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Australian Weekly ABARES Report


06 September 2012

Australian Weekly ABARES Report - 6 September 2012Australian Weekly ABARES Report - 6 September 2012

Two strong frontal systems produced rainfall across southern cropping areas of Australia during the past week, supporting ongoing crop growth. While winter rainfall was generally below average across most of Western Australia, most of Queensland and southern Victoria recorded average to above average rainfall.

The Australian Bureau of Agricultural and Resource Economics and Sciences

Favourable growing conditions have led to high yielding strawberry crops in the peak of the season throughout Queensland.

Water storage levels in the Murray–Darling Basin increased this week by 43 gigalitres and are at 97 per cent of total capacity.

The wholesale prices of fruit were generally lower or unchanged in the week ending 1 September 2012, while the wholesale prices of vegetables were generally lower compared with the previous week.

The world wheat indicator price (US no. 2 hard red winter, free on board Gulf ports) averaged US$366 a tonne in the week ending 4 September 2012, compared with US$364 a tonne in the previous week.

In the Russian Federation, harvest is continuing with around 65 per cent of the grains and pulses planted area harvested, according to the Russian Federation Ministry of Agriculture. Wheat yields have averaged 1.89 tonnes per hectare compared with 2.87 tonnes per hectare in the previous season. Barley yields have averaged 1.78 tonnes per hectare compared with 2.37 tonnes per hectare in the previous season.

The world cotton indicator price (the Cotlook ‘A’ index) averaged US86.3 cents a pound in the week ending 5 September 2012, similar to the previous week.

According to the China Cotton Association, the Chinese Government has decided to release from its national reserves stocked last year in order to meet the demand of domestic textile enterprises. The release is expected to be at a bottom price of 18 500 Yuan a tonne, slightly lower than the current market price.

Commodities

The world wheat indicator price (US no. 2 hard red winter, free on board Gulf ports) averaged US$366 a tonne in the week ending 4 September 2012, compared with US$364 a tonne in the previous week.

In the Russian Federation, harvest is continuing with around 65 per cent of the grains and pulses planted area harvested, according to the Russian Federation Ministry of Agriculture.

Wheat yields have averaged 1.89 tonnes per hectare compared with 2.87 tonnes per hectare in the previous season. Barley yields have averaged 1.78 tonnes per hectare compared with 2.37 tonnes per hectare in the previous season.

The world coarse grains indicator price (US no. 2 yellow corn, free on board Gulf ports) averaged US$335 a tonne for the week ending 5 September 2012, compared with US$330 a tonne in the previous week.

The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$654 a tonne in the week ending 4 September 2012, compared with US$652 a tonne in the previous week.

The Australian canola indicator price (Portland, Victoria) averaged $531 a tonne in the week ending 3 September 2012, largely unchanged from the previous week and 1 per cent lower than the same time last year when the price was $535 a tonne.

The world cotton indicator price (the Cotlook ‘A’ index) averaged US86.3 cents a pound in the week ending 5 September 2012, similar to the previous week.

According to the China Cotton Association, the Chinese Government has decided to release from its national reserves stocked last year in order to meet the demand of domestic textile enterprises. The release is expected to be at a bottom price of 18 500 Yuan a tonne, slightly lower than the current market price.

The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US19.5 cents a pound in the week ending 5 September 2012, the lowest in 13 weeks.

According to the Brazilian Sugarcane Industry Association, Brazil exported around 9 million tonnes of sugar in the first five months of 2012–13 (April to March), 25 per cent lower than in the same period in 2011–12.

Climate

For the week ending 5 September, two strong frontal systems produced rainfall across southern areas of Australia, supporting crop growth. The highest measured rainfall total for the week was 92 millimetres at Mt William, in central west Victoria.

Following on from a dry July, below average August rainfall led to an increased area of long term rainfall deficiencies across Western Australia, and has exacerbated lower and upper layer soil moisture deficiencies in many regions (Bureau of Meteorology Drought Statement 4 September 2012).

While winter rainfall was generally below average across most of Western Australia, most of Queensland and southern Victoria recorded average to above average rainfall.

Winter minimum temperatures were 1 to 2 degrees below average throughout most of the southern cropping zone resulting in increased incidences of frost, which slowed winter crop growth in some regions.

Favourable growing conditions have led to high yielding strawberry crops in the peak of the season throughout Queensland.

Rainfall this week

For the week ending 5 September 2012, there was little or no rainfall across most of Australia. Two strong frontal systems produced rainfall across southern areas of Australia during the week. For further information, click here.

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