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Australian Weekly ABARES Report


01 June 2014

Australian Weekly ABARES Report - 12 June 2014Australian Weekly ABARES Report - 12 June 2014


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • During the past week rainfall was mainly recorded in the tropical north, south-eastern Australia and south-west Western Australia.

  • Maximum temperatures were between 2 and 4 degrees above average across a large part of south-west Western Australia, central Queensland, and in parts of New South Wales and Victoria during the past week.

  • The onset of cooler temperatures across South Australia and Tasmania suggests a shift to winter conditions after an extended warm period during autumn in the region.

  • Water storage levels in the Murray–Darling Basin have increased by 132 gigalitres this week and are at 55 per cent of total capacity.

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$318 a tonne in the week ending 10 June 2014, compared with US$328 a tonne in the previous week.

  • The Australian grain sorghum indicator price (Sydney) was $339 a tonne in the week ending 11 June 2014, around 2 per cent lower than the previous week.

  • The Queensland young cattle indictor price (330–400 kg live weight C3) averaged 340 cents a kilogram in the week ending 6 June 2014, around 10 per cent higher than the previous week. Over the same period, young cattle prices rose by around 1 per cent in New South Wales to average 372 cents a kilogram and fell by around 2 per cent in Victoria to average 364 cents a kilogram.

  • The saleyard indicator price of lamb (18–22kg fat score 2–4) rose in all states in the week ending 6 June 2014, compared with the previous week. The indicator price rose by around 7 per cent in New South Wales and Western Australia to average 596 cents a kilogram and 597 cents a kilogram, respectively. In other states, the indicator price rose by around 6 per cent in South Australia and around 4 per cent in Victoria to average 551 cents a kilogram and 586 cents a kilogram, respectively.

Climate

Notable events

  • During the past week rainfall was mainly recorded in the tropical north, south-eastern Australia and south-west Western Australia. Frontal systems bought rain to parts of south-east Australia, Tasmania and along the south-east coastline. While thunderstorms brought falls to parts of the Northern Territory and eastern districts of Queensland.

  • Maximum temperatures were between 2 and 4 degrees above average across a large part of south-west Western Australia, central Queensland, and in parts of New South Wales and Victoria during the past week. Minimum temperatures were between 2 and 8 degrees above average across central and northern Queensland, and were slightly below average in small areas of all states and across a large part of South Australia.

  • The onset of cooler temperatures across South Australia and Tasmania suggests a shift to winter conditions after an extended warm period during autumn in the region.

  • Sufficient and timely rainfall over winter will be critical to the development of winter crops, particularly in those areas where soil moisture levels are presently low.

  • The rainfall forecast indicates that there is likely to be more than 15 millimetres of rainfall across a wide area of south-east Australia over the next 8 days. The highest falls, of up to 200 millimetres, are predicted for eastern Victoria. The remainder of the country is not likely to record any significant rainfall during this time.

Rainfall this week

For the week ending 11 June 2014, rainfall was recorded mainly in the tropical north, south-eastern Australia and south-west Western Australia. The highest recorded rainfall total for the week was 193 millimetres at Topaz, south of Cairns in Queensland. For further information go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the week ending 11 June 2014

©Commonwealth of Australia 2014, Australian Bureau of Meteorology           Issued: 11/06/2014

Commodities

Production and commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$318 a tonne in the week ending 10 June 2014, compared with US$328 a tonne in the previous week.

  • The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$203 a tonne for the week ending 11 June 2014, compared with US$208 a tonne in the previous week.

  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$521 a tonne in the week ending 10 June 2014, compared with US$529 a tonne in the previous week.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US90.2 cents a pound in the week ending 11 June 2014, around 1 per cent lower than the previous week.

  • Data from the Unites States Department of Agriculture indicates that as at 8 June 2014, 89 per cent of intended US cotton area was planted. This compares with 87 per cent of intended area planted by the same date last year.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, No. 11 contract) averaged US16.8 cents a pound in the week ending 11 June 2014, around 3 per cent lower than the previous week.

  • Data from China Sugar Association indicates that China produced 13.3 million tonnes of sugar (white value) in the first seven months of the 2013–14 season (October to September). Production of cane sugar in China rose by 5 per cent to around 12.6 million tonnes while its production of beet sugar declined by 31 per cent to just under 750 000 tonnes.

  • The Australian grain sorghum indicator price (Sydney) was $339 a tonne in the week ending 11 June 2014, around 2 per cent lower than the previous week.

  • The Australian feed wheat indicator price (General purpose, Sydney) was $321 a tonne in the week ending 11 June 2014, around 2 per cent lower than the previous week.

  • The Australian feed barley indicator price (Sydney) was $312 a tonne in the week ending 11 June 2014, around 1 per cent lower than the previous week.

  • The Australian canola indicator price (Portland, Victoria) was $475 a tonne in the week ending 9 June 2014, around 2 per cent higher than the previous week.

  • The Australian Eastern Market indicator price for wool averaged 1037 cents a kilogram clean in the week ending 5 June 2014, largely unchanged from the previous week. The total number of bales offered at auction was around 21 per cent lower than the previous week.

  • The Queensland young cattle indictor price (330–400 kg live weight C3) averaged 340 cents a kilogram in the week ending 6 June 2014, around 10 per cent higher than the previous week. Over the same period, young cattle prices rose by around 1 per cent in New South Wales to average 372 cents a kilogram and fell by around 2 per cent in Victoria to average 364 cents a kilogram.

  • The saleyard indicator price of lamb (18–22kg fat score 2–4) rose in all states in the week ending 6 June 2014, compared with the previous week. The indicator price rose by around 7 per cent in New South Wales and Western Australia to average 596 cents a kilogram and 597 cents a kilogram, respectively. In other states, the indicator price rose by around 6 per cent in South Australia and around 4 per cent in Victoria to average 551 cents a kilogram and 586 cents a kilogram, respectively.

  • Changes in the wholesale prices of fruit during the week ending 7 June 2014 were mixed: the wholesale prices of watermelon (seedless), pineapple (smoothleaf), strawberry and blueberry were lower than the previous week while the prices of avocado (hass) and banana (cavendish) were higher.

  • Also, changes in the wholesale prices of vegetables during the week ending 7 June 2014 were mixed: the wholesale prices of potato (white, washed), tomato (field gourmet), broccoli, bean (round, stringless) and lettuce (iceberg) were lower than the previous week while the price of cauliflower was higher.

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