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Australian Weekly ABARES Report


24 July 2014

Australian Weekly ABARES Report - 24 July 2014Australian Weekly ABARES Report - 24 July 2014


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • For the week ending 23 July 2014, rainfall in excess of 50 millimetres was recorded in the northwest of Western Australia and in parts of Tasmania. Falls above 15 millimetres were restricted to parts of the south and east of the continent and the north-west of Western Australia.

  • While recent rainfall has improved soil moisture levels across central and southern parts of New South Wales, soil moisture levels in northern New South Wales and much of Queensland remain well below average for this time of year.

  • The three-month rainfall outlook (August to October) indicates that drier than normal conditions are more likely for northern Queensland and parts of southeast Australia, while wetter than normal conditions a more likely for much of central and south western Australia.

  • Water storage levels in the Murray–Darling Basin have increased by 428 gigalitres this week and are at 63 per cent of total capacity.

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$286 a tonne in the week ending 22 July 2014, compared with US$293 in the previous week.

  • The Australian grain sorghum indicator price (Sydney) was $323 a tonne in the week ending 22 July 2014, around 2 per cent lower than the previous week.

  • The Queensland young cattle indictor price (330 – 400 kg live weight C3) averaged 323 cents a kilogram in the week ending 18 July 2014, around 2 per cent lower than the previous week. Over the same period, young cattle prices were largely unchanged in New South Wales at an average of 364 cents a kilogram and fell by around 1 per cent in Victoria to average 381 cents a kilogram.

  • Changes in the saleyard indicator price of lamb (18–22kg fat score 2–4) were mixed across the states in the week ending 18 July 2014, compared with the previous week. The indicator price fell by around 2 per cent in New South Wales to average 550 cents a kilogram and by around 1 per cent in Victoria to average 556 cents a kilogram. In contrast, the indicator price rose by around 6 per cent in Western Australia to average 616 cents a kilogram. In South Australia, the indicator price was largely unchanged at an average of 532 cents a kilogram.

Climate

Notable events

  • For the week ending 23 July 2014, rainfall in excess of 50 millimetres was recorded in the north-west of Western Australia and in parts of Tasmania. Falls above 15 millimetres were restricted to parts of the south and east of the continent and the north-west of Western Australia.

  • Wet seasonal conditions across much of South Australia have reportedly resulted in ample feed and stock water for livestock. There are reports that a lack of available stock in the region has led to sheep producers looking further afield to build stock numbers to take advantage of the current conditions.

  • While recent rainfall has improved soil moisture levels across central and southern parts of New South Wales, soil moisture levels in northern New South Wales and much of Queensland remain well below average for this time of year. These regions will be heavily reliant on timely rainfall over the next three months to sustain crops through to harvest.

  • The rainfall forecast for the eight day period ending 31 July 2014, indicates that rainfall will be mainly restricted to southern parts of the continent, with light rainfall also forecast for much of the east coast. Falls in excess of 150 millimetres are forecast for western Tasmania during the next eight days.

  • The three-month rainfall outlook (August to October) indicates that drier than normal conditions are more likely for northern Queensland, and parts of southeast Australia, while wetter than normal conditions are more likely for much of central and south western Australia. The temperature outlook indicates that warmer days are more likely for much of northern, eastern and southern Australia, while warmer nights are more likely over most of Australia, except for the Pilbara coast region in Western Australia (Bureau of Meteorology ‘National Seasonal Outlook’, 23 July 2014).

Rainfall this week

For the week ending 23 July, rainfall was mainly recorded across southern parts of the continent, Tasmania and in parts of Western Australia. The highest recorded rainfall total was 76 millimetres at Swanbourne, near Hobart in Tasmania.

For further information go to www.bom.gov.au/climate/current/weeklyrain.shtml

Rainfall for the week ending 23 July 2014

©Commonwealth of Australia 2014, Australian Bureau of Meteorology               Issued: 23/07/2014

Commodities

Production and commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$286 a tonne in the week ending 22 July 2014, compared with US$293 in the previous week.

  • The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$183 a tonne for the week ending 23 July 2014, compared with US$181 a tonne in the previous week.

  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$433 a tonne in the week ending 21 July 2014, compared with US$449 a tonne in the previous week.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US83.1 cents a pound in the week ending 23 July 2014, around 1 per cent lower than the previous week.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, No. 11 contract) averaged US17.1 cents a pound in the week ending 23 July 2014, around 1 per cent lower than the previous week.

  • Data from China Customs indicates that China imported around 3 million tonnes of sugar (raw value) in the first nine months of the 2013-14 season (October to September), compared with around 2 million tonnes over the same period a year ago.

  • Data from China Customs indicates that China imported around 2.8 million tonnes of cotton in the first eleven months of the 2013-14 season (August to July), around 26 per cent lower than imports over the same period last year.

  • The Australian grain sorghum indicator price (Sydney) was $323 a tonne in the week ending 22 July 2014, around 2 per cent lower than the previous week.

  • The Australian feed wheat indicator price (General purpose, Sydney) was $281 a tonne in the week ending 22 July 2014, around 3 per cent lower than the previous week.

  • The Australian feed barley indicator price (Sydney) was $279 a tonne in the week ending 22 July 2014, around 3 per cent lower than the previous week.

  • The Australian canola indicator price (Portland, Victoria) was $476 a tonne in the week ending 23 July 2014, around 1 per cent lower than the previous week.

  • The Queensland young cattle indictor price (330 – 400 kg live weight C3) averaged 323 cents a kilogram in the week ending 18 July 2014, around 2 per cent lower than the previous week. Over the same period, young cattle prices were largely unchanged in New South Wales at an average of 364 cents a kilogram and fell by around 1 per cent in Victoria to average 381 cents a kilogram.

  • Changes in the saleyard indicator price of lamb (18–22kg fat score 2–4) were mixed across the states in the week ending 18 July 2014, compared with the previous week. The indicator price fell by around 2 per cent in New South Wales to average 550 cents a kilogram and by around 1 per cent in Victoria to average 556 cents a kilogram. In contrast, the indicator price rose by around 6 per cent in Western Australia to average 616 cents a kilogram. In South Australia, the indicator price was largely unchanged at an average of 532 cents a kilogram.

  • The wholesale prices of selected fruit and vegetables were generally higher in the week ending 19 July 2014, compared with the previous week.

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