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Australian Weekly ABARES Report


21 August 2014

Australian Weekly ABARES Report - 21 August 2014Australian Weekly ABARES Report - 21 August 2014


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • During the past week rainfall was recorded in much of eastern Australia and southwest Western Australia. Rainfall in excess of 50 millimetres occurred in small pockets in the inland and coastal areas of New South Wales, Victoria and Queensland.

  • Widespread rainfall in excess of 25 millimetres across much of northern New South Wales and southern Queensland is likely to benefit crop and pasture growth and lift soil moisture profiles in many area.

  • General water security allocations have increased in New South Wales for the Murray and Murrumbidgee Valleys. In Victoria, high reliability allocations have increased for the Murray, Broken and Bullarook systems, while low reliability allocations also increased for the Bullarook system.

  • Water storage levels in the Murray–Darling Basin increased by 199 gigalitres (GL) this week and are at 67 per cent of total capacity.

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$281 a tonne in the week ending 19 Aug 2014, compared with US$290 a tonne in the previous week.

  • The Global Dairy Trade (GDT) weighted average price of skim milk powder declined by around 12 per cent to US$2874 a tonne on 19 August 2014, compared with US$3264 a tonne on 5 August 2014. Over the same period, the cheddar cheese price fell by around 8 per cent. In contrast, the prices of anhydrous milk fat and whole milk powder both increased by around 3 per cent.

  • The Queensland young cattle indictor price (330–400 kg live weight C3) averaged 334 cents a kilogram in the week ending 15 August 2014, around 4 per cent lower than the previous week. Over the same period, young cattle prices increased by 3 per cent in New South Wales to average 368 cents a kilogram and were largely unchanged in Victoria at an average of 375 cents a kilogram.

  • The saleyard indicator price of lamb (18–22kg fat score 2–4) fell in most states in the week ending 15 August 2014. In Western Australia the indicator price fell by around 8 per cent to average 499 cents a kilogram. The indicator price fell by around 6 per cent in New South Wales to average 467 cents a kilogram and by around 5 per cent in South Australia to average 476 cents a kilogram. In contrast, the indicator price rose by around 11 per cent in Victoria to average 505 cents a kilogram.

Climate

Notable events

  • In the week ending 20 August 2014, rainfall in excess of 10 millimetres was recorded in much of eastern Australia and the southwest of Western Australia. Heavier falls in excess of 50 millimetres were recorded across small pockets of inland and coastal New South Wales, Victoria and Queensland.

  • While widespread rainfall in excess of 25 millimetres across much of northern New South Wales and southern Queensland is likely to benefit crop and pasture growth and lift soil moisture profiles in many area, it may have arrived too late to save some crops that have been subject to long term soil moisture deficiencies.

  • Parts of Western Australia recorded day-time temperatures above 27 degrees Celsius in the week ending 19 August 2014, which are up to 6 degrees above average for this time of year. These above average temperature follow well above temperatures last week, when a number of August temperature records were broken. This may limit the capacity of rainfall received this week to support winter crop prospect across northern and eastern parts of the Western Australian wheatbelt.

  • The rainfall forecast for the next eight days indicates that falls in excess of 10 millimetres are likely for parts of south eastern Australia and the far southwest coast of Western Australia. The highest falls, up to 300 millimetres in some areas are likely to occur along the north eastern coastline of New South Wales. Much of central, western and northern Australia is likely to receive little or no rainfall during the next eight days.

Rainfall this week

In the week ending 20 August 2014, rainfall was recorded in Tasmania, south eastern Victoria, South Australia, across New South Wales, in eastern Queensland and the southwest of Western Australia. The highest recorded rainfall was 328 millimetres at Robertson, approximately 50 kilometres south west of Wollongong in New South Wales.

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

Rainfall for the week ending 20 August 2014

©Commonwealth of Australia 2014, Australian Bureau of Meteorology                   Issued: 20/08/2014

Commodities

Production and commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$281 a tonne in the week ending 19 Aug 2014, compared with US$290 a tonne in the previous week.

  • The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$177 a tonne in the week ending 20 Aug 2014, compared with US$175 a tonne in the previous week.

  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$428 a tonne in the week ending 19 Aug 2014, compared with US$431 a tonne in the previous week.

  • The Australian grain sorghum indicator price (Sydney) averaged around $321 a tonne during the week ending 20 August 2014, largely unchanged from the previous week during the week.

  • The Australian feed wheat indicator price (General purpose, Sydney) fell by around 2 per cent during the week ending 20 August 2014 to $283 a tonne.

  • The Australian feed barley indicator price (Sydney) fell by around 2 per cent during the week ending 20 August 2014 to $277 a tonne.

  • The Australian canola indicator price (Portland, Victoria) decreased by around 1 per cent during the week ending 20 August 2014 to $460 a tonne.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged around US 73.8 cents a pound in the week ending 20 August 2014, largely unchanged from the previous week.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US 15.7 cents a pound in the week ending 20 August 2014, around 3 per cent lower than the previous week.

  • According to the India Meteorological Department, the cumulative rainfall in India during the 2014 monsoon season to date (between 1 June and 19 August) was around 513 millimetres, around 18 per cent below the long term average (1951-2000) for this period of 623.1 millimetres.

  • The Global Dairy Trade (GDT) weighted average price of skim milk powder declined by around 12 per cent to US$2874 a tonne on 19 August 2014 compared with US$3264 a tonne on 5 August 2014. Over the same period, the cheddar cheese price fell by around 8 per cent. In contrast, the prices of anhydrous milk fat and whole milk powder both increased by around 3 per cent.

  • The wholesale prices of selected fruit were generally lower in the week ending 16 August 2014 than the previous week. The wholesale prices of blueberry, watermelon (seedless), pineapple (smoothleaf), avocado (hass) and strawberry were lower than the previous week.

  • Changes to the wholesale prices of selected vegetables were mixed in the week ending 16 August 2014. The wholesale prices of tomato (field gourmet) and lettuce (iceberg) were higher than the previous week, while prices of cauliflower, bean (round stringless) and broccoli were lower.

  • The Queensland young cattle indictor price (330–400 kg live weight C3) averaged 334 cents a kilogram in the week ending 15 August 2014, around 4 per cent lower than the previous week. Over the same period, young cattle prices increased by 3 per cent in New South Wales to average 368 cents a kilogram and were largely unchanged in Victoria at an average of 375 cents a kilogram.

  • The saleyard indicator price of lamb (18–22kg fat score 2–4) fell in most states in the week ending 15 August 2014. In Western Australia the indicator price fell by around 8 per cent to average 499 cents a kilogram. The indicator price fell by around 6 per cent in New South Wales to average 467 cents a kilogram and by around 5 per cent in South Australia to average 476 cents a kilogram. In contrast, the indicator price rose by around 11 per cent in Victoria to average 505 cents a kilogram.

  • The Australian Eastern Market indicator price for wool averaged 1020 cents a kilogram clean in the week ending 14 August 2014, around 1 per cent lower than the previous week. The total number of bales offered at auction was around 15 per cent lower than the previous sale.

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