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Australian Weekly ABARES Report


31 October 2013

Australian Weekly ABARES Report - 31 October 2013Australian Weekly ABARES Report - 31 October 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • During the past week rainfall was mainly restricted to far south of Australia and the eastern and north-western coastline.

  • There are numerous reports that frost events which have occurred during October 2013, has damaged some cereal crops in central and southern New South Wales. The frost damage coupled with well below average rainfall during October, has reportedly reduced crop yield and grain quality.

  • Water storage levels in the Murray–Darling Basin have decreased by 148 gigalitres this week and remains at 82 per cent of total capacity.

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$334 a tonne in the week ending 29 October 2013, compared with US$332 in the previous week.

  • The Australian feed wheat indicator price (general purpose, Sydney) rose by around 16 per cent in the week ending 30 October 2013 to $320 a tonne.

  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) increased by around 5 per cent to 328 cents a kilogram in the week ending 25 October 2013. However, in New South Wales and Victoria young cattle prices declined by 3 per cent and 5 per cent, to 317 cents a kilogram and 329 cents a kilogram, respectively.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US86.2 cents a pound in the week ending 30 October 2013, the lowest average weekly price in more than 9 months.

Climate

Notable events

  • During the past week rainfall was mainly restricted to far south of Australia and the eastern and north-western coastline. The lack of rainfall across much of Australia during October 2013, together with the relatively dry seasonal outlook for November 2013 to January 2014 for north-eastern Australia would suggest that the long-term rainfall deficiencies that are being experienced by a number of regions are likely to continue.

  • There are numerous reports that frost events which have occurred during October 2013, have damaged some cereal crops in central and southern New South Wales. The frost damage coupled with well below average rainfall during October, has reportedly reduced crop yield and grain quality.

  • The mild 2013 winter has reportedly allowed mice numbers in southern Queensland to increase, which could influence the establishment of this year’s summer crop through seed predation.

Rainfall this week

For the week ending 30 October 2013, rainfall was recorded along northwest Western Australia, the western Top End, the south eastern mainland, Tasmania, and north coast and eastern Queensland. Most of Australia away from the coasts received little or no rain during the week. The highest recorded rainfall total for the week was 168 millimetres at Geriatric Park, near Darwin in the Northern Territory. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the week ending 30 October 2013

©Commonwealth of Australia 2013, Australian Bureau of Meteorology           Issued: 30/10/2013

Commodities

Production and commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$334 a tonne in the week ending 29 October 2013, compared with US$332 in the previous week.

  • The world coarse grains indicator price (US no. 2 yellow corn, free on board Gulf ports) averaged US$202 a tonne for the week ending 30 October 2013, largely unchanged from the previous week.

  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$524 a tonne in the week ending 29 October 2013, largely unchanged from the previous week.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US86.2 cents a pound in the week ending 30 October 2013, the lowest average weekly price in more than 9 months.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US18.7 cents a pound in the week ending 30 October 2013, around 3 per cent lower than the previous week.

  • The Australian feed wheat indicator price (general purpose, Sydney) rose by around 16 per cent in the week ending 30 October 2013 to $320 a tonne.

  • The Australian canola indicator price (Portland, Victoria) averaged $490 a tonne in the week ending 28 October 2013, compared with $487 a tonne in the previous week.

  • Changes to wholesale prices of selected fruit were mixed in the week ending 26 October 2013. The wholesale prices of blueberry, watermelon (seedless) and avocado (hass) were higher than the previous week while the prices of pineapple (smoothleaf) and strawberry were lower.

  • The wholesale prices of selected vegetables were generally higher in the week ending 26 October 2013.

  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) increased by around 5 per cent to 328 cents a kilogram in the week ending 25 October 2013. However, in New South Wales and Victoria young cattle prices declined by 3 per cent and 5 per cent, respectively, to 317 cents a kilogram and 329 cents a kilogram, respectively.

  • The Australian Eastern Market indicator price for wool fell by around 2 per cent in the week ending 24 October 2013 to 1092 cents a kilogram clean. The total number of bales offered at auction was around 7 per cent lower, compared with the previous sale.

  • There were mixed movements in the saleyard prices of lamb in the week ending 25 October 2013.The indicator price (18–22kg fat score 2–4) rose by around 1 per cent in New South Wales and Western Australia to average 395 cents a kilogram and 346 cents a kilogram, respectively. In contrast, the indicator price fell by around 3 per cent in South Australia to average 385 cents a kilogram and around 2 per cent in Victoria to average 379 cents a kilogram.

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