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Australian Weekly ABARES Report


04 September 2014

Australian Weekly ABARES Report - 4 September 2014Australian Weekly ABARES Report - 4 September 2014


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • In the week ending 3 September 2014, much of Australia recorded little to no rainfall. Rainfall in excess of 10 millimetres was recorded in the far south-west of Western Australia, southern parts of South Australia, much of Victoria and eastern New South Wales.

  • August 2014 rainfall was generally below average for much of southern, western and central Australia, with average to extremely high rainfall recorded throughout much of northern and eastern Australia.

  • Upper level soil moisture for August 2014 were predominately extremely low to below average across much of the southern cropping zone, with much of the wheat/sheep zone in Queensland, northern New South Wales showing improved upper level soil moisture compared with the previous month.

  • The bushfire and natural hazards CRC has released its seasonal bushfire outlook for 2014-15. Above normal bushfire conditions are predicted for much of the wheat-sheep zone of Australia.

  • Water storage levels in the Murray–Darling Basin increased by 223 gigalitres (GL) this week and are at 65 per cent of total capacity. This is 13 percentage points or 2857 GL lower than this time last year.

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$282 a tonne in the week ending 2 September 2014, compared with US$281 a tonne in the previous week.

  • The Australian grain sorghum indicator price (Sydney) was $316 a tonne in the week ending 3 September 2014, around 1 per cent lower than the previous week.

  • The Queensland young cattle indictor price (330–400 kg live weight C3) averaged 352 cents a kilogram in the week ending 29 August 2014, around 1 per cent lower than the previous week. Over the same period, young cattle prices rose marginally in New South Wales to average 371 cents a kilogram but fell by around 4 per cent in Victoria to average 354 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 22 August 2014, compared with the previous week. The indicator price rose by around 11 per cent in Western Australia to average 555 cents a kilogram and by around 3 per cent in New South Wales to average 483 cents a kilogram. In contrast, the indicator price fell by around 5 per cent in South Australia to average 451 cents a kilogram and by around 2 per cent in Victoria to average 494 cents a kilogram.

Climate

Notable events

  • In the week ending 3 September 2014, much of Australia recorded little to no rainfall. Rainfall in excess of 10 millimetres was recorded in the far south-west of Western Australia, southern parts of South Australia, much of Victoria and eastern New South Wales.

  • August 2014 rainfall was below average for much of Western Australia, South Australia, Victoria and Tasmania. Above average rainfall was experienced throughout much of Queensland, coastal and northern New South Wales and the eastern parts of South Australia and the Northern Territory.

  • Winter 2014 rainfall was predominately average across much of eastern and northern Australia. Below average rainfall was recorded in northern and central South Australia, much of southern Western Australia, and parts of western Victoria, southern New South Wales and southern Queensland.

  • Relative upper level soil moisture for August 2014 was predominately extremely low to below average across much of the southern cropping zone, with much of the wheat-sheep zone in Queensland, northern New South Wales showing improved upper level soil moisture compared with the previous month. Relative lower level soil moisture for August 2014 remained predominately average to above average across much of the southern cropping zone, with much of the wheat-sheep zone in Queensland, northern New South Wales and Western Australia continuing to experience significant deficiencies.

  • The Bushfire and Natural Hazards Cooperative Research Centre (CRC) has released the Southern Australia Seasonal Bushfire Outlook for 2014-15, indicating a greater-than-normal chance of fire in parts of eastern Australia, from southern Queensland, through New South Wales and into central Victoria.

  • The rainfall forecast for the next eight days indicates that rainfall is likely to be restricted to the southern parts of Australia. The highest falls, up to 50 millimetres, are likely to occur in western Tasmania, in northern Victoria and in southern New South Wales. Rainfall up to 25 millimetres may be recorded in parts of New South Wales, Victoria, Western Australia, South Australia and southern Queensland.

Rainfall this week

In the week ending 3 September 2014, rainfall was recorded across most of the south of Australia, including, Tasmania, Western Australia, the southern parts of South Australia, across Victoria and New South Wales and into south-eastern Queensland. The highest recorded rainfall total was 168 millimetres at Lismore, approximately 50 kilometres south-west of Byron Bay in New South Wales.

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

Rainfall for the week ending 3 September 2014

©Commonwealth of Australia 2014, Australian Bureau of Meteorology                       Issued: 3/09/2014

Commodities

Production and commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$282 a tonne in the week ending 2 September 2014, compared with US$281 a tonne in the previous week.

  • The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$175 a tonne for the week ending 3 September 2014, compared with US$177 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 2 September 2014, largely unchanged from the previous week.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US75.3 cents a pound in the week ending 3 September 2014, largely unchanged from the previous week.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, No. 11 contract) averaged US15.6 cents a pound in the week ending 3 September 2014, around 1 per cent lower than the previous week.

  • Data from India’s Department of Agriculture and Cooperation indicates that India planted a record 12.3 million hectares of cotton in 2014–15 (August to July), around 6 per cent higher than last season.

  • Data from China Customs indicates China imported around 3.3 million tonnes of sugar (raw value) in the first 10 months of 2013–14 (October to September), around 34 per cent higher than the same period a year ago.

  • The Australian Eastern Market indicator price for wool average 1002 cents a kilogram clean in the week ending 28 August 2014, largely unchanged from the previous week. The total number of bales offered at auction was around 46 per cent higher than the previous sale.

  • The Australian grain sorghum indicator price (Sydney) was $316 a tonne in the week ending 3 September 2014, around 1 per cent lower than the previous week.

  • The Australian feed wheat indicator price (General purpose, Sydney) was $286 a tonne in the week ending 3 September 2014, around 2 per cent lower than the previous week.

  • The Australian feed barley indicator price (Sydney) was $280 a tonne in the week ending 3 September 2014, largely unchanged from the previous week.

  • The Australian canola indicator price (Portland, Victoria) was $448 a tonne in the week ending 1 September 2014, around 3 per cent higher than the previous week.

  • The Queensland young cattle indictor price (330–400 kg live weight C3) averaged 352 cents a kilogram in the week ending 29 August 2014, around 1 per cent lower than the previous week. Over the same period, young cattle prices rose marginally in New South Wales to average 371 cents a kilogram but fell by around 4 per cent in Victoria to average 354 cents a kilogram.

  • The saleyard indicator price of lamb (18–22kg fat score 2–4) fell in most states in the week ending 29 August 2014, compared with the previous week. The largest fall was in Western Australia where the indicator price fell by around 10 per cent to average 500 cents a kilogram. The indicator price fell by around 9 per cent in New South Wales to average 440 cents a kilogram and by around 6 per cent in Victoria to average 463 cents a kilogram. In contrast, the indicator price rose by around 1 per cent in South Australia to average 455 cents a kilogram.

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