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Australian Weekly ABARES Report


15 May 2014

Australian Weekly ABARES Report- 15 May 2014Australian Weekly ABARES Report- 15 May 2014


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • Widespread rainfall in excess of 15 millimetres was recorded across much of south-west Western Australia and isolated parts of eastern and southern Australia during the past week.

  • For the week ending 13 May 2014, warmer than average temperatures were recorded across much of Australia. These above average temperatures are likely to help some pasture growth and assist with the germination and establishment of early sown crops across some areas in southern Australia.

  • Despite widespread rainfall during April, long-term rainfall deficiencies persist in some regions, particularly in parts of central Queensland.

  • Water storage levels in the Murray–Darling Basin have increased by 35 gigalitres this week and are at 53 per cent of total capacity.

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$359 a tonne in the week ending 13 May 2014, largely unchanged from the previous week.

  • The Australian grain sorghum indicator price (Sydney) was $340 a tonne in the week ending 14 May 2014, around 1 per cent higher than the previous week.

  • The Queensland young cattle indictor price (330 – 400 kg live weight C3) averaged 323 cents a kilogram in the week ending 9 May 2014, around 3 per cent lower than the previous week. Over the same period, young cattle prices fell by around 3 per cent in New South Wales to average 373 cents a kilogram but rose by around 1 per cent in Victoria to average 377 cents a kilogram.

  • The saleyard prices of lamb fell in most states in the week ending 9 May 2014 from the previous week. The largest fall occurred in South Australia where the indicator price (18–22kg fat score 2–4) fell by around 8 per cent to average 517 cents a kilogram. The indicator price fell by around 3 per cent in both Victoria and New South Wales to average 571 cents a kilogram and 565 cents a kilogram, respectively. In contrast, the indicator price rose by around 7 per cent in Western Australia to average 507 cents a kilogram.

Climate

Notable events

  • During the past week rainfall in excess of 15 millimetres was recorded across much of south-west Western Australia, parts of coastal South Australia, north eastern Victoria, part of southern and coastal New South Wales and along coastal Queensland. The Northern Territory, northern Western Australia, most of inland Queensland, inland South Australia and north western New South Wales received little to no rainfall during the past week.

  • There have been a series of warmer than average daytime and night-time temperatures across much of Australia during the past week. Following on from widespread rainfall events across most southern cropping regions, the above average temperatures are likely to help some pasture growth and assist with the germination and establishment of early sown crops.

  • Despite widespread rainfall during April, long-term rainfall deficiencies persist in some regions, particularly in parts of central Queensland. The 19-month rainfall deficiency map for 1 October 2012 to 31 April 2014 shows severely deficient rainfall across large areas of Queensland, and smaller areas in northern New South Wales, northern South Australia, Western Australia and the Northern Territory.

  • The rainfall forecast for the next eight days indicates that there is likely be a broad band of rainfall of up to 15 millimetres moving across central Western Australia and into South Australia. Higher falls above 25 millimetres are expected in the far south-west of Western Australia, western Tasmania and coastal Queensland.

Rainfall this week

For the week ending 14 May 2014, rainfall was recorded mainly in the south-west of the continent. There was also some lighter rainfall recorded along the southern and eastern coastlines and north-western Tasmania. The highest recorded rainfall total for the week was 200 millimetres at Willis Island, about 400 km off the coast, east of Cairns, in Queensland. For further information go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the week ending 14 May 2014

©Commonwealth of Australia 2014, Australian Bureau of Meteorology             Issued: 14/05/2014

Commodities

Production and commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$359 a tonne in the week ending 13 May 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$223 a tonne for the week ending 14 May 2014, largely unchanged from the previous week.

  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$528 a tonne in the week ending 13 May, compared with US$552 a tonne in the previous week.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US93.5 cents a pound in the week ending 14 May 2014, around 2 per cent lower than the previous week.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, No. 11 contract) averaged US17.6 cents a pound in the week ending 14 May 2014, around 1 per cent lower than the previous week.

  • Data from Thailand’s Office of the Cane and Sugar Board indicates that Thailand crushed around 104 million tonnes of cane in the 2013-14 season (October to September), compared with around 100 million tonnes crushed in the previous year. Thailand produced a record 11.6 million tonnes of raw sugar equivalent in 2013-14, 12.4 per cent more than in 2012-13.

  • The Australian Eastern Market indicator price for wool averaged 1046 cents a kilogram clean in the week ending 8 May 2014, around 1 per cent lower than the previous week. The total number of bales offered at auction was around 25 per cent lower than the previous week.

  • The Australian grain sorghum indicator price (Sydney) was $340 a tonne in the week ending 14 May 2014, around 1 per cent higher than the previous week.

  • The Australian feed wheat indicator price (General purpose, Sydney) was $334 a tonne in the week ending 14 May 2014, around 1 per cent higher than the previous week.

  • The Australian feed barley indicator price (Sydney) was $318 a tonne in the week ending 14 May 2014, largely unchanged from the previous week.

  • The Australian canola indicator price (Portland, Victoria) was $466 a tonne in the week ending 14 May 2014, around 5 per cent lower than the previous week.

  • The Queensland young cattle indictor price (330 – 400 kg live weight C3) averaged 323 cents a kilogram in the week ending 9 May 2014, around 3 per cent lower than the previous week. Over the same period, young cattle prices fell by around 3 per cent in New South Wales to average 373 cents a kilogram but rose by around 1 per cent in Victoria to average 377 cents a kilogram.

  • The saleyard prices of lamb fell in most states in the week ending 9 May 2014 from the previous week. The largest fall occurred in South Australia where the indicator price (18–22kg fat score 2–4) fell by around 8 per cent to average 517 cents a kilogram. The indicator price fell by around 3 per cent in both Victoria and New South Wales to average 571 cents a kilogram and 565 cents a kilogram, respectively. In contrast, the indicator price rose by around 7 per cent in Western Australia to average 507 cents a kilogram.

  • Changes to the wholesale prices of selected fruit were mixed in the week ending 10 May 2014. The wholesale prices of blueberry, banana (cavendish), kiwifruit (hayward) and strawberry were higher than the previous week while the prices of avocado (hass), pineapple (smoothleaf) and watermelon (seedless) were lower.

  • Changes to the wholesale prices of selected vegetables were mixed in the week ending 10 May 2014. The wholesale prices of lettuce (iceberg), broccoli and cauliflower were higher than the previous week while the prices of tomato (field gourmet) and bean (round, stringless) were lower.

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