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Australian Weekly ABARES Report


24 January 2013

Australian Weekly ABARES Report - 24 January 2013Australian Weekly ABARES Report - 24 January 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of Key Issues

  • Bushfires continue to burn in Victoria, New South Wales, Queensland, Western Australia and Tasmania.
  • Natural Disaster Relief and Recovery Arrangements (NDRRA) assistance has been extended to the local government areas of Alpine, Baw Baw, East Gippsland, Latrobe and Wellington in Victoria.
  • The monsoon has arrived in northern Australia bringing prolonged torrential rainfall in some regions, causing road closures and flooding.
  • Water storage levels in the Murray–Darling Basin have decreased by 527 gigalitres this week and are at 75 per cent of total capacity.
  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$352 a tonne in the week ending 22 January 2013, compared with US$342 a tonne in the previous week.
  • Between mid 2012 to November 2012, the sales share of branded milk at major supermarkets in Australia increased by 4 percentage points to 50 per cent of total milk sales at supermarkets, while the sales share of home brand milk fell by 4 percentage points to 50 per cent.
  • Changes to saleyard lamb prices were mixed in the week ending 18 January 2013. The lamb indicator price (18-22kg fat score 2-4) rose by 5 per cent in Victoria, 2 per cent in Western Australia to average 335 cents per kilogram and 289 cents per kilogram, respectively. In New South Wales and South Australia, the indicator prices of lamb remained largely unchanged.
  • The wholesale prices of fruit were generally higher in the week ending 19 January 2013 with the wholesale prices of banana (cavendish), avocado (hass), strawberry and blueberry increasing.
  • Changes to wholesale prices of vegetables were mixed in the week ending 19 January 2013. The wholesale prices of cauliflower, tomato (field gourmet), beans (round) and broccoli were higher while the prices of onions (brown), pumpkin (grey bulk) and iceberg lettuce were lower.
  • The Australian Eastern Market Indicator price for wool averaged 1105 cents a kilogram clean in the week ending 17 January 2013, largely unchanged from the previous week. The total number of bales offered at sale was 12 per cent higher than the previous week.

Climate

Notable Events

  • The monsoon has arrived in northern Australia bringing prolonged torrential rainfall in some regions, causing road closures and flooding. Pastoral stations in the Gulf region are preparing for extensive flooding and isolation. Storms in the western Darling Downs of Queensland have caused some flash flooding and damage to roads. Heavy rainfall was also recorded for coastal Queensland and north-east New South Wales which may cause some lodging in sugar cane crops
  • Two ex-tropical cyclones are having an influence on local climate and weather systems. Ex-tropical cyclone ‘Oswald’ in the Queensland Gulf region is bringing extensive torrential rainfall while ex-tropical cyclone ‘Peta’, off north-west Western Australia is bringing strong winds and rain to the region.
  • Hot and dry conditions over the last few weeks have prompted some irrigators in the Riverina to continually apply water in an effort to sustain quality for fruit and vegetable crops.
  • The rainfall and temperature outlooks indicate that a wetter than normal season is more likely for northern Queensland and in the west of Western Australia during February to April 2013. Drier than normal conditions are likely in South Australia, northern New South Wales and southern Queensland. The temperature outlook indicates that daytime temperatures are likely to be higher than normal over south-west Western Australia. Night-time temperatures are likely to be higher than normal across most of Western Australia and in northern Queensland (Bureau of Meteorology ‘National Seasonal Rainfall and Temperature Outlook’ 23 January 2013).

Rainfall this Week

For the week ending 23 January 2013, most rainfall was recorded across the tropical north of Australia. Two ex-tropical cyclones ‘Oswald ‘ and ‘Peta’ are currently having an influence on local climate and weather systems, bringing high winds and rainfall. The highest rainfall total for the week was 756 millimetres at Aurukun Shire council, near Weipa in the Gulf of Carpentaria, Queensland. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the Week Ending 23 January 2012

©Commonwealth of Australia 2013, Australia Bureau of Meteorology
Issued: 23/01/2013

Commodities

Production and Commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$352 a tonne in the week ending 22 January 2013, compared with US$342 a tonne in the previous week.
  • The world coarse grains indicator price (US no. 2 yellow corn, free on board Gulf ports) averaged US$307 a tonne for the week ending 23 Jan 2013, largely unchanged from the previous week.
  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$630 a tonne in the week ending 22 January 2012, compared with US$624 a tonne in the previous week.
  • The world cotton indicator price (the Cotlook ‘A’ index) increased by 3 per cent in the week ending 23 January 2013 to average US86.1 cents a pound, which is its highest level since the week ended 5 September 2012 when it averaged US86.3 cents a pound.
  • The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) fell by around 3 per cent in the week ending 23 January 2013 to average US18.3 cents a pound.
  • The wholesale prices of fruit were generally higher in the week ending 19 January 2013 with the wholesale prices of banana (cavendish), avocado (hass), strawberry and blueberry increasing.
  • Changes to wholesale prices of vegetables were mixed in the week ending 19 January 2013. The wholesale prices of cauliflower, tomato (field gourmet), beans (round) and broccoli were higher while the prices of onions (brown), pumpkin (grey bulk) and iceberg lettuce were lower.
  • The Australian canola indicator price (Portland, Victoria) averaged $541 a tonne in the week ending 23 January 2012, compared with $527 a tonne in the previous week.
  • The New South Wales and Victoria young cattle indicator prices (330 – 400 kg live weight C3) fell by 6 per cent and 4 per cent to 314 and 310 cents a kilogram, respectively, in the week ending 18 January 2013. The Queensland indicator price was largely unchanged.
  • Following the price discounting of home brand milk by the major supermarkets in Australia in late January 2011, the sales share of branded milk at supermarkets fell by 5 percentage points to around 46 per cent of total milk sales at supermarkets, while the sales share of home brand milk rose by 5 percentage points to 54 per cent. These shares stayed at around these levels until mid 2012. However between mid 2012 to November 2012, the sales share of branded milk increased by 4 percentage points to 50 per cent, while the sales share of home brand milk fell by 4 percentage points to 50 per cent.
  • The Australian Eastern Market Indicator price for wool averaged 1105 cents a kilogram clean in the week ending 17 January 2013, largely unchanged from the previous week. The total number of bales offered at sale was 12 per cent higher than the previous week.
  • Changes to saleyard lamb prices were mixed in the week ending 18 January 2013. The lamb indicator price (18-22kg fat score 2-4) rose by 5 per cent in Victoria and 2 per cent in Western Australia to average 335 cents per kilogram and 289 cents per kilogram, respectively. In New South Wales and South Australia, the indicator prices of lamb remained largely unchanged.

January 2013

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