Summary of key issues:
- During the past week rainfall between 50 to 300 millimetres was received across the tropical north of Australia. Widespread rainfall was also recorded along most of the eastern seaboard and across Tasmania.
- In the coming week, significant rainfall is forecast along the coastal top end and adjacent inland areas. Rainfall is also forecast for coastal New South Wales, Southern Queensland and south west Tasmania.
- The Bureau of Meteorology’s latest seasonal outlook suggests a higher than average chance of hotter and drier conditions during the December 2013–February 2014 period for north-eastern Australia.
- Water storage levels in the Murray–Darling Basin decreased by 331 gigalitres this week and remain at 78 per cent of total capacity.
- 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 26November 2013, slightly higher than the average in the previous week.
- The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$517 a tonne in the week ending 26 November 2013, compared with US$512 a tonne in the previous week.
- The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US17.4 cents a pound in the week ending 27 November 2013, around 2 per cent lower than the previous week.
- The Queensland young cattle indictor price (330 – 400 kg live weight C3) increased by 2 per cent in the week ending 22 November 2013 to 328 cents a kilogram.
- occurred in New South Wales where the indicator price (18–22kg fat score 2–4) fell by 4 per cent. In Victoria and South Australia, the indicator price fell by 2 per cent and 1 per cent respectively. In contrast, the indicator price rose by 10 per cent in Western Australia.