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Water price drops after weekend rain
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Consistent weekend rain across the southern Murray-Darling Basin and recent increases in allocations have coincided with a 10% drop in the price of temporary water.
Temporary trades this week have been completed for between $300 and $310 per megalitre (ML), a noticeable decrease compared to last week’s prices of approximately $330 — $345 per ML.
Waterfind CEO Tom Rooney said “rainfall can have an impact on buying and selling patterns in the water market. This is due to reductions in the immediate need for buyers to irrigate and seller’s perceptions of market demand.”
Over the weekend between 25 and 40 mm of rain fell across much of the southern Murray-Darling Basin (MDB)*, however, this has not translated into major changes in the volume of water in storage. Since Friday last week, Dartmouth Dam has gained 3 GL ML (+0.1%) whilst the Hume Dam has dropped 6 GL (-0.2%). In the Murrumbidgee system Burrinjuck Dam has gained 7 GL (+0.7%) and Blowering Dam 5 GL (+0.3%).
Allocations increased across most Murray and Murrumbidgee irrigation regions yesterday with a total of 160 GL of additional allocation made available for water license holders. The exception was South Australia, which remained on 15% allocation.
Recent rainfall in northern NSW and southern Queensland is yet to have a major impact on the volume in the Menindee Lakes and as such, the water held in this storage is not at a level that would trigger its allocation to Murray system growers.
*Southern Murray-Darling Basin includes NSW Murray, Murrumbidgee and Lower Darling, northern Victorian Murray connected systems and SA Murray.
Media contact: Penny Weir Marketing Coordinator E: M: 0417 874 764 T: 1800 890 285 I: www.waterfind.com.au