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Australian Weekly ABARES Report


14 November 2013

Australian Weekly ABARES Report - 14 November 2013Australian Weekly ABARES Report - 14 November 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • Upper and lower layer soil moisture levels across much of eastern Australia declined during October 2013 resulting from below average rainfall and well above average temperatures.

  • Scattered showers and storms brought rainfall up to 50 mm to parts of inland Queensland during the past week.

  • Heavy rainfall was recorded across southeast Australia during the past week.

  • Water storage levels in the Murray–Darling Basin have decreased by 184 gigalitres this week and remains at 81 per cent of total capacity.

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$316 a tonne in the week ending 12 November 2013, compared with US$326 a tonne in the previous week.

  • The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$200 a tonne for the week ending 13 November 2013, largely unchanged from the previous week.

  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) fell by around 6 per cent in the week ending 8 November 2013 to 307 cents a kilogram. Young cattle prices in New South Wales and Victoria rose by 5 per cent and 9 per cent, respectively, to 327 cents and 346 cents a kilogram.

  • Saleyard prices of lambs rose in most states in the week ending 8 November 2013. The largest increase occurred in New South Wales where the indicator price (18–22kg fat score 2–4) rose by around 6 per cent to average 414 cents a kilogram. In South Australia and Victoria, the indicator price rose by around 2 per cent and 1 per cent to average 411 cents and 385 cents a kilogram, respectively. In contrast, the indicator price fell by 1 per cent in Western Australia to 343 cents a kilogram.

Climate

Notable events

  • Upper and lower layer soil moisture levels across much of the Queensland and New South Wales cropping zones declined during October 2013 in response to below average rainfall and well above average temperatures.

  • Scattered showers and storms brought rainfall up to 50 mm to parts of inland Queensland during the past week, which may assist in alleviating rainfall deficiencies in some areas. For many areas, this was the first significant rainfall since July or earlier. Further rainfall is forecast across much of south-eastern and northern Queensland over the coming week.

  • The rainfall across parts of southern Queensland and northern New South Wales may initiate additional sorghum plantings, as many producers have reportedly been delaying sowing until significant rainfall was received. While the recent falls may assist in the planting of crops, yield prospects will be heavily reliant on further rainfall throughout the summer growing season due to the low levels of moisture in the soil profile.

  • Heavy rainfall was recorded across southeast Australia during the past week. There are reports that the rain has caused some early maturing cherries varieties to develop cracked skins, however the remaining crop and other late season varieties will benefit from the additional moisture. The rainfall is likely to promote pasture growth across the region, providing additional paddock feed in the lead up to summer.

Rainfall this week

For the week ending 13 November 2013, rainfall was recorded along the coasts of South Australia, Victoria and New South Wales, across Tasmania, and in the north-east of the Northern Territory and in the Kimberley, Western Australia. There was also a series of storms bringing falls to parts of inland Queensland. The highest recorded rainfall total for the week was 179 millimetres at Batemans Bay in New South Wales. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the week ending 13 November 2013

©Commonwealth of Australia 2013, Australian Bureau of Meteorology           Issued: 13/11/2013

Commodities

Production and commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$316 a tonne in the week ending 12 November 2013, compared with US$326 a tonne in the previous week.

  • The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$200 a tonne for the week ending 13 November 2013, largely unchanged from the previous week.

  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$513 a tonne in the week ending 12 November 2013, compared with US$514 a tonne in the previous week.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US84.9 cents a pound in the week ending 13 November 2013, largely unchanged from the previous week.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, No. 11 contract) averaged US18 cents a pound in the week ending 13 November 2013, compared with US18.3 cents a pound in the previous week.

  • Data from United States Department of Agriculture indicates that as at 12 November 2013, 56 per cent of the US 2013-14 cotton crop had been harvested, 17 per cent lower than at the same time in 2012.

  • The Australian canola indicator price (Portland, Victoria) averaged $498 a tonne in the week ending 11 November 2013, compared with $496 a tonne in the previous week.

  • The wholesale prices of selected fruit were largely unchanged in the week ending 9 November 2013.

  • Changes to the wholesale prices of selected vegetables were mixed in the week ending 9 November 2013. The wholesale prices of iceberg lettuce and potato (white washed) were higher than the previous week while the prices of cauliflower, bean (round stringless) and broccoli were lower.

  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) fell by around 6 per cent in the week ending 8 November 2013 to 307 cents a kilogram. Young cattle prices in New South Wales and Victoria rose by 5 per cent and 9 per cent, respectively, to 327 cents and 346 cents a kilogram.

  • Saleyard prices of lambs rose in most states in the week ending 8 November 2013. The largest increase occurred in New South Wales where the indicator price (18–22kg fat score 2–4) rose by around 6 per cent to average 414 cents a kilogram. In South Australia and Victoria, the indicator price rose by around 2 per cent and 1 per cent to average 411 cents and 385 cents a kilogram, respectively. In contrast, the indicator price fell by 1 per cent in Western Australia to 343 cents a kilogram.

  • The Australian Eastern Market indicator price for wool was largely unchanged in the week ending 7 November 2013, averaging 1098 cents a kilogram clean. The total number of bales offered at auction was around 4 per cent lower, compared with the previous sale.

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