Summary of key issues:
- During the past week, significant rainfall totals were mainly recorded in the east and tropical north of Australia.
- The seasonal rainfall outlook for autumn 2014 indicates that a drier than normal season is more likely for large parts of eastern Australia, while a wetter than normal season is more likely for parts of Western Australia.
- Water storage levels in the Murray–Darling Basin have decreased by 218 gigalitres this week and are at 56 per cent of total capacity.
- The world wheat indicator price (US No. 2 hard red winter, free on board Gulf ports) rose further by around 2 per cent in the week ending 25 February 2014.
- The Australian grain sorghum indicator price (Sydney) rose by around 1 per cent in the week ending 26 February 2014 to an average of $363 a tonne.
- The world sugar indicator price (Intercontinental Exchange, nearby futures, no. 11 contract) averaged US17 cents a pound in the week ending 26 February 2014.
- Data from China Customs indicates the cumulative volume of sugar imports into China in the first four months of the 2013-14 season (October to September) was 1.92 million tonnes, almost double the 989 000 tonnes imported over the same period in 2012-13.
- The saleyard prices of lamb rose in most states in the week ending 21 February 2014. The largest increase occurred in Western Australia.
- The Queensland young cattle indictor price (330 – 400 kg live weight C3) declined by around 2 per cent in the week ending 21 February 2014 to 300 cents a kilogram.