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Australian Weekly ABARES Report


19 December 2013

Australian Weekly ABARES Report - 19 December 2013Australian Weekly ABARES Report - 19 December 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • Maximum temperatures were up to 12 °C above average in parts of south-west Western Australia during the past week. Temperatures up to 40 °C are expected to occur throughout central Australia, South Australia and New South Wales in the coming days.

  • Many districts across south-east Australia currently have fire bans in place.

  • The seasonal rainfall outlook for January to March 2014 indicates that a drier than normal season is more likely for large parts of eastern Australia, while a wetter than normal season is more likely for parts of Western Australia and Tasmania.

  • Water storage levels in the Murray–Darling Basin have decreased by 422 gigalitres this week and are at 73 per cent of total capacity.

  • The Global Dairy Trade (GDT) weighted average price of anhydrous milk fat increased to US$5668 a tonne on 17 December 2013 compared with US$5395 a tonne on 3 December 2013. The skim milk powder and cheese prices both increased by around 1.5 per cent while the whole milk powder price fell by 1.5 per cent over the same period.

  • The Queensland young cattle indictor price (330 – 400 kg live weight C3) fell by 6 per cent in the week ending 13 December 2013 to 325 cents a kilogram. Young cattle prices fell by 2 per cent in New South Wales to 333 cents a kilogram and by 4 per cent in Victoria to 329 cents a kilogram.

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$302 a tonne in the week ending 17 December 2013, compared with US$310 a tonne in the previous week.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US88.6 cents a pound in the week ending 18 December 2013, 3 per cent higher than the previous week.

Climate

Notable events

  • During the past week rainfall was mainly restricted to the east and tropical north of Australia. Thunderstorms brought falls of up to 100 mm across parts of Western Australia, Queensland and the Northern Territory.

  • Maximum temperatures were up to 12 °C above average in parts of south-west Western Australia during the past week. Temperatures up to 40 °C are expected to occur throughout central Australia, South Australia and New South Wales in the coming days.

  • Many districts across south-east Australia currently have fire bans in place. Fire weather warnings are current for the West Coast, Eastern Eyre Peninsula and Yorke Peninsula districts in South Australia. Producers are advised to take precautions and limit activities that are likely to cause sparks in dry pastures and crop stubbles.

  • The seasonal rainfall outlook for January to March 2014 indicates that a drier than normal season is more likely for large parts of eastern Australia, while a wetter than normal season is more likely for parts of Western Australia and Tasmania. The temperature outlook indicates that warmer days and nights are more likely over the north-eastern half of Australia. Cooler days are more likely over south-west Western Australia (Bureau of Meteorology, Seasonal Outlook, 18 December 2013).

  • Neutral El Niño/Southern Oscillation (ENSO) conditions persist across the tropical Pacific Ocean. The majority of climate models indicate that neutral ENSO conditions will continue until autumn 2014 (Bureau of Meteorology ENSO ‘Wrap-up’, 17 December 2013).

Rainfall this week

For the week ending 18 December 2013, rainfall between 25 and 100 mm was recorded over the northwest coast of Western Australia, the tropical north, the eastern seaboard and Tasmania. The highest recorded rainfall total for the week was 118 millimetres at Eidsvold, inland from Bundaberg in Queensland. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the week ending 18 December 2013


©Commonwealth of Australia 2013, Australian Bureau of Meteorology         Issued: 18/12/2013

Commodities

Production and commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$302 a tonne in the week ending 17 December 2013, compared with US$310 a tonne in the previous week.

  • The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$198 a tonne for the week ending 18 December 2013, largely unchanged from the previous week.

  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$511 a tonne in the week ending 17 December 2013, compared with US$516 a tonne in the previous week.

  • The Australian canola indicator price (Portland, Victoria) averaged $515 a tonne in the week ending 16 December 2013, compared with $520 a tonne in the previous week.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US88.6 cents a pound in the week ending 18 December 2013, 3 per cent higher than the previous week.

  • Data from China Cotton Reserve Procurement indicates that, as at 12 December 2013, the Chinese government had purchased 3.8 million tonnes of the 2013–14 domestic cotton crop, similar to the volume purchased over the same period last year.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, No. 11 contract) averaged US16.1 cents a pound in the week ending 18 December 2013, 3 per cent lower than the previous week.

  • Data from the Brazil Sugar Industry Association indicates that 587 million tonnes of sugar cane was crushed in Brazil’s Central South region (which produces around 90 per cent of Brazil’s sugarcane) during the 2013–14 season (April to March), around 10 per cent more than last season.

  • The wholesale prices of selected fruit were generally lower or unchanged in the week ending 14 December 2013.

  • The wholesale prices of tomato (field gourmet), broccoli and bean (round stringless) were higher in the week ending 14 December 2013 while the prices of iceberg lettuce and cauliflower were lower.

  • The Queensland young cattle indictor price (330 – 400 kg live weight C3) fell by 6 per cent in the week ending 13 December 2013 to 325 cents a kilogram. Young cattle prices fell by 2 per cent in New South Wales to 333 cents a kilogram and by 4 per cent in Victoria to 329 cents a kilogram.

  • Changes to saleyard lamb prices were mixed in the week ending 13 December 2013. The indicator price (18–22kg fat score 2–4) rose by 4 per cent in Western Australia and 3 per cent in South Australia to average 460 cents and 406 cents a kilogram, respectively. In contrast, the indicator price fell by 2 per cent in New South Wales to 407 cents a kilogram, and was largely unchanged in Victoria at 409 cents a kilogram.

  • The Australian Eastern Market Indicator price for wool fell by 1 per cent in the week ending 12 December 2013 to 1134 cents a kilogram clean. The total number of bales offered at auction was 18 per cent higher than the previous sale.

  • The Global Dairy Trade (GDT) weighted average price of anhydrous milk fat increased to US$5668 a tonne on 17 December 2013 compared with US$5395 a tonne on 3 December 2013. The skim milk powder and cheese prices both increased by around 1.5 per cent while the whole milk powder price fell by 1.5 per cent over the same period.

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