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Australian Weekly ABARES Report


14 March 2014

Australian Weekly ABARES Report - 13 March 2014Australian Weekly ABARES Report - 13 March 2014


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • Over the past week, rainfall was mainly recorded across the tropical north of the continent.

  • Maximum and minimum temperatures were between 2 and 6 degrees Celsius above their respective long-term average levels across much of central and south-east Australia during the past week.

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

  • Water storage levels in the Murray–Darling Basin have decreased by 262 gigalitres this week and are at 54 per cent of total capacity.

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$319 a tonne in the week ending 11March 2014, compared with US$309 a tonne in the previous week.

  • The Australian grain sorghum indicator price (Sydney) was largely unchanged in week ending 12 March 2014 at $353 a tonne.

  • The saleyard prices of lamb rose in most states in the week ending 7 March 2014. The largest increase occurred in New South Wales where the indicator price (18–22kg fat score 2–4) rose by around 5 per cent to an average of 578 cents a kilogram. The indicator price rose by around 4 per cent in Victoria to average 554 cents a kilogram and by around 3 per cent in South Australia to average 509 cents a kilogram. In contrast, the indicator price fell by around 1 per cent in Western Australia to average 471 cents a kilogram.

  • The Queensland young cattle indictor price (330 – 400 kg live weight C3) declined by around 4 per cent in the week ending 7 March 2014 to 314 cents a kilogram. Young cattle prices rose by around 5 per cent in New South Wales to 357 cents a kilogram while remaining largely unchanged in Victoria at 337 cents a kilogram.

Climate

Notable events

  • Over the past week, rainfall was mainly recorded across the tropical north of the continent. Two intense low pressure systems, that briefly became cyclones ‘Gillian’ and ‘Hadi’, brought heavy rainfall to the Gulf of Carpentaria and across north of Western Australia and the Northern Territory. A broad trough over central and south-east Australia has also resulted in a series of thunderstorms that produced isolated heavy falls.

  • Maximum and minimum temperatures were between 2 and 6 degrees Celsius above their respective long-term average levels across much of central and south-east Australia during the past week. A constant pattern of northerly winds has resulted in high temperatures and humidity throughout most of the south-east, with these conditions likely to persist into the weekend.

  • While much of Queensland and parts of New South Wales have benefited from rainfall events during late February and early March 2014, further follow-up rainfall will be required across many regions to provide longer-term relief for producers who are currently handfeeding livestock.

  • Neutral El Niño/Southern Oscillation conditions persist across the tropical Pacific Ocean. Climate models indicate that further warming of the tropical Pacific Ocean is likely in the coming months, with most models showing temperatures approaching or exceeding El Nino thresholds during winter (Bureau of Meteorology ENSO ‘Wrap-up’, 11 March 2014).

  • The rainfall forecast indicates that there is likely to be limited rainfall throughout most of mainland Australia over the coming week. Rainfall in excess of 25 millimetres is predicted to fall across the tropical north of the continent and across western Tasmania.

Rainfall this week

For the week ending 12 March 2014, rain was recorded in the tropical north, along the eastern seaboard and in areas of central and south-eastern Australia. The highest recorded rainfall total for the week was 309 millimetres at Daintree Village, near Cairns in Queensland. For further information go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the week ending 12 March 2014

©Commonwealth of Australia 2014, Australian Bureau of Meteorology           Issued: 12/03/2014

Commodities

Production and commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$319 a tonne in the week ending 11 March 2014, compared with US$309 a tonne in the previous week.

  • The world coarse grains indicator price (US No. 2 corn, free on board Gulf ports) averaged US$225 a tonne in the week ending 12 March 2014, compared with US$220 a tonne in the previous week.

  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$572 a tonne in the week ending 11 March 2014, compared with US$553 a tonne in the previous week.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US96.8 cents a pound in the week ending 12 March 2014, around 3 per cent higher than the previous week.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, No. 11 contract) averaged US18.1 cents a pound in the week ending 12 March 2014, around 3 per cent higher than the previous week.

  • The Australian grain sorghum indicator price (Sydney) was largely unchanged in week ending 12 March 2014 at $353 a tonne.

  • The Australian feed barley indicator price (Sydney) rose by around 2 per cent in the week ending 12 March 2014 to $313 a tonne.

  • The Australian feed wheat indicator price (General purpose, Sydney) rose by around 4 per cent in the week ending 12 March 2014 to $325 a tonne.

  • The Australian canola indicator price (Portland, Victoria) rose by around 3 per cent in the week ending 10 March 2014 to $547 a tonne.

  • Changes to the wholesale prices of selected fruit were mixed in the week ending 8 March 2014. The wholesale price of blueberry was higher than the previous week while the prices of banana (cavendish), strawberry and avocado (hass) were lower.

  • Changes to the wholesale prices of selected vegetables were mixed in the week ending 8 March 2014. The wholesale prices of tomato (field gourmet), potato (white washed) and broccoli were higher than the previous week while the prices of lettuce (iceberg) and bean (round stringless) were lower.

  • The Queensland young cattle indictor price (330 – 400 kg live weight C3) declined by around 4 per cent in the week ending 7 March 2014 to 314 cents a kilogram. Young cattle prices rose by around 5 per cent in New South Wales to 357 cents a kilogram while remaining largely unchanged in Victoria at 337 cents a kilogram.

  • The saleyard prices of lamb rose in most states in the week ending 7 March 2014. The largest increase occurred in New South Wales where the indicator price (18–22kg fat score 2–4) rose by around 5 per cent to average 578 cents a kilogram. The indicator price rose by around 4 per cent in Victoria to average 554 cents a kilogram and by around 3 per cent in South Australia to average 509 cents a kilogram. In contrast, the indicator price fell by around 1 per cent in Western Australia to average 471 cents a kilogram.

  • The Australian Eastern Market Indicator price for wool was largely unchanged in the week ending 6 March 2014 at an average of 1072 cents a kilogram clean. The total number of bales offered at auction was around 6 per cent higher than the previous sale.

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