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Australian Weekly ABARES Report


15 August 2013

Australian Weekly ABARES Report - 15 August 2013Australian Weekly ABARES Report - 15 August 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • A series of fronts and troughs has brought storms and high winds to most of southern Australia this week, with similar conditions forecast for next week in parts of Tasmania and Victoria.
  • A combination of sufficient rainfall mild winter temperature conditions and low number of frosts has reportedly improved growing conditions for crop and pasture growth in southern cropping regions across Australia.
  • Recent cold and wet weather has reportedly provided ideal conditions for the spread of fungal diseases on canola crops in south?east Australia.
  • Neutral El Niño conditions persist across the tropical Pacific Ocean although some indictors are nearing La Niña thresholds.
  • Water storage levels in the Murray–Darling Basin have increased by 396 gigalitres this week and are at 79 per cent of total capacity.
  • Allocations to high security entitlements increased in the Victorian Murray, Goulburn and Loddon catchments and opened at 33 per cent in the Victorian Broken catchment.
  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$465 a tonne in the week ending 13 August 2013, compared with US$462 a tonne in the previous week. This slight increase follows a seven week period during which the price fell by around 25 per cent.
  • 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 13 August 2013, compared with US$317 in the previous week.
  • The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$235 a tonne for the week ending 14 August 2013, compared with US$241 a tonne in the previous week.
  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) increased by around 9 per cent in the week ending 9 August 2013 to average 330 cents a kilogram. Young cattle prices also increased by 1 per cent in both New South Wales and Victoria to average 363 cents a kilogram and 364 cents a kilogram, respectively.

Climate

Notable events

  • A series of fronts and troughs has brought storms and high winds to most of southern Australia this week, with similar conditions forecast for next week in parts of Tasmania and Victoria. This has resulted in several flood warnings, and sheep graziers are advised to provide necessary protection to avoid possible risk of sheep and lamb losses in these adverse weather conditions.
  • A combination of sufficient rainfall, mild winter temperature conditions and low number of frosts, has reportedly improved growing conditions for crop and pasture growth in southern cropping regions across Australia.
  • Parts of eastern New South Wales have experienced favourable growing conditions for cropping and grazing. In contrast, parts of north?western New South Wales have reportedly not received sufficient rainfall this season, with reports that only 15 to 20 per cent of cropping area has been planted around the Walgett region.
  • Recent cold and wet weather has reportedly provided ideal conditions for the spread of fungal diseases on canola crops in south?east Australia. Canola growers are advised to inspect crops for sclerotinia stem rot fungus ? which is most prevalent in early sown crops where diseases are historically prevalent ? and to consider foliar fungicide treatment for infected crops to minimise yield losses.
  • Above average rainfall across parts of southern Australia during the last few months has seen dam levels continue to increase. With Dartmouth Dam currently at 97 per cent of capacity and Hume dam 89 per cent full, management through controlled releases is being considered.
  • Neutral El Niño conditions persist across the tropical Pacific Ocean, although some indictors are nearing La Niña thresholds. The Indian Ocean Dipole (IOD) is currently in a negative phase and is likely to remain negative until midspring. A negative IOD during winter and spring increases the chance of above average rainfall over southern Australia.

Rainfall this week

For the week ending 14 August 2013, rainfall was recorded across most of southern Australia. There was no rainfall recorded across the north of the continent. Between 10 and 100 millimetres was recorded in most of Victoria and eastern Tasmania, south?west Western Australia and parts of New South Wales and South Australia. Falls in excess of 100 millimetres were recorded across most of north?western Tasmania. The highest recorded rainfall total for the week was 215 millimetres at Mount Read in western Tasmania. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the week ending 14 August 2013

©Commonwealth of Australia 2013, Australia Bureau of Meteorology
issued: 14/08/2013

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 13 August 2013, compared with US$317 in the previous week.
  • The world coarse grains indicator price (US No. 2 yellow corn, free on board Gulf ports) averaged US$235 a tonne for the week ending 14 August 2013, compared with US$241 a tonne in the previous week.
  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$465 a tonne in the week ending 13 August 2013, compared with US$462 a tonne in the previous week. This slight increase follows a seven week period during which the price fell by around 25 per cent.
  • The Australian canola indicator price (Portland, Victoria) averaged $577 a tonne in the week ending 12 August 2013, compared with $579 a tonne in the previous week.
  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US 94.7 cents a pound in the week ending 14 August 2013, compared with around US91 cents in 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 14 August 2013, around 2.3 per cent higher than in previous week.
  • According to data from Conab, a Brazilian Government Crop Forecaster, around 52 per cent of the 2013?14 cane harvest season had been used for ethanol production, as at 8 August 2013. This is around 4 percentage points higher than at the same time last year.
  • The wholesale prices of selected fruit were generally lower in the week ending 10 August 2013. The wholesale prices of blueberry, strawberry and watermelon (seedless) were lower than the previous week, while bananas (cavendish) were higher.
  • The wholesale prices of selected vegetables were generally higher in the week ending 10 August 2013. The wholesale prices of beans (round stringless), broccoli, cauliflower and tomatoes (field gourmet) were higher than the previous week, while the price of iceberg lettuce was lower.
  • The Queensland young cattle indicator price (330 – 400 kilogram live weight C3) increased by around 9 per cent in the week ending 9 August 2013 to average 330 cents a kilogram. Young cattle prices also increased by 1 per cent in both New South Wales and Victoria to average 363 cents a kilogram and 364 cents a kilogram, respectively.
  • Changes to the saleyard prices of lamb were mixed in the week ending 9 August 2013. The lamb indicator price (18– 22 kilogram fat score 2–4) rose by 6 per cent in South Australia and 2 per cent in Victoria to average 503 cents a kilogram and 480 cents a kilogram, respectively. In contrast, the indicator price fell by 15 per cent in Western Australia and by 3 per cent in New South Wales to average 344 cents a kilogram and 478 cents a kilogram, respectively.
  • The Australian Eastern Market Indicator price for wool rose by 10 cents a kilogram in the week ending 8 August 2013 to 1017 cents a kilogram clean. The total number of bales offered at auction was 8 per cent lower than the previous sale.

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