Rabobank Agribusiness Monthly May 2013

Rabobank Agribusiness Monthly May 2013

The May edition of the Agribusiness Monthly is now available. 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.

Key highlights:

• Moisture deficits persist in New Zealand, while most of Australia was hot and dry in March.

• Very dry conditions have continued to pressure beef prices with cattle prices continuing to trend downwards in recent weeks. In New Zealand, March export volumes reflected the higher and earlier slaughter volumes, with China and the US taking all of this additional product. Australian beef exports to China YTD reached 40,277 tonnes. China remains Australia’s third largest export destination after Japan and the US.

• For the dairy sector, in New Zealand milk production is now sliding dramatically towards season end with comparable flows 40-50% below the strong prior year through April. Australian milk flows slumped in March due to ongoing weather-related issues.

• Australian wheat and barley prices have rallied throughout April and canola prices reached new highs, driven largely by increasing global prices and tighter old crop stocks. The current dry conditions are expected to result in a reduction in planted area for the 2013/14 season

To view the full report, please click here.

ENDS

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