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Australian Weekly ABARES Report


12 July 2013

Australian Weekly ABARES Report - 11 July 2013Australian Weekly ABARES Report - 11 July 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • Rainfall deficiencies over the past 9 months (October 2012 to June 2013) are inflicting challenging conditions on farmers in Victoria’s southwest region. Although parts of the region have received rain this week, it is unlikely to provide any immediate benefit to livestock producers as cold winter temperatures are limiting pasture growth.
  • Rainfall of between 1 and 5 millimetres this week across northern and central regions of the Western Australian wheatbelt has provided little benefit for moisture stressed crops.
  • Rainfall in excess of 15 millimetres is forecast across most grain-growing regions of south-eastern Australia during the coming 8 days.
  • Water storage levels in the Murray–Darling Basin have increased by 157 gigalitres this week and are at 72 per cent of total capacity.
  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$305 a tonne in the week ending 9 July 2013, compared with US$303 in the previous week.
  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$542 a tonne in the week ending 9 July 2013, compared with US$573 a tonne in the previous week. This indicator price has fallen 13 per cent over the last 5 weeks with the harvest of the European crop underway.
  • Australian exports of cheese, butter and skim milk powder were higher by 5 per cent, 23 per cent and 10 per cent, respectively, for the first eleven months of 2012-13, compared with the same period in 2011-12. However, exports of whole milk powder fell by 16 per cent over the same period.
  • The Queensland young cattle indicator price (330–400 kg live-weight C3) increased by 2 per cent in the week ending 5 July 2013 to average 311 cents a kilogram. At the same time, young cattle prices rose by 2 per cent in New South Wales to average 353 cents a kilogram but fell by 3 per cent in Victoria to average 351 cents a kilogram.

Climate

Notable events

  • Rainfall deficiencies over the past 9 months (October 2012 to June 2013) are presenting challenging conditions for farmers in Victoria’s southwest region. Parts of the region have received between 10 and 50 millimetres of rain in the past week. However, this rain is likely to provide little immediate benefit to livestock producers as cold winter temperatures are limiting pasture growth.
  • Little to no rainfall has been recorded across much of Western Australian wheatbelt this week. Rainfall of between 1 and 5 millimetres in northern and central regions has done little to benefit stressed crops resulting from declining soil moisture levels.
  • Dry conditions are starting to impact sheep farmers in the northern and eastern parts of the Western Australian wheatbelt. Farmers have reportedly started to offload stock in anticipation of continued unfavourable conditions.
  • Favourable seasonal conditions across southeast Queensland have encouraged feral pig population growth. There are numerous reports that the high feral pig numbers are having a significant impact on this year’s macadamia crop, worth millions of dollars to the region.
  • Rainfall in excess of 15 millimetres is forecast across most grain-growing regions of south-eastern Australia during the coming 8 days. If this rainfall eventuates, it will provide useful moisture for the establishment and growth of recently sown winter crops.

Rainfall this week

For the week ending 10 July 2013, rainfall was recorded in all states and territories. The highest recorded rainfall total for the week was 107 millimetres at Low Rocky Point on the coast of southwest Tasmania. Totals greater than 25 mm were recorded in southern and alpine areas in Victoria, southern parts of South Australia and the Northern Territory, Tasmania, southwest and central Western Australia and coastal far north Queensland.

For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the week ending 10 July 2013

©Commonwealth of Australia 2013, Australia Bureau of Meteorology
Issued: 10/07/2013

Commodities

Production and commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$305 a tonne in the week ending 9 July 2013, compared with US$303 in the previous week.
  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$542 a tonne in the week ending 9 July 2013, compared with US$573 a tonne in the previous week. This indicator price has fallen 13 per cent over the last 5 weeks with the harvest of the European crop underway.
  • The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$298 a tonne for the week ending 10 July 2013, compared with US$294 a tonne in the previous week.
  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US 92.8 cents a pound in the week ending 10 July 2013, around 1 per cent higher than in the previous week.
  • The world sugar indicator price (Intercontinental Exchange, nearby futures, No. 11 contract) averaged US16.3 cents a pound in the week ending 10 July 2013, around 1 per cent lower than in the previous week.
  • Data from the Brazil Sugar Industry Association indicates that by 26 June 2013, the sugarcane crush in Brazil’s central-south region (which produces around 90 per cent of Brazil’s sugarcane) was 151.6 million tonnes, around 57 per cent higher than at the same date in 2012.
  • Data from the Indian Ministry of Agriculture indicates that, as at 28 June 2013, 5.58 million hectares of cotton had been planted, compared with 3.14 million hectares at the same time last year.
  • The Australian canola indicator price (Portland, Victoria) averaged $620 a tonne in the week ending 8 July 2013, largely unchanged from the previous week.
  • Changes to the wholesale prices of selected fruit were mixed in the week ending 6 July 2013. The wholesale prices of blueberry and watermelon (seedless) increased from the previous week while the prices of avocado (hass), banana (cavendish) and strawberry fell.
  • The wholesale prices of selected vegetables were generally higher in the week ending 6 July 2013. The wholesale prices of broccoli, cauliflower, iceberg lettuce and tomatoes (field gourmet) increased from the previous week while the price of beans (round) fell.
  • Australian exports of cheese, butter and skim milk powder were higher by 5 per cent, 23 per cent and 10 per cent, respectively, for the first eleven months of 2012-13, compared with the same period in 2011-12. However, exports of whole milk powder fell by 16 per cent over the same period.
  • The Queensland young cattle indicator price (330–400 kg live-weight C3) increased by 2 per cent in the week ending 5 July 2013 to average 311 cents a kilogram. At the same time, young cattle prices rose by 2 per cent in New South Wales to average 353 cents a kilogram but fell by 3 per cent in Victoria to average 351 cents a kilogram.
  • Changes to saleyard prices of lambs were mixed in the week ending 5 July 2013. The lamb indicator price (18–22kg fat score 2–4) fell by 1 per cent in New South Wales to average 486 cents a kilogram. However, the indicator price rose by around 1 per cent in Victoria and South Australia to average 493 cents and 482 cents a kilogram, respectively.
  • The Australian Eastern Market Indicator price for wool fell by 3.4 per cent in the week ending 4 July 2013 to 1011 cents a kilogram clean. The total number of bales offered at sale decreased by 11 per cent compared with the previous week.

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