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Australian Weekly ABARES Report


03 May 2013

Australian Weekly ABARES Report - 2 May 2013Australian Weekly ABARES Report - 2 May 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of Key Issues

  • April 2013 rainfall was below average across most of New South Wales, Victoria, Tasmania, south?west Western Australia, southern Queensland and parts of central Australia. Producers in many winter cropping regions will be reliant on rainfall over the coming weeks to enable sowing, germination and establishment of winter crops.
  • Rainfall received this week over parts of South Australia’s winter cropping region is likely to improve conditions for the sowing and germination of winter crops and may assist autumn pasture growth.
  • Severe frosts in the United States have reportedly damaged wheat crops, with cold and wet conditions also delaying corn planting.
  • Water storage levels in the Murray–Darling Basin have decreased by 14 gigalitres this week and are at 66 per cent of total capacity.
  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$330 a tonne in the week ending 30 April 2013, compared with US$321 in the previous week.
  • The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$291 a tonne for the week ending 1 May 2013, compared with US$281 a tonne in the previous week.
  • Saleyard lamb prices rose in the week ending 26 April 2013. The largest increase occurred in Victoria where the lamb indicator price (18–22kg fat score 2–4) rose by 11 per cent to average 442 cents a kilogram.

Climate

Notable Events

  • April 2013 rainfall was below average for most of New South Wales, Victoria, Tasmania, south?west Western Australia, southern Queensland and parts of central Australia. Large parts of New South Wales and central Victoria recorded very much below average rainfall (within the 10th percentile), with some areas in central New South Wales recording lowest on record rainfall.
  • Production conditions in parts of central and western Victoria are yet to improve, with below average April 2013 rainfall received over large areas. Cropping enterprises in these areas will be reliant on rainfall over the coming weeks to enable sowing, germination and establishment of winter crops.
  • Yields for horticulture crops in Queensland’s Sunshine Coast and Wide Bay regions have reportedly been downgraded due to unfavourable seasonal conditions.
  • Efforts are underway to control a locust outbreak near Dubbo in New South Wales. Around 20–30 properties are reportedly affected, with the main risk being damage to newly germinated crops.
  • Parts of South Australia’s winter cropping regions received between 10–20 millimetres of rainfall this week. These falls are likely to increase soil moisture levels and promote the sowing and germination of winter crops and may assist autumn pasture growth.
  • Severe frosts in the United States have reportedly damaged wheat crops and lowered yield prospects, while cold and wet conditions are delaying corn planting.

Rainfall this Week

For the week ending 1 May 2013, there was limited rainfall across most of the continent. Cold fronts produced rainfall in western Tasmania and across parts of South Australia towards the end of the week. The highest recorded rainfall total for the week was 167 millimetres at Mount Read in Western Tasmania. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the Week Ending 1 May 2013

©Commonwealth of Australia 2013, Australia Bureau of Meteorology
Issued: 01/05/2013

Commodities

Production and Commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$330 a tonne in the week ending 30 April 2013, compared with US$321 in the previous week.
  • The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$291 a tonne for the week ending 1 May 2013, compared with US$281 a tonne in the previous week.
  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$631 a tonne in the week ending 30 April 2013, compared with US$635 a tonne in the previous week.
  • The Australian canola indicator price (Portland, Victoria) averaged $571 a tonne in the week ending 29 April 2013, compared with $566 a tonne in the previous week.
  • The Global Dairy Trade weighted average price of whole milk powder declined to US$4721 a tonne on 1 May 2013 compared with US$5245 a tonne on 16 April 2013. Over the same period, skim milk powder and anhydrous milk fat prices fell by 10 per cent and 6 per cent, respectively, while the cheese price increased by 1 per cent to US$4800 a tonne.
  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US92.3 cents a pound in the week ending 1 May 2013, slightly higher than in the previous week.
  • According to the Indian Meteorological Department, the monsoon, which brings more than 70 per cent of India’s rain, was 8 percent below average last year, leading to a reduction in water available to irrigate cotton crops in Maharashtra, Gujarat and Karnataka states. As a result, India’s Cotton Advisory Board expects the area planted to cotton to decline by around 7 per cent to 11 million hectares in the 2013–14 season.
  • The world sugar indicator price (Intercontinental Exchange, nearby futures, No. 11 contract) averaged US17.5 cents a pound in the week ending 1 May 2013, marginally lower than the previous week.
  • Data from the Brazil Sugar Industry Association shows Brazil’s Centre South region (which produces around 90 per cent of Brazil’s sugarcane) produced 237 000 tonnes of sugar in the first two weeks of the 2013–14 (April–March) season, around 56 per cent more than the same time last season. Ethanol production was 356 million litres, 103 per cent larger than the same period in 2012–13.
  • The Australian Eastern Market Indicator price for wool fell by 1 per cent in the week ending 24 April 2013 to 995 cents a kilogram clean. The total number of bales offered at sale was 3 per cent lower than the previous week.
  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) fell by 7 per cent in the week ending 26 April 2013 to 286 cents a kilogram.
  • Saleyard lamb prices rose in the week ending 26 April 2013. The largest increase occurred in Victoria where the lamb indicator price (18–22kg fat score 2–4) rose by 11 per cent to average 442 cents a kilogram.
  • Wholesale prices of fruit were generally higher in the week ending 26 April 2013. Wholesale prices of blueberry, strawberry, watermelon and banana (cavendish) were higher than the previous week while pineapple (smoothleaf) prices were lower.
  • Wholesale prices of vegetables were generally lower in the week ending 26 April 2013. Wholesale prices of cauliflower, tomato, bean (round) and broccoli were lower were lower than the previous week while iceberg lettuce prices were higher.

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