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Australian Weekly ABARES Report


13 June 2013

Australian Weekly ABARES Report - 13 June 2013Australian Weekly ABARES Report - 13 June 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of Key Issues

  • A northwest cloud band has continued to produce heavy rainfall across parts of the northwest and southeast Australia early this week.
  • Over the rest of the week, between 25 and 100 millimetres of rainfall fell over north and southwest Western Australia, much of Southern Australia, isolated parts of northern and inland New South Wales, southeast and Cairns regions in Queensland, and western Tasmania. These falls are likely to contribute to favourable conditions for cropping and grazing in these regions.
  • The cattle industry is likely to benefit from the last two week’s widespread rain in parts of southern South Australia, Victoria, southern Queensland and the Riverina in New South Wales. Improved winter pasture growth and elevated dam water supplies in these regions are expected to improve livestock condition.
  • Water storage levels in the Murray–Darling Basin have increased by 149 gigalitres this week and are at 68 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 11 June 2013, compared with US$330 in the previous week.
  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US93.2 cents a pound in the week ending 12 June 2013, 3 per cent higher than in the previous week.
  • The Australian canola indicator price (Portland, Victoria) averaged $618 a tonne in the week ending 10 June 2013, compared with $625 a tonne in the previous week.
  • The Queensland young cattle indicator price (330–400 kg live weight C3) increased by 6 per cent in the week ending 7 June 2013 to 300 cents a kilogram. Young cattle prices also rose by 7 per cent to 367 cents a kilogram in Victoria and by 1 per cent to 349 cents a kilogram in New South Wales.
  • The Victorian saleyard lamb indicator price (18–22kg fat score 2–4) rose by 5 per cent in the week ending 7 June 2013 to average 456 cents a kilogram.
  • In the first ten months of 2012–13, Australian exports of butter and skim milk powder increased by 30 per cent and 17 per cent, respectively compared with the same period last year.

Climate

Notable Events

  • A northwest cloud band has continued to produce heavy rainfall across parts of the northwest and southeast Australia early this week. This has resulted in a number of areas already exceeding their total June average rainfall.
  • Over the rest of the week, between 25 and 100 millimetres of rainfall fell over north and southwest Western Australia, much of Southern Australia, isolated parts of northern and inland New South Wales, southeast and Cairns regions in Queensland, and western Tasmania. These falls are likely to contribute to favourable conditions for cropping and grazing in these regions.
  • Rainfall deficits have continued through the last 8-month period (October 2012 to May 2013) in western Queensland, central New South Wales, Victoria, southeast South Australia and Tasmania. However, adding the recent June rainfall to this period has halved the overall area recording less than 60 per cent of average rainfall. This indicates an easing of 8-month rainfall deficiencies in these areas (Bureau of Meteorology ‘Drought Statement’ 6 June 2013).
  • The cattle industry is likely to benefit from the last two week’s widespread rain in parts of southern South Australia, Victoria, southern Queensland and the Riverina in New South Wales. Improved winter pasture growth and elevated dam water supplies in these regions are expected to improve livestock condition.
  • High rainfall and flooding have reportedly caused nitrogen to be leached from the soil in Queensland’s grain growing regions, raising soil quality concerns. Additional fertiliser and crop management measures are likely to be required to allow crops to reach their optimal yield potential.

Rainfall this Week

For the week ending 12 June 2013, rainfall was recorded in all states and territories. The highest recorded rainfall total for the week was 244.4 millimetres at Caloundra, in the Sunshine Coast region of Queensland. Totals greater than 50 mm were recorded around Broome in Western Australia, Sunshine Coast and Cairns in Queensland, most of western Tasmania, and in isolated parts of inland and north coast of New South Wales. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the Week Ending 12 June 2013

©Commonwealth of Australia 2013, Australia Bureau of Meteorology
Issued: 12/06/2013

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 11 June 2013, compared with US$330 in the previous week.
  • The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$301 a tonne for the week ending 12 June 2013, largely unchanged from the previous week.
  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$616 a tonne in the week ending 11 June 2013, compared with US$624 a tonne in the previous week.
  • The Australian canola indicator price (Portland, Victoria) averaged $618 a tonne in the week ending 10 June 2013, compared with $625 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 12 June 2013, 3 per cent higher than in the previous week.
  • Data from India’s Agriculture Ministry shows Indian cotton farmers have sown 1.17 million hectares as at 7 June 2013, compared with 1.18 million hectares a year ago.
  • The world sugar indicator price (Intercontinental Exchange, nearby futures, No. 11 contract) averaged US16.4 cents a pound in the week ending 12 June 2013, largely unchanged from the previous week.
  • Changes to the wholesale prices of vegetables were mixed in the week ending 8 June 2013. Wholesale prices of broccoli and tomato (field gourmet) were higher while beans (round) and onions (brown) were lower than in the previous week.
  • The Queensland young cattle indicator price (330–400 kg live weight C3) increased by 6 per cent in the week ending 7 June 2013 to 300 cents a kilogram. Young cattle prices also rose by 7 per cent to 367 cents a kilogram in Victoria and by 1 per cent to 349 cents a kilogram in New South Wales.
  • The Victorian saleyard lamb indicator price (18–22kg fat score 2–4) rose by 5 per cent in the week ending 7 June 2013 to average 456 cents a kilogram.
  • The Australian Eastern Market Indicator price for wool rose by 2 per cent in the week ending 6 June 2013 to 1052 cents a kilogram clean. The total number of bales offered at sale declined by 32 per cent from the previous week.
  • In the first ten months of 2012–13, Australian exports of butter and skim milk powder increased by 30 per cent and 17 per cent, respectively compared with the same period last year. Over the same period, exports of cheese increased by 5 per cent while exports of whole milk powder fell by 17 per cent.

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