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Australian Weekly ABARES Report


26 September 2013

Australian Weekly ABARES Report - 26 September 2013Australian Weekly ABARES Report - 26 September 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • Harvesting of winter crops has commenced in Queensland. Initial indications are that dry conditions, frosts and heatwaves may result in lower harvest volumes than last season.

  • The seasonal rainfall outlook for October to December 2013 indicates that dryer than average conditions are more likely over much of southern and central Queensland, central parts of Northern Territory and far north New South Wales.

  • Water storage levels in the Murray–Darling Basin have increased by 184 gigalitres this week to 84 per cent of total capacity.

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$312 a tonne in the week ending 24 September 2013, compared with US$309 in the previous week.

  • The world coarse grains indicator price (US no. 2 yellow corn, free on board Gulf ports) averaged US$203 a tonne for the week ending 25 September 2013, compared with US$208 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 24 September 2013, compared with US$495 a tonne in the previous week.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US17.3 cents a pound in the week ending 25 September 2013, around 1.7 per cent higher than in the previous week.

  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) increased by around 7 per cent in the week ending 20 September 2013 to 306 cents a kilogram. Young cattle prices also increased by 4 per cent in New South Wales to 361 cents a kilogram, and by 8 per cent in Victoria to 375 cents a kilogram.

  • Saleyard lamb prices rose in most states in the week ending 20 September 2013. The largest increase occurred in New South Wales where the indicator price (18–22kg fat score 2–4) rose by around 8 per cent to average 471 cents a kilogram.

Climate

Notable events

  • During the past week rainfall in excess of 15 millimetres was restricted to south-west Western Australia, Victoria, Tasmania and Alpine New South Wales, much of the remainder of Australia has received little to no rainfall.

  • Harvesting of winter crops has commenced in Queensland. Initial indications are that dry conditions, frosts and heatwaves may result in lower harvest volumes than last season. As headers begin work in northern farming regions, growers are reporting some frost damage in patches.

  • There are reports of a number of bushfires burning in central west Queensland over the past few weeks, with estimates of up to 250 000 acres of grazing country already burnt out. The ongoing hot and dry conditions have made controlling grass fires in the region difficult. Producers have been advised to limit the use of machinery in paddocks over the next few days to reduce the fire risk.

  • The Bushfire CRC has released its Southern Australia Seasonal Bushfire Outlook 2013-14. The outlook indicated that large areas of southern Australia, especially along the east and west coasts extending inland, face above normal fire potential for the 2013–14 fire season.
  • The seasonal rainfall outlook for October to December 2013 indicates that below average rainfall is more likely for much of southern and central Queensland, central parts of Northern Territory and far north New South Wales. The temperature outlook indicates that warmer days and nights are more likely over most of Australia for the next three months (Bureau of Meteorology, Seasonal Outlook, 25 September 2013).

Rainfall this week

For the week ending 25 September 2013 rainfall was recorded across the south-west of Western Australia, Victoria, Tasmania and in the Douglas Daly region of the Northern Territory. The highest recorded rainfall total for the week was 138 millimetres at Mount William, south of Perth, in Western Australia. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the week ending 25 September 2013

©Commonwealth of Australia 2013, Australian Bureau of Meteorology      Issued: 25/09/2013

Commodities

Production and commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$312 a tonne in the week ending 24 September 2013, compared with US$309 in the previous week.

  • The world coarse grains indicator price (US no. 2 yellow corn, free on board Gulf ports) averaged US$203 a tonne for the week ending 25 September 2013, compared with US$208 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 24 September 2013, compared with US$495 a tonne in the previous week.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged around US 90.7 cents a pound in the week ending 25 September 2013, compared with 90.2 cents a pound in the previous week.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US17.3 cents a pound in the week ending 25 September 2013, around 1.7 per cent higher than in the previous week.

  • Data from the Brazil Sugar Industry Association shows cumulative sugar cane crushing in Brazil’s Central South region (which produces around 90 per cent of Brazil’s sugarcane) was 406.3 million tonnes as at 16 September 2013, 16 per cent more than the same time last year. According to the Association, as at 16 September 2013, cumulative sugar production was 5 per cent higher and ethanol output was around 26 per cent higher than the same time last year.

  • The Australian canola indicator price (Portland, Victoria) averaged $485 a tonne in the week ending 23 September 2013, largely unchanged from the previous week.

  • Changes to wholesale prices of selected fruit were mixed in the week ending 21 September 2013. The wholesale prices of banana (cavendish) and strawberry were higher than the previous week while the prices of blueberry and watermelon (seedless) were lower.

  • The wholesale prices of selected vegetables were mostly stable in the week ending 21 September 2013.

  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) increased by around 7 per cent in the week ending 20 September 2013 to 306 cents a kilogram. Young cattle prices also increased by 4 per cent in New South Wales to 361 cents a kilogram, and by 8 per cent in Victoria to 375 cents a kilogram.

  • Saleyard lamb prices rose in most states in the week ending 20 September 2013. The largest increase occurred in New South Wales where the indicator price (18–22kg fat score 2–4) rose by around 8 per cent to average 471 cents a kilogram. In other states, the indicator price rose by around 5 per cent in Victoria and 3 per cent in Western Australia to average 445 cents a kilogram and 515 cents a kilogram, respectively. In contrast, the indicator price fell by 5 per cent in South Australia to 429 cents a kilogram.

  • The Australian Eastern Market indicator price for wool fell by around 2 per cent in the week ending 19 September 2013 to 1072 cents a kilogram clean. The total number of bales offered at auction was largely unchanged from the previous sale.

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