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

 

RMTU: Mediation Between Lyttelton Port And Union Fails

The Rail and Maritime Union (RMTU) has opted to continue its overtime ban indefinitely after mediation with the Lyttelton Port of Christchurch (LPC) failed to progress collective bargaining. More>>

Earlier:

Science Policy: Callaghan, NSC Funding Knocked In Submissions

Callaghan Innovation, which was last year allocated a budget of $566 million over four years to dish out research and development grants, and the National Science Challenges attracted criticism in submissions on the government’s draft national statement of science investment, with science funding largely seen as too fragmented. More>>

ALSO:

Scoop Business: Spark, Voda And Telstra To Lay New Trans-Tasman Cable

Spark New Zealand and Vodafone, New Zealand’s two dominant telecommunications providers, in partnership with Australian provider Telstra, will spend US$70 million building a trans-Tasman submarine cable to bolster broadband traffic between the neighbouring countries and the rest of the world. More>>

ALSO:

More:

Statistics: Current Account Deficit Widens

New Zealand's annual current account deficit was $6.1 billion (2.6 percent of GDP) for the year ended September 2014. This compares with a deficit of $5.8 billion (2.5 percent of GDP) for the year ended June 2014. More>>

ALSO:

Still In The Red: NZ Govt Shunts Out Surplus To 2016

The New Zealand government has pushed out its targeted return to surplus for a year as falling dairy prices and a low inflation environment has kept a lid on its rising tax take, but is still dangling a possible tax cut in 2017, the next election year and promising to try and achieve the surplus pledge on which it campaigned for election in September. More>>

ALSO:

Job Insecurity: Time For Jobs That Count In The Meat Industry

“Meat Workers face it all”, says Graham Cooke, Meat Workers Union National Secretary. “Seasonal work, dangerous jobs, casual and zero hours contracts, and increasing pressure on workers to join non-union individual agreements. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news