WEEKLY WRAP UP

Increased allocations this week amount to over 100,000 ML, the Lower Murray Darling basin. This equates to a little less than 19% of entitlements, up from approximately 15% at the same stage in 2007/08.

Downward pressure continues on allocation prices, with reported sales now in the range of $320 - $340. Market reports indicate good underlying demand below $320. However over 900ML traded in the 3 major Watermove markets at $350 - unusual that these markets were at the same price. Often they can be well apart - all for fungible water!

Good rainfalls across the Eastern parts of the Lower Basin have maintained moderate inflows. In the North East of NSW, significant rainfalls caused some flooding, however this water is likely to dissipate across the floodplain and add little useful inflows.