The highest recorded rainfall for the week was 89 millimetres at Koorda, in the central wheat belt of Western Australia. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the Week Ending 28 November 2012

©Commonwealth of Australia 2012, Australia Bureau of Meteorology
Issued: 28/11/2012

Commodities

Production and Commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$368 a tonne in the week ending 27 November 2012, compared with US$366 a tonne in the previous week.
  • The world coarse grains indicator price (US no. 2 yellow corn, free on board Gulf ports) averaged US$331 a tonne in the week ending 28 November 2012, compared with $325 in the previous week.
  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$607 a tonne in the week ending 27 November 2012, largely unchanged from the previous week.
  • The Australian canola indicator price (Portland, Victoria) averaged $535 a tonne in the week ending 26 November 2012, unchanged from the previous week and 10 per cent higher than this time last year when the price was $487 a tonne.
  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US 81.6 cents a pound in the week ending 28 November 2012, similar to the previous week.
  • According to the Indian Ministry of Textiles, there will no ban on cotton exports for 2012-13.
  • The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US19.3 cents a pound in the week ending 28 November 2012, 1 per cent lower than in the previous week.
  • Changes to the wholesale prices of fruit were mixed in the week ending 24 November 2012. Apple (royal gala), watermelon (seedless), pineapple (smoothleaf), and avocado (hass) prices decreased, while the prices of banana (cavendish), strawberry and blueberry increased.
  • Wholesale prices of vegetables were generally lower in the week ending 24 November 2012. The price of peas (green), tomato (field gourmet), broccoli, iceberg lettuce and pumpkin (grey bulk) were lower. However, the price of cauliflower and beans (round) were higher.
  • The Queensland young cattle indicator price (330-400 kg live weight C3) fell by 3 per cent to 336 cents a kilogram in the week ending 23 November 2012. Young cattle prices also fell in New South Wales, Victoria and South Australia.
  • Saleyard lamb prices fell in all states in the week ending 23 November 2012. Largely reflecting poorer quality lambs offered for sale, the lamb indicator price (18-22 kg fat score 2-4) fell 13 per cent in Western Australia to 248 cents a kilogram, 2 per cent in New South Wales to 322 cents a kilogram and 3 per cent in Victoria to 282 cents a kilogram.
  • The Australian Eastern Market Indicator wool price gained 6 cents in the week ending 22 November 2012 to 1019 cents a kilogram clean. The total number of bales offered across the three selling centres declined by 9 per cent compared with last week.
  • Global Dairy Trade’s (GDT) weighted average cheese price increased 13 per cent to US$3402 a tonne on 20 November 2012 (trading event 80), compared with US$3037 a tonne on 6 November 2012. Butter prices (AMF) increased 1.4 per cent to US$3066 a tonne while skim milk powder and whole milk powder prices fell 1.4 per cent to $3042 a tonne and 2.3 per cent to $3276 a tonne, respectively.

November 2012

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