Rabobank’s April Agribusiness Monthly

The April edition of Rabobank’s Agribusiness Monthly.

The report covers all the major agricultural sectors that are important to New Zealand and Australia, as well as covering off the latest economic, retail and currency developments.

The latest report is now available online.
Key highlights:

• New Zealand’s North Island remains in drought, while Australia has experienced the second warmest start to the year on record.
• The NZD and AUD recovered ground throughout March as global investor confidence was hit by the crisis in Cyprus’ banking sector.
• Dry conditions across areas of New Zealand and Australia have been driving beef and sheep slaughter rates, pressuring domestic prices.
• Dairy commodity prices jumped 25% on average through March with WMP up by almost 40% to around USD 5,000/tonne. The global market dynamics are reflecting the impact of the drought conditions in New Zealand, effectively sending the market short – particularly for WMP – but also more recently SMP and butter.
• The USDA’s March 2013 Prospective Plantings and Grain Stocks reports were bearish across the entire grains and oilseeds complex and have caused markets to trade considerably lower in early April.
• Over the past month global fertiliser prices were mostly stable. Urea prices recovered slightly ahead on the US corn planting program. In contrast the bearish tone continued to envelope phosphate markets.

To view the full report, please click here.

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