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ABARES Weekly Australian Climate, Water and Agricultural Updates

ABARES Weekly Australian Climate, Water and Agricultural Updates

Categories: Beef, Sheep & lambs, Cropping, Weather, Commodities

Summary of key issues:

  • During the past week, significant rainfall totals were mainly recorded in the east and tropical north of Australia.
  • The seasonal rainfall outlook for autumn 2014 indicates that a drier than normal season is more likely for large parts of eastern Australia, while a wetter than normal season is more likely for parts of Western Australia.
  • Water storage levels in the Murray–Darling Basin have decreased by 218 gigalitres this week and are at 56 per cent of total capacity.
  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) rose further by around 2 per cent in the week ending 25 February 2014.
  • The Australian grain sorghum indicator price (Sydney) rose by around 1 per cent in the week ending 26 February 2014 to an average of $363 a tonne.
  • The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US17 cents a pound in the week ending 26 February 2014.
  • Data from China Customs indicates the cumulative volume of sugar imports into China in the first four months of the 2013-14 season (October to September) was 1.92 million tonnes, almost double the 989 000 tonnes imported over the same period in 2012-13.
  • The saleyard prices of lamb rose in most states in the week ending 21 February 2014. The largest increase occurred in Western Australia.
  • The Queensland young cattle indictor price (330 – 400 kg live weight C3) declined by around 2 per cent in the week ending 21 February 2014 to 300 cents a kilogram.

Source: www.daff.gov.au/abares

 

Disclaimer: Whilst all care has been taken in compiling the information, the information should not be relied upon as substitute for professional advice where necessary. Rural Bank Limited accepts no responsibility for the accuracy, completeness or timeliness of the information and disclaims all liability in relation to any loss or damage suffered by the use of or reliance upon any information contained herein or in any attachment or annexure hereto by any person. Rural Bank Limited ABN 74 083 938 416 AFSL 238042.