Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Rabobank Australia and New Zealand Agribusiness Review Oct

Agribusiness Review
October 2012


Please see attached Rabobank’s latest Agribusiness Review for Australia and New Zealand.

Prepared by our Food & Agribusiness Research and Advisory division (FAR), the report provides monthly commentary on New Zealand and Australian agricultural conditions.

Key highlights:

• A warm end to spring is on the cards for most of Australia according to the Bureau of Meteorology. Climate models surveyed by the Bureau suggest sea surface temperatures in the tropical Pacific Ocean will maintain values around typical El Niño thresholds for the remainder of 2012.
• The US Federal Reserve announced the third stage of its quantitative easing program to help boost investment and spending in the economy. On a negative note, the World Trade Organisation downgraded its forecasts for growth in global trade in 2012 and 2013 by over one percentage point in response to slowing global economic activity.

• The New Zealand dollar has held firm over the course of the past month following the announcement of further liquidity measures in key global economies. The Australian dollar found some relief on the news of the Reserve Bank of Australia’s decision and softer external trade numbers and is currently trading around the USD1.025 level.

• Wheat, corn and soybean prices fell by 10-15% throughout September to levels which are unlikely to see sufficient demand rationing. Across the grains and oilseeds complex, global prices will be well supported through Q4 2012 by the need to ration demand due to low global stocks.

• Over the course of September, the price of domestic US 90CL fresh beef has declined USD 15c/lb to USD 201c/lb. Turning to the local market, the Eastern Young Cattle Indicator (EYCI) finished September at AUD 360c/kg, down from AUD 376c/kg in August. Weaker market prices were a reflection of sluggish restocker and feeder demand due to ongoing dry weather.

• Through September international dairy commodity prices gained strength in US dollar terms for the second consecutive month. Butter was up 14%, WMP up 16% and SMP 21%; cheese saw a modest gain of 6%. Slower production growth from key export supply regions mounting with the EU and the US both falling into negative year-on-year comparables in July and August, respectively, for the first time since early 2010.

• An increase in trading activity is expected to put some upward pressure on global fertiliser prices (in US dollar terms) in the near term. Attention is fixed on the approaching South American and India planting programs; while the low export tax windows (for phosphate and urea) in China will close shortly, reducing export availability.

To view the full report, please follow this link:
Australia and New Zealand Agribusiness Review

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news