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Opportunities of the week
- Sellers of various sized parcels of Murrumbidgee allocation at $135-$140.
- Buyer of 50 megalitres of Murrumbidgee Irrigation High Security entitlement at $8,700 per megalitre, inclusive of 2024/25 allocation.
Allocations
Comparatively to 12 months ago, allocations are as follows:
| Zone | Allocation | 1 year ago | +/- per cent |
Murrumbidgee | |||
High Security | 95 pc | 95 pc | Same |
General Security | 34 pc | 46 pc | - 12 pc |
NSW Murray (Zones 10 & 11) | |||
High Security | 97 pc | 100 pc | - 3 pc |
General Security | 44 pc | 110 pc | - 66 pc |
Lachlan | |||
High Security | 100 pc | 100 pc | Same |
General Security | 6 pc | 0 pc | + 6 pc |
Vic Murray (Zones 6 & 7) | |||
High Reliability | 94 pc | 100 pc | - 6 pc |
Low Reliability | 0 pc | 0 pc | Same |
SA Murray | 100 pc | 100 pc | Same |
Murrumbidgee Deep Groundwater | 100 pc | 100 pc | Same |
Lower Murray Deep Groundwater | 100 pc | 100 pc | Same |
Lower Lachlan Groundwater | 100 pc | 100 pc | Same |
Trade Restrictions
Is currently open for both Murrumbidgee to Murray and Murray to Murrumbidgee trade, with balances as follows:
- Murrumbidgee to Murray - 2.3GL
- Murray to Murrumbidgee - 97.7GL
BARMAH CHOKE
Is CLOSED.
Storages
Storages have fallen across the board over the last week, as Spring/Summer irrigating kicks off and ramps up. According to the Bureau of Meterorology (BOM), storage levels are currently as follows:
| As at 9am | Current | 1 Day | 7 Days | 30 Days | 1 Year | |
| Murrumbidgee | 28 Oct 24 | 72.5 pc | NIL | - 1.8 pc | - 7.1 pc | - 10.3 pc |
| Blowering | 26 Oct 24 | 69.8 pc | -0.3 pc | - 1.0 pc | - 6.3 pc | - 7.3 pc |
| Burrinjuck | 26 Oct 24 | 76.8 pc | - 0.5 pc | - 5.2 pc | - 7.1 pc | - 15.5 pc |
| Murray | 28 Oct 24 | 78.9 pc | NIL | - 0.3 pc | - 3.2 pc | - 17.9 pc |
| Hume | 26 Oct 24 | 60.0 pc | - 0.2 pc | NIL | - 7.0 pc | - 34.9 pc |
| Dartmouth | 27 Oct 24 | 92.7 pc | - 0.1 pc | - 1.0 pc | - 2.4 pc | - 6.6 pc |
| Lachlan | 28 Oct 24 | 95.2 pc | NIL | - 0.2 pc | - 0.8 pc | - 1.5 pc |
| Wyangala | 26 Oct 24 | 95.0 pc | + 0.1 pc | - 0.1 pc | - 0.9 pc | - 2.0 pc |
Current Temporary Market
Warmer temperatures combined with increased usage have seen most temporary markets trend upwards over the past week, a trend which is expected to continue given the lack of predicted rainfall. Indicative pricing is as follows:
| Zone | Buyers | Sellers | Last trade | Trend |
| Murrumbidgee | $140 | $140 | $40 | Up |
| NSW Murray 10 (Above Choke) | $123 | $123 | $123 | Up |
| NSW Murray 11 (Below Choke) | $135 | $135 | $135 | Up |
| Vic Murray 6 (Above Choke) | $120 | $120 | $120 | Steady |
| Vic Murray 7 (Above Choke) | $135 | $135 | $135 | Up |
| SA Murray | $135 | $135 | $135 | Up |
| Lachlan | $75 | $80 | $80 | Steady |
| Murrumbidgee Deep Aquifer Zone 1 | - | - | - | |
| Murrumbidgee Deep Aquifer Zone 2 | - | - | - | |
| Murrumbidgee Deep Aquifer Zone 3 | $30 | $50 | - | |
| Lower Murray Groundwater | $40 | $40 | $40 | Steady |
| Lower Lachlan Groundwater | $50 | $50 | $50 | Steady |
Current Permanent Market
Indicative pricing is as follows:
| Zone | Price per mL |
| Murrumbidgee | |
| High Security | $8,550 to $8,650 |
| General Security | $2,550 to $2,650 |
| Supplementary | $800 to $850 |
| NSW Murray Above Choke (Zone 10) | |
| High Security | $7,500 to $7,600 |
| General Security | $1,700 to $1,800 |
| NSW Murray Below Choke (Zone 11) | |
| High Security | $8,600 to $8,700 |
| General Security | $2,600 to $2,700 |
| VIC Murray Above Choke (Zone 6) | |
| High Security | $4,100 to $4,200 |
| General Security | $750 to $855 |
| VIC Murray Below Choke (Zone 7) | |
| High Security | $6,850 to $6,950 |
| General Security | $2,000 to $2,100 |
| SA Murray Class 3 | $6,950 to $7,050 |
| Murrumbidgee Deep Aquifer (zone dependent) | $3,800 to $4,200 |
| Lachlan (Upper & Lower) | |
| High Security | $1,500 to $1,600 |
| General Security | $4,500 to $4,550 |
| Lower Murray Deep Groundwater | $2,700 to $2,800 |
| Lower Lachlan Groundwater | $3,500 to $4,000 |
SEASONAL OUTLOOK
The Bereau Of Meteorology released an updated outlook on 24 October. In summary:
The long-range forecast for November to January shows:
- above average rainfall is likely across parts of eastern and western Australia
- warmer than average days and nights are likely to very likely across most of Australia
- unusually high minimum temperatures are very likely for much of northern and eastern Australia.
Government Buybacks
Last week, the Commonwealth Govermnent announced an Expression of Interest for eligible water entitlement owners in the Southern Connected Basin who are potentially willing to participate in a procurement process to sell some or all of their water rights to the Australian Government in 2025.
This EOI is the first stage of a multi-stage procurement process. Responses received under this EOI will help guide subsequent approaches to market in 2025 aimed towards delivering the Murray–Darling Basin Plan 2012 (the Basin Plan) in full, in accordance with the Restoring Our Rivers Framework.
This first stage may be followed by subsequent requests for tender using either open or limited processes depending on which may be the most suitable for achieving the objectives of the water recovery program.
It is important to note the following:
- The EOI is not binding. Respondents are only requested to submit expressions of interest and not binding offers to sell. No sale will arise directly from the EOI, however sales may eventuate in the event that the department decides, as a consequence of the EOI, to conduct a tender in 2025.
- The EOI is only open to surface water entitlements (not open to groundwater entitlements).
- The minimum volume that can be offered is 10 megalitres.
- The department reserves the right to engage directly with respondents following the EOI, dependant on the submissions they receive.
- Only submissions made in this EOI will be eligible should a 2025 tender arise as a result of this EOI.
- There is no target volume being sort from any particular state, catchment or type of entitlement.
- Regulated and unregulated surface water rights (Section 51 licences - Victorian Take and Use Licences) are included in the EOI as is water rights held in Irrigation Infrastructure Operators (Murrumbidgee Irrigation, Murray Irrigation, Coleambally Irrigation and the like).
- All water entitlements that were within the scope of the Approach to Market for the Restoring Our Rivers 2024 Selected Catchments Open Tender , are excluded from the scope of this EOI.
- The EOI Closes at 12pm on 27 November 2024.
The following surface water entitlements and catergories are within the scope of this EOI:
- Murrumbidgee River - All water licences and classes
- NSW Murray River - All water licences and classes
- NSW Lower Darling - All water licences and classes
- SA Murray River - All water licences and classes
- Vic Murray River - All water licences and classes
- Vic Ovens, King, Broken, Kiewa, Campaspe, Mitta Mitta & Loddon Rivers - All water licences and classes
More information can be found by visiting the Department website.
Disclaimer – important, please read:
The information contained in this article is given for general information purposes only, current at the time of first publication, and does not constitute professional advice. The article has been independently created by a human author using some degree of creativity through consultation with various third-party sources. Third party information has been sourced from means which Elders consider to be reliable. However, Elders has not independently verified the information and cannot guarantee its accuracy. Links or references to third party sources are provided for convenience only and do not constitute endorsement of material by third parties or any associated product or service offering. While Elders has exercised reasonable care, skill and diligence in preparation of this article, many factors including environmental/seasonal factors and market conditions can impact its accuracy and currency. The information should not be relied upon under any circumstances and, to the extent permitted by law, Elders disclaim liability for any loss or damage arising out of any reliance upon the information contained in this article. If you would like to speak to someone for tailored advice specific to your circumstances relating to any of the matters referred to in this article, please contact Elders.
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