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Australian Weekly ABARES Report


08 August 2013

Australian Weekly ABARES Report - 8 August 2013Australian Weekly ABARES Report - 8 August 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • July 2013 rainfall was variable with areas of above average and below average rainfall distributed across the country.
  • Upper layer soil moisture levels across the eastern Australian wheatbelt declined during July 2013 in response to slightly below average rainfall and above average temperatures.
  • July maximum and minimum temperatures were above average across most of Australia, with all states except Western Australia recording mean temperatures in the highest 10 per cent of records for July.
  • Water storage levels in the Murray–Darling Basin have increased by 293 gigalitres this week and are at 78 per cent of total capacity.
  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$317 a tonne in the week ending 6 August 2013, compared with US$314 a tonne in the previous week.
  • Australian grain sorghum exports to China between March and June 2013 totalled 254 452 tonnes, compared with 15 331 tonnes over the same period in 2012.
  • Australian beef and veal exports in July 2013 were 106 000 tonnes (shipped weight), the highest ever monthly export volume. Exports were 29 per cent higher than the same time last year, with the largest increases to China and the Middle East.

Climate

Notable events

  • During the past week rainfall was mostly confined to south-west Western Australia and south-east Australia. More than 100 millimetres of rainfall was recorded in north-east Victoria, resulting in minor flood warnings for numerous catchments.
  • A wet start to August 2013 in the far southwest of Western Australia is replenishing dam storage levels and providing improved soil moisture for the region’s crops and pastures.
  • July 2013 rainfall was slightly below the long-term average for Australia as a whole. The only regions to record above average July rainfall were Tasmania, parts of central Australia and along the southern mainland coast from Melbourne to southeast Western Australia. Below average July rainfall was recorded in coastal Western Australia and the South West Land Division, the east coast between Gippsland and Coffs Harbour and scattered small areas of inland eastern Australia.
  • July maximum and minimum temperatures were above average across most of Australia, with all states except Western Australia recording mean temperatures in the highest 10 per cent of records for July. In areas with adequate soil moisture, the warm weather has reportedly assisted crop and pasture growth.
  • Across Australia, July maximum temperatures were around 1.5°C above average, minimum temperatures around 1.4°C above average, and mean temperatures around 1.5°C above average. In Melbourne, Hobart, Canberra and Sydney, mean July temperatures were the highest on record.
  • Upper layer soil moisture levels across the eastern Australian wheatbelt declined during July 2013 in response to slightly below average rainfall and above average temperatures. In Western Australia soil moisture levels across much of the wheatbelt remained extremely low during July.

Rainfall this week

For the week ending 7 August 2013, rainfall was recorded across the southwest of Western Australia, southeastern South Australia, Victoria, alpine and southern New South Wales, and Tasmania. The highest recorded rainfall total for the week was 203 millimetres at Falls Creek in alpine Victoria. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the week ending 7 August 2013

©Commonwealth of Australia 2013, Australia Bureau of Meteorology
Issued: 07/08/2013

Commodities

Production and commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$314 a tonne in the week ending 30 July 2013, largely unchanged from the previous week.
  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$317 a tonne in the week ending 6 August 2013, compared with US$314 a tonne in the previous week.
  • The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$241 a tonne for the week ending 7 August 2013, compared with US$255 a tonne in the previous week.
  • Australian grain sorghum exports to China between March and June 2013 totalled 254 452 tonnes, compared with 15 331 tonnes over the same period in 2012.
  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$462 a tonne in the week ending 6 August 2013, compared with US$463 a tonne in the previous week.
  • The Australian canola indicator price (Portland, Victoria) averaged $579 a tonne in the week ending 5 August 2013, compared with $601 a tonne in the previous week.
  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US 90.7 cents a pound in the week ending 7 August 2013, around 2 per cent lower than in the previous week.
  • The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US16.7 cents a pound in the week ending 7 August 2013, unchanged from the previous week.
  • According to the FO LICHTS International Sugar and Sweetener Report, Russia's fourth sugar beet test for 2013 on 1 August showed an average yield of around 32 tonnes a hectare, compared with 30.6 tonnes a hectare a year ago and 27 per cent above the five-year average.
  • Wholesale prices of selected fruit were generally lower in the week ending 3 August 2013. Wholesale prices of blueberry, strawberry and watermelon (seedless) were lower than the previous week while the prices of banana (cavendish) were higher.
  • The changes to wholesale prices of selected vegetables were mixed in the week ending 3 August 2013. The wholesale prices of beans (round) and tomatoes (field gourmet) were higher than the previous week while the prices of cauliflower and iceberg lettuce were lower.
  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) fell by around 6 per cent in the week ending 2 August 2013 to average 303 cents a kilogram. Young cattle prices averaged 1 per cent lower in New South Wales at 359 cents a kilogram and 1 per cent higher in Victoria at 361 cents a kilogram.
  • Australian beef and veal exports in July 2013 were around 106 000 tonnes (shipped weight), the highest ever monthly export volume. Exports were 29 per cent higher than the same time in 2012, with the largest increases being to China and the Middle East.
  • Saleyard lamb prices fell in all states in the week ending 2 August 2013. The largest fall occurred in Victoria where the lamb indicator price (18–22kg fat score 2–4) declined by around 8 per cent to average 470 cents a kilogram. The indicator price fell by around 7 per cent in South Australia to average 475 cents a kilogram, around 4 per cent in New South Wales to average 494 cents a kilogram and around 1 per cent in Western Australia to average 403 cents a kilogram.
  • The Global Dairy Trade (GDT) weighted average price of cheese decreased to US$4335 a tonne on 6 August 2013, compared with US$4475 a tonne on 16 July 2013. Over the same period, prices for anhydrous milk fat and skim milk powder fell by around 3 per cent, while the price of whole milk powder declined by around 0.7 per cent.

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