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Australian Weekly ABARES Report


17 October 2013

Australian Weekly ABARES Report - 17 October 2013Australian Weekly ABARES Report - 17 October 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • During the past week rainfall was mainly restricted to Tasmania and coastal regions of mainland Australia. There were also isolated tropical storms across northern Australia, resulting in falls in excess of 25 millimetres.

  • Large areas of Queensland continue to experience rainfall deficiencies, with much of the state record ing little to no rainfall during the first half of October.

  • Water storage levels in the Murray–Darling Basin have decreased by 203 gigalitres this week to 83 per cent of total capacity.

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$333 a tonne in the week ending 15 October 2013, largely unchanged from the previous week.

  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$515 a tonne in the week ending 15 October 2013, compared with US$509 a tonne in the previous week.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, No. 11 contract) averaged US18.9 cents a pound in the week ending 16 October 2013, the highest weekly price level in more than 10 months.

  • The Global Dairy Trade (GDT) weighted average price of whole milk powder declined by around 2.9 per cent to US$5058 a tonne on 15 October 2013. The cheese price declined by around 1.4 per cent to US$4326 a tonne and the anhydrous milk fat price declined by around 1.1 per cent to US$5007 a tonne. In contrast, the price of skim milk powder increased by around 1.1 per cent to US$4541 a tonne.

  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) fell by around 3 per cent to 312 cents a kilogram in the week ending 11 October 2013. Young cattle prices in New South Wales and Victoria also fell by 1 per cent and 7 per cent to 339 cents a kilogram and 342 cents a kilogram, respectively.

Climate

Notable events

  • During the past week rainfall was mainly restricted to Tasmania and coastal regions of mainland Australia. There were also isolated tropical storms across northern Australia, resulting in falls in excess of 25 millimetres.

  • Large areas of Queensland continue to experience rainfall deficiencies, with much of the state recording little to no rainfall during the first half of October.

  • According to the Australian Plague Locusts Commission, widespread outbreaks of locusts are unlikely this spring and summer as lead-up conditions have been too hot and dry.

  • Mice numbers are reportedly on the increase in the Darling Downs region of Queensland, with a number of producers reporting some damage to crops.

Rainfall this week

For the week ending 15 October 2013 rainfall was mainly restricted to the coastal regions, south-west Western Australia, areas of the Tropics and Tasmania. The highest recorded rainfall total for the week was 260 millimetres at Mount Read in western Tasmania. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the week ending 15 October 2013

©Commonwealth of Australia 2013, Australian Bureau of Meteorology        Issued: 15/10/2013

Commodities

Production and commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$333 a tonne in the week ending 15 October 2013, largely unchanged from the previous week.

  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$515 a tonne in the week ending 15 October 2013, compared with US$509 a tonne in the previous week.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged around US 89.5 cents a pound in the week ending 16 October 2013, around 2.4 per cent lower than previous week.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, No. 11 contract) averaged US18.9 cents a pound in the week ending 16 October 2013, which is the highest weekly price level in more than 10 months.

  • Data from Brazil Trade Ministry shows the country exported 2.6 million tonnes of raw sugar in September 2013, compared with 2.7 million tonnes exported in the same month 2012. According to the Ministry, the cumulative volume of raw sugar exports in the first half of 2013-14 (April/March) was 14.1 million tonnes, around 21 per cent more than the same period in 2012-13.

  • The Global Dairy Trade (GDT) weighted average price of whole milk powder declined by around 2.9 per cent to US$5058 a tonne on 15 October 2013. The cheese price declined by around 1.4 per cent to US$4326 a tonne and the anhydrous milk fat price declined by around 1.1 per cent to US$5007 a tonne. In contrast, the price of skim milk powder increased by around 1.1 per cent to US$4541 a tonne.

  • The Australian canola indicator price (Portland, Victoria) averaged $484 a tonne in the week ending 14 October 2013, largely unchanged from the previous week.

  • Changes to the wholesale prices of selected fruit were mixed in the week ending 12 October 2013. The wholesale prices of pineapple (smoothleaf) and avocado (hass) increased from the previous week while the prices of blueberry and banana (Cavendish) fell.

  • The wholesale prices of selected vegetables were generally higher in the week ending 12 October 2013.

  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) fell by around 3 per cent to 312 cents a kilogram in the week ending 11 October 2013. Young cattle prices in New South Wales and Victoria also fell by 1 per cent and 7 per cent to 339 cents a kilogram and 342 cents a kilogram, respectively.

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