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Australian Weekly ABARES Report


19 April 2013

Australian Weekly ABARES Report - 19 April 2013Australian Weekly ABARES Report - 19 April 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of Key Issues

  • Rainfall received this week over parts of central and north-east Queensland should assist late season pasture growth opportunities following recent dry seasonal conditions.
  • Some areas in central Queensland received lowest on record rainfall during March, contributing to reports of a lack of pasture feed for livestock, unseasonable supplementary feeding and destocking.
  • Above average daytime and night-time temperatures over southern Australia this week are likely to assist autumn pasture growth and the germination and establishment of early sown crops where adequate soil moisture is available.
  • The harvest in many of Australia’s wine growing regions is nearing completion, with reports of generally average yields and excellent quality.
  • Early sowing of the 2013–14 winter cereals crop has reportedly begun in parts of the Western Australian and New South Wales winter cropping regions.
  • Water storage levels in the Murray–Darling Basin have decreased by 29 gigalitres this week and are at 67 per cent of total capacity.
  • General security water allocations in New South Wales’ Macquarie and Cudgegong Valleys have increased to 64 per cent of entitlement.
  • The world coarse grains indicator price (US no. 2 yellow corn, free on board Gulf ports) averaged US$284 a tonne for the week ending 17 April 2013, compared with US$275 a tonne in the previous week.
  • The Australian canola indicator price (Portland, Victoria) averaged $571 a tonne in the week ending 17 April 2013, compared with $551 a tonne in the previous week.
  • In the 9 months to March 2013, Australian exports of lamb increased by 15 per cent to 148 000 tonnes (carcass weight equivalent), compared to the same period last year.

Climate

Notable Events

  • Rainfall received this week over parts of central and north-east Queensland should assist late season pasture growth opportunities following recent dry seasonal conditions. Some areas in central Queensland received lowest on record rainfall during March, contributing to reports of a lack of pasture feed for livestock, unseasonable supplementary feeding and destocking.
  • Above average daytime and night-time temperatures over southern Australia this week are likely to assist autumn pasture growth and the germination and establishment of early sown crops where adequate soil moisture is available.
  • The harvest in many of Australia’s wine growing regions is nearing completion, with reports of generally average yields and excellent quality.
  • According to the April 2013 New South Wales Grains Report, there are isolated reports of damage to early sown grazing cereal crops from locusts in the central western region, with control measures being undertaken.
  • Early sowing of the 2013–14 winter cereals crop has reportedly begun in parts of the Western Australian and New South Wales winter cropping regions.

Rainfall this Week

For the week ending 17 April 2013, rain was mostly confined to parts of central and north-east Queensland, with light falls along the east coast, the west of Tasmania and a small part of south-west Western Australia. The highest recorded rainfall total for the week was 251 millimetres at Daradgee, in far north Queensland. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the Week Ending 17 April 2013

©Commonwealth of Australia 2013, Australia Bureau of Meteorology
Issued: 17/04/2013

Commodities

Production and Commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$321 a tonne in the week ending 16 April 2013, marginally higher than the previous week.
  • The world coarse grains indicator price (US no. 2 yellow corn, free on board Gulf ports) averaged US$284 a tonne for the week ending 17 April 2013, compared with US$275 a tonne in the previous week.
  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$630 a tonne in the week ending 16 April 2013, slightly higher than the previous week.
  • The Australian canola indicator price (Portland, Victoria) averaged $571 a tonne in the week ending 17 April 2013, compared with $551 a tonne in the previous week.
  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US92.4 cents a pound in the week ending 17 April 2013, 1 per cent lower than in the previous week.
  • The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US17.9 cents a pound in the week ending 17 April 2013, 1 per cent higher than in the previous week.
  • The Global Dairy Trade (GDT) weighted average price of anhydrous milk fat was US$4964 a tonne on 16 April 2013, compared to US$4695 a tonne on 2 April 2013. Over the same period, whole milk powder and cheese prices increased by 3 per cent while the skim milk powder price fell by 7 per cent to US$4757 a tonne.
  • Wholesale prices of fruit were generally higher in the week ending 13 April 2013. Wholesale prices of blueberry, strawberry and pineapple (smoothleaf) were higher, while kiwifruit (hayward) was lower than the previous week.
  • The changes to wholesale prices of vegetables were mixed in the week ending 13 April 2013. Wholesale prices of broccoli, cauliflower and iceberg lettuce were higher, while bean (round) and onion (brown) were lower than the previous week.
  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) fell by 10 per cent in the week ending 12 April 2013 to 280 cents a kilogram. According to the National Livestock Reporting Service, saleyard throughput in Queensland increased by over 80 per cent in the week ending 12 April 2013, compared to the previous week.
  • Saleyard lamb prices fell in most states in the week ending 12 April 2013. The largest decline occurred in Victoria where the lamb indicator price (18–22kg fat score 2–4) declined by 8 per cent to average 401 cents a kilogram.
  • In the 9 months to March 2013, Australian exports of lamb increased by 15 per cent to 148 000 tonnes (carcass weight equivalent), compared to the same period last year.
  • The Australian Eastern Market Indicator price for wool was 999 cents a kilogram clean in the week ending 11 April 2013, compared to 1059 cents a kilogram on 28 March 2013. The total number of bales offered at sale increased by 20 per cent over the same period.

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