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Australian Weekly ABARES Report


21 November 2013

Australian Weekly ABARES Report - 21 November 2013Australian Weekly ABARES Report - 21 November 2013


The Australian Bureau of Agricultural and Resource Economics and Sciences

Summary of key issues

  • During the past week heavy rainfall in excess of 50 millimetres was recorded in coastal and adjacent inland regions of eastern Australia.

  • Heavy falls were also recorded during the past week across northern Australia, including areas of northern Queensland that have experienced long-term rainfall deficiencies.

  • Significant rainfall is forecast for much of eastern, northern and central Australia in the coming week, with the heaviest falls expected in northern Queensland.

  • Water storage levels in the Murray–Darling Basin have decreased by 231 gigalitres this week to 80 per cent of total capacity.

  • The Queensland young cattle indicator price (330-400 kg live weight C3) increased to 321 cents a kilogram, by around 5 per cent in the week ending 15 November 2013, compared with this time last week. Young cattle prices also increased in New South Wales and South Australia by around 1 per cent and 6 per cent, respectively, to 330 cents a kilogram and 303 cents a kilogram.

  • Australian beef and veal production was 13 per cent higher in September 2013 than September 2012, at 203 000 tonnes (carcass weight). Production was higher in all states.

  • The Global Dairy Trade (GDT) weighted average price of cheese increased to US$4584 a tonne on 19 November 2013 compared with US$4380 a tonne on 5 November 2013. In contrast, the price of anhydrous milk fat declined by around 1.6 per cent to US$5255 a tonne. The prices of whole milk powder and skim milk powder remained largely unchanged.

  • Saleyard lamb prices rose in most states in the week ending 15 November 2013, compared with this time last week. The largest increase occurred in Western Australia where the indicator price (18–22kg fat score 2–4) rose by around 2 per cent to average 351 cents a kilogram. In New South Wales and Victoria, the indicator price rose by around 1 per cent in both states to average 418 cents and 389 cents a kilogram, respectively. In contrast, the indicator price fell by 5 per cent in South Australia to 389 cents a kilogram.

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$313 a tonne in the week ending 19 November 2013, compared with US$316 a tonne in the previous week.

Climate

Notable events

  • During the past week heavy rainfall in excess of 50 millimetres was recorded in coastal and adjacent inland regions of eastern Australia. While, these fall have reportedly resulted localised flooding and some damage to rural and urban infrastructure, most agricultural industries are likely to benefit from the timely rainfall.

  • Heavy falls were also recorded during the past week across northern Australia, including areas of northern Queensland that have experienced long-term rainfall deficiencies. Parts of the Hunter region in New South Wales received their heaviest November falls on record.

  • The weather systems that delivered heavy rainfall during the past week to eastern Australia also produced severe and damaging hailstorms, with fruit and vegetable growers around Coffs Harbour in New South Wales reporting significant crop damage.

  • Significant rainfall is forecast for much of eastern, northern and central Australia in the coming week, with the heaviest falls expected in northern Queensland. If these heavy forecast falls eventuate they are likely to provide timely follow-up falls for a number of agricultural industries, particularly for regions that are experiencing long-term rainfall deficiencies.

  • Neutral El Niño/Southern Oscillation (ENSO) conditions persist across the tropical Pacific Ocean. Climate models suggest that ENSO conditions are likely to remain neutral until the end of summer 2013–14 (Bureau of Meteorology, ENSO ‘Wrap-up’, 19 November 2013).

Rainfall this week

For the week ending 20 November 2013, rainfall was mainly recorded along the eastern and northern coastal regions of mainland Australia, Tasmania and in patches across central Western Australia. The highest recorded rainfall total for the week was 310 millimetres at Paterson, north-west of Newcastle in New South Wales. For further information, go to www.bom.gov.au/climate/current/weeklyrain.shtml.

Rainfall for the week ending 20 November 2013


©Commonwealth of Australia 2013, Australian Bureau of Meteorology           Issued: 20/11/2013

Commodities

Production and commodities

  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$313 a tonne in the week ending 19 November 2013, compared with US$316 a tonne in the previous week.

  • The world coarse grains indicator price (US no. 2 yellow corn, free on board Gulf ports) averaged US$199 a tonne for the week ending 20 November 2013, largely unchanged from the previous week.

  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$512 a tonne in the week ending 19 November 2013, compared with US$513 a tonne in the previous week.

  • On 15 November 2013, the United States Environmental Protection Agency proposed a reduction in the level of renewable fuel required to be blended into transport fuel in 2014 from 69 billion litres to 58 billion litres. This proposal will be open to public comment for a period of 60 days once it is published in the Federal Register.

  • The world cotton indicator price (the Cotlook ‘A’ index) averaged US 84.3 cents a pound in the week ending 20 November 2013, largely unchanged from the previous week.

  • Data from the United States Department of Agriculture indicates that as at 17 November 2013, 68 per cent of the 2013–14 cotton in the United States had been harvested, 14 percentage points lower than at the same time in 2012.

  • The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US17.6 cents a pound in the week ending 20 November 2013, around 2 per cent lower than in the previous week.

  • The Australian canola indicator price (Portland, Victoria) averaged $510 a tonne in the week ending 20 November 2013, compared with $498 a tonne in the previous week.

  • The Queensland young cattle indicator price (330–400 kg live weight C3) increased by around 5 per cent in the week ending 15 November 2013 to 321 cents a kilogram, compared with this time last week. Young cattle prices also increased in New South Wales and South Australia by around 1 per cent and 6 per cent, respectively, to 330 cents a kilogram and 303 cents a kilogram.

  • Australian beef and veal production was 13 per cent higher in September 2013 than September 2012 at 203 000 tonnes (carcass weight). Production was higher in all states.

  • The Global Dairy Trade (GDT) weighted average price of cheese increased to US$4584 a tonne on 19 November 2013 compared with US$4380 a tonne on 5 November 2013. In contrast, the price of anhydrous milk fat declined by around 1.6 per cent to US$5255 a tonne. The prices of whole milk powder and skim milk powder remained largely unchanged.

  • Saleyard lamb prices rose in most states in the week ending 15 November 2013. The largest increase occurred in Western Australia where the indicator price (18–22kg fat score 2–4) rose by around 2 per cent to average 351 cents a kilogram. In New South Wales and Victoria, the indicator price rose by around 1 per cent in both states to average 418 cents and 389 cents a kilogram, respectively. In contrast, the indicator price fell by 5 per cent in South Australia to 389 cents a kilogram.

  • The Australian Eastern Market indicator price for wool was largely unchanged in the week ending 14 November 2013, averaging 1102 cents a kilogram clean. The total number of bales offered at auction was around 6 per cent lower than the previous sale.

  • There were mixed changes to the wholesale prices of prices of selected fruit in the week ending 16 November 2013. The wholesale prices of avocado were higher than the previous week, while the prices of watermelon (seedless) and strawberry were lower.

  • There were mixed changes to wholesale prices of vegetables in the week ending 16 November 2013. The wholesale prices of iceberg lettuce, tomato (field gourmet) and potato (white washed) were higher than the previous week while the prices of cauliflower, bean (round stringless) and broccoli were lower.

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