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June water market report
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Waterfind’s monthly report for the Southern Murray-Darling Basin found that the average price of temporary water during June was $522 per megalitre. This represents a price increase of 21% since May 2008 and a continuation of the upward price trend toward the end of season.
2007–08 was the first year to see a price increase towards the end of the season, with the closing price being close to the average for the entire season. This was most likely driven by limited supply as licence holders searched for water to carryover or to top up accounts.
Approximately 67 gigalitres of temporary water was transferred in June, the majority of which occurred within the first 10 days of the month. Compared to April and May 2008, the volume traded in June decreased by 16%. Many of the trades reported in June were for $0 per ML, suggesting that some of the transfers resulted from irrigators moving water between their own licenses.
Rainfall in southern NSW was below to very much below average during June, with just 12 mm in Hay and Finley. Throughout Victoria, rainfall was also below to very much below average with 21 mm in Kerang and 23 mm in Elmore. South Australia Murray experienced average to very much below average rainfall.
Major water storages in the Southern MDB continue to be close to record low levels at 23% of full storage capacity. Total water stored in the major Southern MDB storages at the end of June was 3543 GL, 319 GL more than in May 2008 and 1052 GL higher than at the end of June 2007. Hume and Dartmouth Dams increased to 16% and 18% of full storage capacity, respectively. Burrinjuck Dam was steady at 42% full and Blowering Dam increased to 37% of full storage capacity.
There were no changes to Southern MDB allocations during June 2008. The 2008–09 season began on 1 July 2008.
Download the Waterfind June Water Market Report – www.waterfind.com.au/docs/waterreport.pdf