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Australian Weekly ABARES Report


25 October 2013

Australian Weekly ABARES Report - 24 October 2013Australian Weekly ABARES Report - 24 October 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • Much of Australia has recently experienced hot, dry and gusty weather conditions. Bushfires across eastern New South Wales have burnt out significant areas of bushland, forests and some farmland.

  • During the past week heavy rainfall in excess of 25 millimetres was recorded in southern Victoria and South Australia which has reportedly delayed the start of the grain harvest in some regions.

  • The Bureau of Meteorology’s seasonal outlook suggests a higher than average chance of a hot and dry November–January 2013–14 period for north-eastern Australia.

  • Water storage levels in the Murray–Darling Basin have decreased by 144 gigalitres this week to 82 per cent of total capacity.

  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$524 a tonne in the week ending 22 October 2013, compared with US$515 a tonne in the previous week.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US19.3 cents a pound in the week ending 23 October 2013, the highest weekly price in almost 11 months.

  • Saleyard lamb prices fell in most states in the week ending 18 October 2013. The largest fall occurred in Victoria where the indicator price (18–22kg fat score 2–4) fell by 8 per cent to average 385 cents a kilogram.

Climate

Notable events

  • Much of Australia has recently experienced hot, dry and gusty weather conditions. Bushfires across eastern New South Wales have burnt out significant areas of bushland, forests and some farmland. There have been reports of stock, crop and on-farm infrastructure losses but these have not yet been fully assessed. Natural Disaster Relief and Recovery Arrangements (NDRRA) assistance has been made available to 19 New South Wales Local Government Areas affected by the recent bushfires.

  • During the past week rainfall was mainly restricted to southern Australia and the eastern and north-western coastline. Heavy falls in excess of 25 millimetres was recorded in southern Victoria and South Australia which has reportedly delayed the start of the grain harvest in some regions.

  • Neutral El Niño/Southern Oscillation (ENSO) conditions persist across the tropical Pacific Ocean. Climate models suggest that conditions are likely to remain neutral for the remainder of spring and summer 2013–14. The Indian Ocean Dipole also remains in a neutral phase (Bureau of Meteorology ENSO ‘Wrap-up’, 22 October 2013).

  • The Bureau of Meteorology’s seasonal rainfall outlook for the November 2013 to January 2014 period indicates that a drier than average conditions are more likely across northern New South Wales, Queensland and the Northern Territory. The chances of experiencing a wetter or drier than average November to January period are roughly equal over the remainder of the country. 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, 23 October 2013).

Rainfall this week

For the week ending 23 October 2013, rainfall was mainly restricted to southern Australia and the eastern and north-western coastline. The highest recorded rainfall total for the week was 116 millimetres at Lake Margaret in western Tasmania. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the week ending 23 October 2013

©Commonwealth of Australia 2013, Australian Bureau of Meteorology       Issued: 23/10/2013

Commodities

Production and commodities

  • The value of the Australian dollar averaged US96.3 cents in the week ending 23 October 2013, compared with US94.8 cents in the previous week.

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$332 a tonne in the week ending 22 October 2013, largely unchanged from the previous week.

  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$524 a tonne in the week ending 22 October 2013, compared with US$515 a tonne in the previous week.

  • The Australian canola indicator price (Portland, Victoria) averaged $487 a tonne in the week ending 21 October 2013, compared with $484 a tonne in the previous week.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US 89.4 cents a pound in the week ending 23 October 2013, largely unchanged from the previous week.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US19.3 cents a pound in the week ending 23 October 2013, the highest average weekly price in almost 10 months.

  • The wholesale prices of selected fruit were generally higher in the week ending 19 October 2013. Wholesale prices of blueberry, watermelon (seedless), avocado (hass) and strawberry were higher, while banana (cavendish) were lower than the previous week.

  • Changes to wholesale prices of selected vegetables were mixed in the week ending 19 October 2013. Wholesale prices of cauliflower, iceberg lettuce, broccoli and bean (round) were higher, while tomato (field gourmet), potato and onion (brown) were lower than the previous week.

  • Changes to young cattle prices were mixed in the week ending 18 October 2013. The Queensland young cattle indictor price (330 – 400 kg live weight C3) was unchanged from the previous week at 312 cents a kilogram. In New South Wales and South Australia, young cattle prices fell by 3 per cent and 10 per cent to 328 cents a kilogram and 305 cents a kilogram, respectively. In Victoria, young cattle prices rose by 1 per cent to 346 cents a kilogram.

  • Saleyard lamb prices fell in most states in the week ending 18 October 2013. The largest fall occurred in Victoria where the indicator price (18–22kg fat score 2–4) fell by 8 per cent to average 385 cents a kilogram. In New South Wales and South Australia, the indicator price fell by 7 per cent and 5 per cent to average 393 cents a kilogram and 397 cents a kilogram, respectively. In contrast, the indicator price rose by 1 per cent in Western Australia to 343 cents a kilogram.

  • The Australian Eastern Market Indicator price for wool fell by 1 per cent in the week ending 17 October 2013 to 1113 cents a kilogram clean. The total number of bales offered at auction was 20 per cent higher, compared with the previous sale.

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