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Australian Weekly ABARES Report


16 May 2013

Australian Weekly ABARES Report - 16 May 2013Australian Weekly ABARES Report - 16 May 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of Key Issues

  • Many southern grain growing regions received rainfall of between 5 and 50 millimetres during the past week.
  • Despite widespread rainfall across southern Australia, parts of north-west Victoria and south-west New South Wales continue to experience well below average autumn rainfall.
  • Cattle producers in central and northern Australia are reportedly working to reduce stock numbers after below average summer rainfall.
  • Water storage levels in the Murray–Darling Basin have remained steady this week and are at 66 per cent of total capacity.
  • The Global Dairy Trade weighted average price of skim milk powder decreased to US$4252 a tonne on 15 May 2013 compared with US$4280 a tonne on 1 May 2013. Anhydrous milk fat prices fell by around 2 per cent over the same period to US$4598 a tonne while whole milk powder prices remained largely unchanged.
  • The Australian Eastern Market Indicator price for wool rose by around 3 per cent in the week ending 9 May 2013 to 992 cents a kilogram clean.
  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) fell by around 5 per cent in the week ending 10 May 2013 to 282 cents a kilogram.
  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$334 a tonne in the week ending 14 May 2013, largely unchanged from the previous week.
  • Australian coarse grains prices have been rising over recent weeks with the Australian grain sorghum indicator price (Sydney) rising by 11.6 per cent since late April and the Australian feed barley indicator price (Sydney) rising by 7.3 per cent since early May.
  • The wholesale prices of fruit and vegetables were generally lower in the week ending 11 May 2013.

Climate

Notable Events

  • Many southern grain growing regions received rainfall of between 5 and 50 millimetres during the past week. For many districts this represents the highest rainfall event since early March 2013. These falls are likely to allow many producers to complete their intended winter crop sowing program.
  • Despite widespread rainfall across southern Australia this week, parts of north-west Victoria and south-west New South Wales continue to experience well below average autumn rainfall. The latest 8-day rainfall forecast indicates that these areas may receive between 10 and 25 millimetres during the coming week.
  • Winter crop sowing is reported to be at various stages of completion in Western Australia, depending on the amount of rainfall received over recent months. Many producers in the southern wheatbelt have completed sowing, while those in the north have only just started due to recent dry seasonal conditions.
  • Sowing of this year’s winter crop is almost complete in parts of South Australia, while producers in western New South Wales and western Victoria are reportedly waiting for additional rainfall before completing their intended winter crop planting programs.
  • Cattle producers in central and northern Australia are reportedly working to reduce stock numbers after below average summer rainfall. Meanwhile, the recent widespread rainfall across southern Australia may ease pressure on livestock markets by providing some pasture growth before winter sets in.

Rainfall this Week

For the week ending 15 May 2013, widespread rainfall was recorded in all states and territories. The highest recorded rainfall total for the week was 467 millimetres at Daradgee, south of Cairns in Queensland.

Rainfall for the Week Ending 15 May 2013

©Commonwealth of Australia 2013, Australia Bureau of Meteorology
Issued: 15/05/2013

Commodities

Production and Commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$334 a tonne in the week ending 14 May 2013, largely unchanged from the previous week.
  • The world coarse grains indicator price (US no. 2 yellow corn, free on board Gulf ports) averaged US$295 a tonne for the week ending 15 May 2013, compared with US$292 a tonne in the previous week.
  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$610 a tonne in the week ending 14 May 2013, compared with US$622 a tonne in the previous week.
  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US 94.2 cents a pound in the week ending 15 May 2013, largely unchanged from the previous week.
  • The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US17.2 cents a pound in the week ending 15 May 2013, the lowest since 15 July 2010.
  • Australian coarse grains prices have been rising over recent weeks with the Australian grain sorghum indicator price (Sydney) rising by 11.6 per cent since late April and the Australian feed barley indicator price (Sydney) rising by 7.3 per cent since early May.
  • The Australian canola indicator price (Portland, Victoria) averaged $579 a tonne in the week ending 13 May 2013, compared with $567 a tonne in the previous week.
  • The wholesale prices of fruit were generally lower in the week ending 11 May 2013. The wholesale prices of avocado (hass), watermelon (seedless) and banana (cavendish) were lower than the previous week while the price of strawberry was higher with the southern growing season drawing to a close.
  • The wholesale prices of vegetables were generally lower in the week ending 11 May 2013. The wholesale prices of cauliflower, bean (round stringless), iceberg lettuce and broccoli were lower than the previous week, while tomato (field gourmet) and pumpkin (grey bulk) were higher.
  • The Global Dairy Trade (GDT) weighted average price of skim milk powder decreased to US$4252 a tonne on 15 May 2013 compared with US$4280 a tonne on 1 May 2013. Anhydrous milk fat prices fell by around 2 per cent over the same period to US$4598 a tonne while whole milk powder prices remained largely unchanged.
  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) fell by around 5 per cent in the week ending 10 May 2013 to 282 cents a kilogram.
  • Australian beef and veal production in March 2013 was 186 000 tonnes (carcass weight), unchanged from March 2012.
  • Changes to saleyard lamb prices were mixed in the week ending 10 May 2013. The lamb indicator price (18–22kg fat score 2–4) rose by around 3 per cent in New South Wales to average 371 cents and remained largely unchanged in Victoria at around 402 cents a kilogram. In contrast, the indicator price fell by 7 per cent in South Australia and by 2 per cent in Western Australia to average 381 cents a kilogram and 354 cents a kilogram, respectively.
  • Australian mutton exports in April 2013 were around 14 000 tonnes (shipped weight), 114 per cent higher than the same month in 2012. The rise in mutton exports reflects higher exports to the Middle East and China.
  • Australian lamb exports in April 2013 were around 15 000 tonnes (shipped weight), around 9 per cent higher than April 2012. Exports were higher to markets in the Middle East, the US and China.
  • The Australian Eastern Market Indicator price for wool rose by around 3 per cent in the week ending 9 May 2013 to 992 cents a kilogram clean. The total number of bales offered at sale decreased by 3 per cent compared with the previous week.

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