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Australian Weekly ABARES Report


25 July 2013

Australian Weekly ABARES Report - 25 July 2013Australian Weekly ABARES Report - 25 July 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • Parts of western Victoria received between 15 and 50 millimetres of rainfall during the past week, providing improved conditions for grain growers following recent dry conditions. Southeast NSW, northeast Victoria, Tasmania and the southeast coast of South Australia also received moderate to heavy rainfall during the week.
  • Rainfall in excess of 15 millimetres was recorded across the far south of Western Australia this week, providing a beneficial follow-up to the widespread falls recorded last week across much of the south-west.
  • The seasonal rainfall outlook for August to October 2013 indicates that wetter than average conditions are more likely over much of mainland Australia.
  • Water storage levels in the Murray–Darling Basin have increased by 558 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$314 a tonne in the week ending 23 July 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$285 a tonne for the week ending 24 July 2013, compared with US$292 a tonne in the previous week.
  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$497 a tonne in the week ending 23 July 2013, compared with US$504 a tonne in the previous week.
  • Saleyard lamb prices rose in all states in the week ending 19 July 2013. The largest increase occurred in Western Australia where the indicator price (18–22kg fat score 2–4) rose by around 10 per cent to average 398 cents a kilogram.
  • The Queensland young cattle indicator price (330-400 kg live weight C3) fell by around 2 per cent in the week ending 19 July 2013 to 312 cents a kilogram. However, the young cattle price increased by 4 per cent in New South Wales to 359 cents a kilogram and by 1 per cent in Victoria to 363 cents a kilogram.

Climate

Notable events

  • Much of western Victoria received between 15 and 50 millimetres of rainfall during the week ending 24 July 2013, providing improved conditions for grain growers following recent dry conditions. Southeast NSW, northeast Victoria, Tasmania and the southeast coast of South Australia also received moderate to heavy rainfall during the week.
  • Rainfall in excess of 15 millimetres was recorded across the far south of Western Australia this week, providing a beneficial follow-up to the widespread falls recorded last week across much of the south-west. The rain is likely to further benefit soil moisture levels across parts of the southern wheatbelt. Further rainfall is forecast across southwest Western Australia over the coming week.
  • The seasonal rainfall outlook for August to October 2013 indicates that wetter than average conditions are more likely over much of mainland Australia. In southeast South Australia, southern New South Wales and most of Victoria, the chances of exceeding median rainfall are over 80 per cent. Meanwhile in Tasmania and parts of Western Australia have no strong tendency towards being wetter or drier than normal during the August to October 2013 period (Bureau of Meteorology National Seasonal Rainfall Outlook, 24 July 2013).
  • Most of eastern mainland Australia is likely to experience cooler than normal days and nights over the August to October period. In contrast, the tropical north, the west of Western Australia, the mainland southern coastline and Tasmania are predicted to have warmer than normal days and nights (Bureau of Meteorology National Temperature Outlook, 24 July 2013).

Rainfall this week

For the week ending 24 July 2013, rainfall was recorded across most of the southern mainland, southeast Queensland, southwest Western Australia and Tasmania. The highest recorded rainfall total for the week was 221 millimetres at Falls Creek in the alpine region in northeast Victoria. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

©Commonwealth of Australia 2013, Australia Bureau of Meteorology
Issued: 24/07/2013

Commodities

Production and commodities

  • The world wheat indicator price (US no. 2 hard red winter, free on board Gulf ports) averaged US$314 a tonne in the week ending 23 July 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$285 a tonne for the week ending 24 July 2013, compared with US$292 a tonne in the previous week.
  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$497 a tonne in the week ending 23 July 2013, compared with US$504 a tonne in the previous week.
  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US92.7 cents a pound in the week ending 24 July 2013, largely unchanged from 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 24 July 2013, around 1 per cent higher than the previous week.
  • The Australian canola indicator price (Portland, Victoria) averaged $617 a tonne in the week ending 22 July 2013, compared with $621 a tonne in the previous week.
  • The Queensland young cattle indicator price (330-400 kg live weight C3) fell by around 2 per cent in the week ending 19 July 2013 to 312 cents a kilogram. However, the young cattle price increased by 4 per cent in New South Wales to 359 cents a kilogram and by 1 per cent in Victoria to 363 cents a kilogram.
  • Saleyard lamb prices rose in all states in the week ending 19 July 2013. The largest increase occurred in Western Australia where the indicator price (18–22kg fat score 2–4) rose by around 10 per cent to average 398 cents a kilogram. In other states, the indicator price rose 8 per cent in New South Wales, 4 per cent in South Australia and around 3 per cent in Victoria to average 510 cents, 506 cents and 514 cents a kilogram, respectively.
  • Changes to the wholesale prices of selected fruit were mixed in the week ending 20 July 2013. The wholesale prices of strawberry and watermelon (seedless) were higher than the previous week while the prices of avocado (hass), banana (cavendish) and blueberry were lower.
  • Changes to wholesale prices of selected vegetables were mixed in the week ending 20 July 2013. The wholesale prices of beans (round stringless) and iceberg lettuce were higher than the previous week while the prices of broccoli, cauliflower and tomatoes (field gourmet) were lower.

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