Summary of key issues:
- During the past week, much of Australia recorded little to no rainfall.
- The likelihood of El Niño conditions developing during 2014 remains high, with all climate models surveyed indicating El Niño is likely to occur late this year.
- There has been an increase to general security water entitlement allocations in the Murrumbidgee Valley in New South Wales.
- The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) averaged US$336 a tonne in the week ending 22 April 2014.
- The Australian grain sorghum indicator price (Sydney) was $345 a tonne in the week ending 23 April 2014, around 1 per cent lower than the previous week.
- The Queensland young cattle indicator price (330 – 400 kg live weight C3) was largely unchanged in the week ending 18 April 2014 at 327 cents a kilogram.
- The sale yard prices of lamb were generally higher in the week ending 18 April 2014 relative to the previous week.