Summary of key issues:
- A northwest cloud band has continued to produce heavy rainfall across parts of the northwest and southeast Australia early this week.
- The cattle industry is likely to benefit from the last two week’s widespread rain in parts of southern South Australia, Victoria, southern Queensland and the Riverina in New South Wales.
- The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$325 a tonne in the week ending 11 June 2013, compared with US$330 in the previous week.
- The world cotton indicator price (the Cotlook ‘A’ index) averaged US93.2 cents a pound in the week ending 12 June 2013, 3 per cent higher than in the previous week.
- The Australian canola indicator price (Portland, Victoria) averaged $618 a tonne in the week ending 10 June 2013, compared with $625 a tonne in the previous week.
- The Queensland young cattle indicator price (330–400 kg live weight C3) increased by 6 per cent in the week ending 7 June 2013 to 300 cents a kilogram.
- The Victorian saleyard lamb indicator price (18–22kg fat score 2–4) rose by 5 per cent in the week ending 7 June 2013 to average 456 cents a kilogram.
- In the first ten months of 2012–13, Australian exports of butter and skim milk powder increased by 30 per cent and 17 per cent, respectively compared with the same period last year.