Key points:

• The NAB Rural Commodities Index, which covers 28 agricultural commodities, fell 1.7% (AUD) and 3.3% (USD) in March, led by lower beef, lamb, fruit, vegetable and sugar prices. Partial data for April to date points to a recovery in beef and lamb prices, but conversely a decline in weighted dairy prices. These developments will not be reflected in the index until next month’s Rural Commodities Wrap.

• Rainfall across Australia was generally well below average in March, with the exception of Western Australia, Tasmania and parts of the Darling Downs and northern New South Wales. However, the Bureau of Meteorology’s rainfall outlook for April to June 2015 forecasts above average rainfall for almost all the continent, with the exception of Cape York, Arnhem Land and Tasmania.

• The April 2015 Rural Commodities Wrap introduces a new measure of dairy export prices – the NAB monthly weighted dairy price indicator – based on Global Dairy Trade auction results, weighted by the quantity of Australian exports for whole milk powder, skim milk powder, butter and cheese

For further analysis, download our full reports.

• Rural Commodities Wrap – April 2015