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Australian Weekly ABARES Report


12 December 2013

Australian Weekly ABARES Report - 12 December 2013Australian Weekly ABARES Report - 12 December 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • During the past week rainfall was recorded in all states and territories. Thunderstorms brought falls of up to 100 mm across parts of Western Australia and the Northern Territory.

  • Heavy rainfall in north-central Victoria and southern New South Wales during the past week has reportedly disrupted harvesting activities.

  • There are reports that recent dry seasonal conditions have resulted in feed and water shortages along some stock routes in southeast Australia.

  • Water storage levels in the Murray–Darling Basin have decreased by 196 gigalitres this week and are at 75 per cent of total capacity.

  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) increased by around 2 per cent in the week ending 6 December 2013 to 347 cents a kilogram. Young cattle prices also increased by 1 per cent in New South Wales to 340 cents a kilogram and by 2 per cent in Victoria to 344 cents a kilogram.

  • Saleyard prices of lambs rose in most states in the week ending 6 December 2013. The largest increase occurred in Western Australia where the indicator price (18–22kg fat score 2–4) rose by around 12 per cent to average 441 cents a kilogram. Prices also rose by around 5 per cent in Victoria to average 408 cents a kilogram and by 1 per cent in South Australia to average 396 cents a kilogram. However, the indicator price fell by 1 per cent in New South Wales to average 414 cents a kilogram.

  • The Australian Eastern Market indicator price for wool increased by around 2 per cent in the week ending 5 December 2013 to average 1144 cents a kilogram clean. The total number of bales offered at auction was around 5 per cent higher than the previous sale.

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$310 a tonne in the week ending 10 December 2013, compared with US$318 a tonne in the previous week.

Climate

Notable events

  • During the past week rainfall was recorded in all states and territories. Thunderstorms brought falls of up to 100 mm across parts of Western Australia and the Northern Territory, while a cold front resulted in falls of up to 100 mm across Tasmania, Victoria and parts of southern New South Wales.

  • Heavy rainfall in north-central Victoria and southern New South Wales during the past week has reportedly disrupted harvesting activities. Despite a series of weather hold-ups, producers in the above mentioned regions are reportedly pleased with the quality and quantity of grain harvested to date.

  • Many Queensland cotton growers have reportedly planted an average sized crop this season. Cotton Australia reports that irrigated plantings in Queensland are higher than estimated at 178 000 hectares, while dryland planting are down to 14 000 hectares.

  • There are reports that recent dry seasonal conditions have resulted in feed and water shortages along some stock routes in southeast Australia. With feed availability expected to decline further during summer, some routes may be temporarily closed to allow pasture and water supplies to recover.

Rainfall this week

For the week ending 11 December 2013, rainfall was recorded in every state and territory. The highest recorded rainfall total for the week was 164 millimetres at Coconut Island, off the tip of Cape York in far north Queensland. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

©Commonwealth of Australia 2013, Australian Bureau of Meteorology             Issued: 11/12/2013

Commodities

Production and commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$310 a tonne in the week ending 10 December 2013, compared with US$318 a tonne in the previous week.

  • The world coarse grains indicator price (US no. 2 yellow corn, free on board Gulf ports) averaged US$200 a tonne for the week ending 11 December 2013, largely unchanged from the previous week.

  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$517 a tonne in the week ending 10 December 2013, compared with US$520 a tonne in the previous week.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged around US86.2 cents a pound in the week ending 11 December 2013, compared with US 85.2 cents a pound in the previous week.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US16.6 cents a pound in the week ending 11 December 2013, around 2 per cent lower than the previous week.

  • Data from China Cotton Reserve Procurement indicates that as at 5 December 2013, the Chinese government had purchased around 3.4 million tonnes of the 2013-14 domestic cotton crop for the Chinese national reserve, around 6 per cent less than the amount purchased over the same period in 2012.

  • In Western Australia, 2.3 million tonnes of the 2013–14 winter crops were delivered to the CBH Group during the week ending 6 December 2013, taking total deliveries for this season to 12.4 million tonnes.

  • The Australian canola indicator price (Portland, Victoria) averaged $520 a tonne in the week ending 9 December 2013, compared with $518 a tonne in the previous week.

  • Changes to the wholesale prices of selected fruit were generally lower in the week ending 7 December 2013.

  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) increased by around 2 per cent in the week ending 6 December 2013 to 347 cents a kilogram. Young cattle prices also increased by 1 per cent in New South Wales to 340 cents a kilogram and by 2 per cent in Victoria to 344 cents a kilogram.

  • Saleyard prices of lambs rose in most states in the week ending 6 December 2013. The largest increase occurred in Western Australia where the indicator price (18–22kg fat score 2–4) rose by around 12 per cent to average 441 cents a kilogram. Prices also rose by around 5 per cent in Victoria to average 408 cents a kilogram and by 1 per cent in South Australia to average 396 cents a kilogram. However, the indicator price fell by 1 per cent in New South Wales to average 414 cents a kilogram.

  • The Australian Eastern Market indicator price for wool increased by around 2 per cent in the week ending 5 December 2013 to average 1144 cents a kilogram clean. The total number of bales offered at auction was around 5 per cent higher than the previous sale.

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