Summary of key issues:
- More than 300 millimetres of rain has fallen across parts of eastern Victoria during the past week. Despite some localised flooding, most producers are likely to benefit from improved soil moisture and replenished water storages.
- Wetter than normal conditions are forecast across most of Australia during July to September 2013 (Bureau of Meteorology Seasonal Rainfall Outlook, July to September 2013).
- Water storage levels in the Murray–Darling Basin have increased by 191 gigalitres this week and are at 68 per cent of total capacity.
- The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$318 a tonne in the week ending 18 June 2013, compared with US$325 in the previous week.
- The world cotton indicator price (the Cotlook ‘A’ index) averaged US95.8 cents a pound in the week ending 19 June 2013, the highest level in more than a year.
- The world sugar indicator price (Intercontinental Exchange, nearby futures, No. 11 contract) averaged US16.7 cents a pound in the week ending 19 June 2013, around 1.8 per cent higher than in previous week.
- The Global Dairy Trade (GDT) weighted average price of anhydrous milk fat increased to US$4589 a tonne on 18 June 2013 compared with US$4478 a tonne on 4 June 2013.
- The Queensland young cattle indicator price (330–400 kg live weight C3) increased by around 1 per cent in the week ending 14 June 2013 to 303 cents a kilogram.