WEEKLY WRAP UP

In spite of good rains in the northern parts of the Murray Darling Basin, increased river flows were minimal, which is expected at this time of the year due to ground conditions.

In the south of the Basin, increases were also small. Murray system inflows for November are likely to be about 140 – 160 GL which is well below the long term average of 780 GL. The only benefits were possible water savings due to good rains across some irrigation areas.

More rain across many parts of the southern Basin over the next few days will have a similar effect. The Goulburn Vally has possibly had the best result with a small increase in storage in Eildon - still only 22% full. The graph (from Goulburn Murray Water) below shows a comparison of the past 4 years:

Water prices still seem to be maintaining the $350 per ML level, however there seems to be some water on offer at $340. This confirms the Greeneye Visual Trader view of a slight weakening of prices. Though the latest confirmed sales for 1A Greater Goulburn are still around $380.

Watermove weekly auction prices ranged between $325 and $362.50.

With little runoff there is little likelihood of a softening market. Another allocation announcement is due out on Monday - this may give the market a push either way!