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.