Internet Banking

Farming publications

ABARES Weekly Australian Climate, Water and Agricultural Updates

Weekly Australian Climate, Water and Agricultural Updates

Categories: Commodities, Weather

Summary of key issues:

  • During the past week rainfall was mainly restricted to Tasmania and coastal regions of mainland Australia. There were also isolated tropical storms across northern Australia, resulting in falls in excess of 25millimetres.
  • Large areas of Queensland continue to experience rainfall deficiencies, with much of the state recording little to no rainfall during the first half of October.
  • Water storage levels in the Murray–Darling Basin have decreased by 203 gigalitres this week to 83 per cent of total capacity.
  • The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$333 a tonne in the week ending 15 October 2013, largely unchanged from the previous week.
  • The world canola indicator price (Rapeseed, Europe, free on board Hamburg) averaged US$515 a tonne in the week ending 15 October 2013, compared with US$509 a tonne in the previous week.
  • The world sugar indicator price (Intercontinental Exchange, nearby futures, No. 11 contract) averaged US18.9 cents a pound in the week ending 16October 2013, the highest weekly price level in more than 10 months.
  • The Global Dairy Trade (GDT) weighted average price of whole milk powder declined by around 2.9 per cent to US$5058 a tonne on 15 October 2013. 
  • The Queensland young cattle indicator price (330 – 400 kg live weight C3) fell by around 3 per cent to 312 cents a kilogram in the week ending 11October 2013. Young cattle prices in New South Wales and Victoria also fell by 1 per cent and 7 per cent to 339 cents a kilogram and 342 cents a kilogram, respectively.

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.