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Australian Weekly ABARES Report


23 May 2013

Australian Weekly ABARES Report - 23 May 2013Australian Weekly ABARES Report - 23 May 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of Key Issues

  • A northwest cloud band produced rainfall across a large area of central Australia this week, stretching from north-west Western Australia into South Australia and the Northern Territory. The widespread rainfall may bring relief for many graziers in central Australia by providing some pasture growth.
  • The rain system continued east throughout the week, moving into parts of south-west Queensland, western New South Wales and western Victoria that have experienced recent rainfall and soil moisture deficiencies. This rain will improve prospects for grazing and cropping enterprises leading into the winter season.
  • The seasonal outlook indicates a wetter than normal season is more likely for large parts of central and eastern Australia during winter.
  • Water storage levels in the Murray–Darling Basin have remained steady 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$325 a tonne in the week ending 21 May 2013, compared with US$334 in the previous week.
  • According to the United States Energy Information Agency, fuel ethanol production in the United States averaged 875 thousand barrels per day for the week ending 17 May 2013, the highest level of production since 22 June 2012.
  • The Australian canola indicator price (Portland, Victoria) averaged $616 a tonne in the week ending 20 May 2013, compared with $579 a tonne in the previous week.
  • The Queensland young cattle indicator price (330–400 kg live weight C3) averaged 278 cents a kilogram in the week ending 17 May 2013, 1 per cent lower than last week and 18 per cent lower than the same time last year.
  • Saleyard lamb prices rose in the week ending 17 May 2013. The largest increase occurred in South Australia where the lamb indicator price (18–22kg fat score 2–4) rose by 8 per cent to average 410 cents a kilogram.
  • The Australian Eastern Market Indicator price for wool rose by 3 per cent in the week ending 16 May 2013 to 1022 cents a kilogram clean. The total number of bales offered at sale was 4 per cent lower than the previous week.

Climate

Notable Events

  • A northwest cloud band produced rainfall across a large area of central Australia this week, stretching from north-west Western Australia into South Australia and the Northern Territory. The widespread rainfall may bring relief for many graziers in central Australia by providing some pasture growth.
  • The rain system continued east throughout the week, moving into parts of south-west Queensland, western New South Wales and western Victoria that have been experiencing rainfall and soil moisture deficiencies. These falls will improve prospects for grazing and cropping enterprises heading into winter.
  • The seasonal outlook indicates a wetter than normal season is more likely for large parts of central and eastern Australia during winter (June to August 2013). The remainder of the country is likely to receive close to average rainfall during this period. Cooler days are more likely over large parts of south-east Australia. Warmer nights are more likely over the tropical north, western Western Australia and across southern Australia (Bureau of Meteorology national rainfall and temperature outlooks, June to August 2013).
  • Neutral El Niño/Southern Oscillation (ENSO) conditions persist across the tropical Pacific Ocean. The majority of climate models suggest that neutral conditions will continue through winter 2013. The Indian Ocean Dipole (IOD) is also currently neutral, but model outlooks are favouring a negative IOD during the winter-spring period. This will increase the chance of above average rainfall over southern Australia (Bureau of Meteorology ENSO ‘Wrap-up’, 21 May 2013).

Rainfall this Week

For the week ending 22 May 2013, rain was recorded in all states and territories. The highest recorded rainfall total for the week was 180 millimetres at Cygnet Bay, north of Broome in Western Australia. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the Week Ending 22 May 2013

©Commonwealth of Australia 2013, Australia Bureau of Meteorology
Issued: 22/05/2013

Commodities

Production and Commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$325 a tonne in the week ending 21 May 2013, compared with US$334 in the previous week.
  • The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$297 a tonne for the week ending 22 May 2013, largely unchanged from the previous week.
  • According to the United States Energy Information Agency, fuel ethanol production in the United States averaged 875 thousand barrels per day for the week ending 17 May 2013, the highest level of production since 22 June 2012.
  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$605 a tonne in the week ending 21 May 2013, compared with US$610 a tonne in the previous week.
  • The Australian canola indicator price (Portland, Victoria) averaged $616 a tonne in the week ending 20 May 2013, compared with $579 a tonne in the previous week.
  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US93.2 cents a pound in the week ending 22 May 2013, slightly lower than in the previous week.
  • According to the United States Department of Agriculture, on May 19 US cotton planting reached 39 per cent of the 2013 intended area. This is 20 percentage points lower than the completion rate for the same time last year and 13 percentage points below the 5-year average to 2012.
  • The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US16.8 cents a pound in the week ending 22 May 2013, the lowest level in almost 3 years.
  • According to the Thailand’s Office of the Cane and Sugar Board, sugarcane crushing to 15 May reached 100 million tonnes for the 2012–13 season (November to May), 2 per cent higher than the same period a year ago. However, lower sugar content has resulted in a fall in production to 10.3 million tonnes, 2 per cent lower than the same period a year ago.
  • Wholesale prices of fruit were generally lower in the week ending 18 May 2013. Wholesale prices of avocado (hass), blueberry, pineapple (smoothleaf) and watermelon (seedless) were lower than the previous week.
  • Wholesale prices of vegetables were generally lower in the week ending 18 May 2013. Wholesale prices of bean (round), broccoli, cauliflower, iceberg lettuce and tomato (field gourmet) were lower than the previous week.
  • The Queensland young cattle indicator price (330–400 kg live weight C3) averaged 278 cents a kilogram in the week ending 17 May 2013, 1 per cent lower than last week and 18 per cent lower than the same time last year.
  • Saleyard lamb prices rose in the week ending 17 May 2013. The largest increase occurred in South Australia where the lamb indicator price (18–22kg fat score 2–4) rose by 8 per cent to average 410 cents a kilogram. In other states, the indicator price rose by 5 per cent in New South Wales to 389 cents a kilogram, 3 per cent in Western Australia to 365 cents a kilogram and 1 per cent in Victoria to average 405 cents a kilogram.
  • The Australian Eastern Market Indicator price for wool rose by 3 per cent in the week ending 16 May 2013 to 1022 cents a kilogram clean. The total number of bales offered at sale was 4 per cent lower than the previous week.

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