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Australian Weekly ABARES Report


30 January 2014

Australian Weekly ABARES Report - 30 January 2014Australian Weekly ABARES Report - 30 January 2014


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • During the past week, rainfall was recorded in all states and territories.

  • Following on from the prolonged heatwave event that affected south-east Australia in mid-January, there is another pool of extreme heat forming across the region.

  • With numerous reports of decreased milk production as a result of the recent heatwave, there is likely to be ongoing issues for dairy farmers in southern Australia as temperatures again start to reach 40 degrees Celsius.

  • A cyclone watch is current for coastal Queensland from Port Douglas to Proserpine. A Tropical Low is currently moving slowly south-west towards the coast.

  • Neutral El Niño/Southern Oscillation (ENSO) conditions persist across the tropical Pacific Ocean.

  • Water storage levels in the Murray–Darling Basin have decreased by 338 gigalitres this week and are at 62 per cent of total capacity.

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$287 a tonne in the week ending 28 January 2014, largely unchanged from the previous week.

  • The Australian grain sorghum indicator price (Sydney) remained largely unchanged in the week ending 29 January 2014 at $342 a tonne.

  • The Queensland young cattle indictor price (330 – 400 kg live weight C3) fell by around 3 per cent in the week ending 24 January 2014 to 308 cents a kilogram. Young cattle prices rose by 8 per cent in New South Wales to 330 cents a kilogram and by 3 per cent in Victoria to 304 cents a kilogram.

  • The Australian Eastern Market Indicator price for wool rose by around 2 per cent in the week ending 23 January 2014 to average 1128 cents a kilogram clean. The total number of bales offered at auction was around 20 per cent lower than the previous sale.

Climate

Notable events

  • During the past week, rainfall was recorded in all states and territories. The heaviest falls were across Australia’s tropical north, central and south-eastern Western Australia, western agricultural districts of South Australia, south-eastern Queensland, north-eastern and southern New South Wales and eastern Victoria. These falls are particularly timely for agricultural districts in southern Queensland and northern New South Wales, benefiting crops and pastures after an extended hot and dry period.

  • Following on from the prolonged heatwave event that affected south-east Australia in mid-January, there is another pool of extreme heat forming across the region. Maximum temperatures are forecast to exceed 40 degrees Celsius across large parts of South Australia, Victoria and southern New South Wales in the coming week.

  • With numerous reports of decreased milk production as a result of the recent heatwave, there is likely to be ongoing issues for dairy farmers in southern Australia as temperatures again reach 40 degrees Celsius. In extreme heat, cows are more likely to seek shade instead of grazing, which results in reduced milk production.

  • A cyclone watch is current for coastal Queensland from Port Douglas to Proserpine. A Tropical Low is currently moving slowly south-west towards the coast. With gusty winds and heavy rainfall forecast for the coast, producers are advised to make preparations to protect crops and livestock in advance of the inclement weather. If the cyclone does not develop fully, the intense low pressure system is still likely to bring increased rainfall to inland Queensland, which will benefit most producers in the region.

  • Neutral El Niño/Southern Oscillation (ENSO) conditions have persisted across the tropical Pacific Ocean. Despite some warming of the tropical Pacific, the majority of climate models indicate that neutral ENSO conditions are likely to continue until the end of autumn 2014. A few models indicate the warming may approach El Niño levels by early winter (Bureau of Meteorology ENSO ‘Wrap-up’, 28 January 2014).

Rainfall this week

For the week ending 29 January 2014, rainfall was recorded in all states and territories. The highest recorded rainfall total for the week was 370 millimetres at Katherine, in the Northern Territory. For further information go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the week ending 29 January 2014

©Commonwealth of Australia 2014, Australian Bureau of Meteorology          Issued: 30/01/2014

Commodities

Production and commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$287 a tonne in the week ending 28 January 2014, largely unchanged from the previous week.

  • The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$201 a tonne for the week ending 29 January 2014, compared with US$197 a tonne in the previous week.

  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$504 a tonne in the week ending 28 January 2014, compared with US$507 a tonne in the previous week.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US92.8 cents a pound in the week ending 29 January 2014, largely unchanged from the previous week.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, No. 11 contract) averaged US15 cents a pound in the week ending 29 January 2014, around 1 per cent lower than in the previous week.

  • The Australian grain sorghum indicator price (Sydney) remained largely unchanged in the week ending 29 January 2014 at $342 a tonne.

  • The Australian feed barley indicator price (Sydney) rose by around 5 per cent in the week ending 29 January 2014 to $301 a tonne.

  • The Australian feed wheat indicator price (General purpose, Sydney) rose by around 1 per cent in the week ending 29 January 2014 to $318 a tonne.

  • The Australian canola indicator price (Portland, Victoria) averaged $518 a tonne in the week ending 27 January 2014, compared with $510 a tonne in the previous week.

  • The wholesale prices of selected fruit were generally higher in the week ending 25 January 2014.

  • The wholesale prices of selected vegetables were generally lower in the week ending 25 January 2014. The wholesale prices of tomato (field gourmet), cauliflower and broccoli were lower than the previous week while the prices of beans (round stingless) were higher.

  • The Queensland young cattle indictor price (330 – 400 kg live weight C3) fell by around 3 per cent in the week ending 24 January 2014 to 308 cents a kilogram. Young cattle prices rose by 8 per cent in New South Wales to 330 cents a kilogram and by 3 per cent in Victoria to 304 cents a kilogram.

  • Saleyard prices of lamb fell in most states in the week ending 24 January 2014. The largest decline occurred in Western Australia, where the indicator price (18–22kg fat score 2–4) fell by around 6 per cent to average 453 cents a kilogram. In other states, the indicator price fell by around 2 per cent in South Australia and around 1 per cent in Victoria to average 410 cents a kilogram and 416 cents a kilogram, respectively. In contrast, the indicator price rose by around 14 per cent in New South Wales to average 429 cents a kilogram.

  • The Australian Eastern Market Indicator price for wool rose by around 2 per cent in the week ending 23 January 2014 to average 1128 cents a kilogram clean. The total number of bales offered at auction was around 20 per cent lower than the previous sale.

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