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Australian Weekly ABARES Report


23 August 2013

Australian Weekly ABARES Report - 22 August 2013Australian Weekly ABARES Report - 22 August 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • Much of Tasmania has experienced severe storm activity over the past week, including heavy rainfall, gale force winds and hail or snow.

  • Storms across southwest Victoria have reportedly resulted in minor structural damage and flooding. Despite some localised damage the broader region has benefitted from this recent heavy rainfall.

  • Water storage levels in the Murray–Darling Basin have increased by 251 gigalitres this week and are at 79 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 20 August2013, largely unchanged from the previous week.

  • The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$250 a tonne for the week ending 21 August 2013, compared with US$235 a tonne from the previous week.

  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) fell by around 4 per cent to average 317 cents a kilogram in the week ending 16 August 2013. Young cattle prices in New South Wales fell by around 1 per cent to average 359 cents a kilogram and young cattle prices in Victoria were largely unchanged, averaging 365 cents a kilogram.

  • The Global Dairy Trade (GDT) weighted average price of whole milk powder increased to US$5124 a tonne on 20 August 2013 compared with US$5021 a tonne on 6 August 2013. Over the same period, the price of anhydrous milk fat increased by around 7 per cent; the price of cheese increased by around 1 per cent; and the price of skim milk powder remained largely unchanged.

Climate

Notable events

  • Heavy rainfall was recorded across parts of southern Australia over the past week. Rainfall greater than 100 millimetres was recorded across much of western and northeast Tasmania. Rainfall totals of between 25 and 100 millimetres were recorded across other parts of Tasmania, the southwest coast of Western Australia, southern agricultural districts of South Australia, most of southern and northeastern Victoria and the southwest slopes of New South Wales.

  • Much of Tasmania has experienced severe storm activity over the past week, including heavy rainfall, gale force winds and hail or snow. Heavy rainfall has resulted in some localised flooding and crop and pasture damage through water logging and soil compaction. The recent severe weather has also reportedly disrupted fishing and oyster farming operations due to excess runoff.

  • Storms across southwest Victoria have reportedly resulted in minor structural damage and flooding. Despite some localised damage the broader region has benefitted from this recent heavy rainfall.

Rainfall this week

For the week ending 21 August 2013, rainfall was mainly confined to southern Australia, with little or no rainfall recorded across the north and centre of the continent. The highest recorded rainfall total for the week was 129.6 millimetres at Zeehan on the West Coast of Tasmania, with falls greater than 100 millimetres recorded across much of western and northeast Tasmania. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the week ending 21 August 2013

©Commonwealth of Australia 2013, Australia Bureau of Meteorology         issued: 21/08/2013

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 20 August2013, largely unchanged from the previous week.

  • The world coarse grains indicator price (US no. 2 yellow corn, free on board Gulf ports) averaged US$250 a tonne for the week ending 21 August 2013, compared with US$235 a tonne from the previous week.

  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$481 a tonne in the week ending 20 August 2013, compared with US$465 a tonne in the previous week.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US96 cents a pound in the week ending 21 August 2013, compared with US94.7 cents a pound in the previous week.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US16.7 cents a pound in the week ending 21 August 2013, around 2.3 per cent lower than in previous week.

  • The Australian canola indicator price (Portland, Victoria) averaged $570 a tonne in the week ending 19 August 2013, compared with $577 a tonne in the previous week.

  • Changes to wholesale prices of selected fruit were mixed in the week ending 17 August 2013. The wholesale prices of avocado (hass), pineapple (smoothleaf) and watermelon (seedless) were higher than the previous week while the prices of banana (cavendish), blueberry and strawberry were lower.

  • The wholesale prices of selected vegetables were mostly higher in the week ending 17 August 2013.

  • The Global Dairy Trade (GDT) weighted average price of whole milk powder increased to US$5124 a tonne on 20 August 2013 compared with US$5021 a tonne on 6 August 2013. Over the same period, the price of anhydrous milk fat increased by around 7 per cent; the price of cheese increased by around 1 per cent; and the price of skim milk powder remained largely unchanged.

  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) fell by around 4 per cent to average 317 cents a kilogram in the week ending 16 August 2013. Young cattle prices in New South Wales fell by around 1 per cent to average 359 cents a kilogram and young cattle prices in Victoria were unchanged, averaging 365 cents a kilogram.

  • Saleyard prices of lambs fell in most states in the week ending 16 August 2013. The largest fall occurred in New South Wales where the indicator price (18–22 kilogram fat score 2–4) fell by 7 per cent to average 446 cents a kilogram. In South Australia and Victoria, the indicator price fell by 3 per cent and 2 per cent, respectively, to 488 cents a kilogram and 470 cents a kilogram. In contrast, the indicator price in Western Australia rose by 6 per cent to 363 cents a kilogram.

  • The Australian Eastern Market Indicator price for wool fell by 9 cents a kilogram in the week ending 15 August 2013 to 1008 cents a kilogram clean. The total number of bales offered at auction was 20 per cent lower, compared with the previous sale.

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