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Australian Weekly ABARES Report


10 August 2012

Australian Weekly ABARES Report - 10 August 2012Australian Weekly ABARES Report - 10 August 2012

Average to above average July rainfall in the eastern states has alleviated rainfall deficiencies in western New South Wales and has increased upper layer soil moisture in most areas.

The Australian Bureau of Agricultural and Resource Economics and Sciences

Agronomists have advised producers in areas with high soil moisture levels to focus on nitrogen applications if cereal crops show signs of deficiency.

Parts of south-west Western Australia experienced their lowest July rainfall on record, which has exacerbated long-term rainfall deficiencies and decreased upper layer soil moisture.

Wholesale prices of vegetables were generally lower in the week ending 4 August 2012, with the prices of cauliflower, broccoli and beans (round) all falling.

The world wheat indicator price (US no. 2 hard red winter, free on board Gulf ports) averaged US$362 a tonne in the week ending 7 August 2012, compared with US$366 a tonne in the previous week.

The world coarse grains indicator price (US no. 2 yellow corn, free on board Gulf ports) averaged US$339 a tonne for the week ending 8 August 2012, compared with US$341 a tonne in the previous week.

The Australian canola indicator price (Portland, Victoria) averaged $492 a tonne in the week ending 6 August 2012, compared with $545 a tonne in the previous week.

Commodities

Production and commodities

The world wheat indicator price (US no. 2 hard red winter, free on board Gulf ports) averaged US$362 a tonne in the week ending 7 August 2012, compared with US$366 a tonne in the previous week.

The world coarse grains indicator price (US no. 2 yellow corn, free on board Gulf ports) averaged US$339 a tonne for the week ending 8 August 2012, compared with US$341 a tonne in the previous week.

The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$634 a tonne in the week ending 7 August 2012, unchanged from the previous week and 2 per cent lower than the same time last year when the price was US$649 a tonne.

The Australian canola indicator price (Portland, Victoria) averaged $492 a tonne in the week ending 6 August 2012, compared with $545 a tonne in the previous week. Downward price pressure came from declining international soybean prices and indications of an early canola harvest in Canada.

The world cotton indicator price (the Cotlook ‘A’ index) averaged US83.4 cents a pound in the week ending 8 August 2012, largely unchanged from the previous week.

The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US21.7 cents a pound in the week ending 8 August 2012, around 4 per cent lower than in the previous week.

The Indian Meteorological Department has predicted that the monsoon rainfall for the entire country in the current season is likely to less around 20 per cent less than average.

Climate

For the week ending 8 August, rainfall was limited to the southern parts of the continent. The highest measured rainfall for the week was 79 millimetres at Queenstown in western Tasmania.

Limited rainfall throughout the Wimmera – Mallee region in Victoria at the start of the winter cropping season has reportedly slowed crop growth in some areas. The Victorian Department of Primary Industries have reported variable stages of crop development throughout the state.

July rainfall was generally average to well above average in the eastern states, with areas of extremely high rainfall along the north-east coast region of Queensland causing some delays for the sugar cane harvest. July rainfall was below average for large parts of Tasmania, South Australia, central Australia, and Western Australia.

The ongoing wet conditions and full soil moisture profiles in some areas of eastern Australia may have reduced plant available nitrogen stores. Agronomists have advised producers to focus on nitrogen applications if cereal crops show signs of deficiency.

Parts of South-west Western Australia recorded their driest July on record, which has exacerbated longterm rainfall deficiencies and decreased soil moisture. A portion of the Western Australia wheat belt is showing upper layer soil moisture levels below the 10th percentile.

Winter crops in the region will be reliant on in-crop rainfall over the coming months.

Rainfall this week

For the week ending 8 August 2012, little or no rainfall was recorded across most of Australia. Rainfall during the week was limited to the southern coast of Western Australia, south-east Southern Australia, Tasmania, and southern Victoria. For further information, click here.

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