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

 

Rabobank Agribusiness Review August 2011

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

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

Key highlights:

• July was relatively warm but also wet in New Zealand, with conditions expected to be warm with average rainfall for most of the country into spring, with the eastern South Island facing average temperatures and dry conditions. July was dry and warm across Australia and conditions are expected to remain near-normal and warm into spring.

• US and EU debt woes combined to create considerable market jitters over the past week, on top of weeks of ongoing uncertainty over the speed and strength of the global recovery. It is an uneven and evolving global picture, and the ongoing implications for agri-commodity markets and consumer demand are not yet clear. Rabobank’s view is that the fundamentals will re-assert themselves to drive agri-commodities over coming months.

• New Zealand’s economy has shown some more positive signs, with GDP, employment and business confidence all firm or up slightly. Economic data in Australia continues to highlight the strength of the mining sector and the softness of growth elsewhere in the economy. Both the NZD and the AUD fell back sharply against the USD in recent days, but are showing signs of stabilising and strengthening.

• Global dairy prices weakened during July as expected, given the strong supply response and more comfortable stock positions in importing countries. Conditions at the start of the new southern hemisphere season are favourable and producers are looking forward to strong prices.

• Beef prices in New Zealand and Australia eased a little in July, as is usual at this time of year. The ongoing strength of local currencies and some softness around demand in export markets the main headwinds. In Australia, the live cattle trade with Indonesia is about to resume; a welcome development for northern producers. Lamb prices have stabilised in New Zealand, with short supply still the driver, and continued to ease in Australia.

• Global grains markets were volatile through July, with continuing concerns over the US crop and the re-entry to export grain markets by Russia the main factors. The Australian winter crop is about to get going, with ongoing dry conditions on the east coast a mounting concern while conditions in the west appear to have improved.

• Oil prices fell sharply in early August in response to debt woes, after a steady July.

To view the full report, please follow this link:

Australia and New Zealand Agribusiness Review

ENDS


© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 




Civil Contractors: Massive Rebound In Civil Construction Business Confidence

New Zealand’s civil construction industry is riding a massive rebound in post-pandemic business confidence – but this may be undermined by skills shortages, which continue to be the industry’s number one challenge... More>>



Energy: Feeling Our Way Towards Hydrogen - Tina Schirr

Right now hydrogen is getting a lot of attention. Many countries are focusing on producing hydrogen for fuel, or procuring it, or planning for its future use... More>>

Maritime Union: Calls For New Zealand Shipping To Resolve Supply Chain Crisis

The Maritime Union says there needs to be innovative responses to ongoing shipping congestion. Maritime Union of New Zealand National Secretary Craig Harrison says it is essential that New Zealand develops its own shipping capacity... More>>


Housing: New Home Consents Continue To Break Records

A record 44,299 new homes were consented in the year ended June 2021, Stats NZ said today. “The annual number of new homes consented rose again in the June 2021 year, the fourth consecutive month of rises,” construction statistics manager Michael Heslop said... More>>


Real Estate: June Home Transfers Remain High
There were 44,517 home transfers in the June 2021 quarter, the highest June quarter figure since 2016, Stats NZ said today. The number of home transfers was very similar to the March 2021 quarter and was up 18,252 from the June 2020 quarter... More>>



Statistics: Household Saving Falls In The March 2021 Quarter

Saving by New Zealanders in the March 2021 quarter fell to its lowest level in two years after rising sharply in 2020, Stats NZ said today. Increases in household spending outpaced income growth, leading to a decline in household saving from the elevated levels that prevailed throughout 2020... More>>

ALSO: