Australian Pulse Market News February 11 2014

Australian Pulse
MARKET NEWS

www.pulseaus.com.au
FEBRUARY 11
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2014

This edition of Australia Pulse Market News reports on global pulse stocks and the forecast for 2014
production. The northern hemisphere and Australian pulse harvest is complete and the Indian Rabi (winter)
crop is substantially planted with good prospects for production.
Pulse producers should consider the current market conditions and forecasts for 2014 to determine which
pulse crop and the area to grow.
Growers with stored pulse grain from the 2013 harvest should note the prospects for pricing and forecasts for
the 2014 northern hemisphere crop to determine their marketing strategy for the remainder of the year.

Contents
World markets ................................................................................................................................................... 2
India.................................................................................................................................................................... 3
Indian Pulse Supply-Demand forecast .......................................................................................................... 4
Canada ............................................................................................................................................................... 5
Bigger Yellow and Green Pea Crop ............................................................................................................... 5
Lentil production as expected, more red than green ................................................................................... 5
Chickpea Output similar to 2012 .................................................................................................................. 6
Canadian specialty Crop data ............................................................................................................................. 6
Chickpea ........................................................................................................................................................ 6
Lentil ............................................................................................................................................................. 7
Field pea ........................................................................................................................................................ 7
Canadian Pulse Supply-Demand estimates ........................................................................................................ 7
France ................................................................................................................................................................. 9
Australia Pulse markets .................................................................................................................................... 10
Field pea ...................................................................................................................................................... 10
Faba Bean .................................................................................................................................................... 11
Chickpea ...................................................................................................................................................... 12
Lupin............................................................................................................................................................ 13
US Soybean market perspective ................................................................................................................. 14
Lentil ........................................................................................................................................................... 15
Financial News ................................................................................................................................................. 16

Australian Pulse Market News February 11
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Australian Pulse Market News
World markets
Global pulse production was mostly strong in 2013. Global stocks are higher currently than for the last few
years.
The following summary of global production help to explain some of the recent influences on Pulse grain
markets in Australia
Indias Kharif season production was slightly higher than forecast at 6.01 million tonnes. The monsoon
delivered good rain across the country and encouraged a record planting of pulses for the Rabi season.
The stored soil water along with ample irrigation water arising from the wet monsoon, has seen
optimistic forecasts for domestic production. While pulse imports will continue to be critical for
feeding the population, the quantity required will be smaller in 2014. The current estimate is for
imports to be around 4 million tonnes, down 600,000 tonnes on the 2012/13 year.
Canadas production was above average for the 2013 season. Yellow pea production rose sharply, but
aggressive marketing means the end stocks will be only slightly higher.
Brazils soy bean production fell causing a rise in global pricing for soy bean and soybean meal. Lupin
prices have remained strong in line with this current trend.
France has also returned to having a favourable growing season with faba bean and field pea supplies
for export back to average levels.
Lentil stocks have been sold in Canada and Australia with values for new season grain strong. The 2013
crop in both countries is of high quality.
Trade continues to be under pressure from currency concerns. The Indian Rupee has been devalued in
the last 12 months, the Australian dollar has fallen 15% against the US dollar.

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India
Source: StatPub
The 2013/14 Rabi (winter season) pulse area in India is at a record level, driven by the good monsoon season
which has delivered good soil water and irrigation capacity. Indian farmers have sown 15.617 million hectares
as of January 24, 2.9% more than the last year's final tally of 15.17 million hectares.
Seeding of the Rabi crop will be finished in late February. The final total is likely to be close to 16 million
hectares.
Desi chickpeas are the principal pulse crop in the Rabi season, being upwards of 75% of the total pulse
production. Other pulse crops make small proportions of the crop; moong (mung bean) accounts for 3%, urad
(Black Mung bean) accounts for 4%. The balance includes kabuli chickpeas, red lentils, field peas, and other
pulses.
The data is always disputed by the trade who view the forecasts as somewhat optimistic. Regardless, the
current conditions point to increased production of pulses and a softening of import requirements.
India's Agriculture Department has indicated a new record for desi chickpea area, at over 10 million hectares.
Their surveys suggest that farmers have increased the area sown to red lentils and field peas, but reduced the
land sown to moong, lathyrus and urad.

India Rabi Seeding Progress to Jan 31, 2014 (hectares)
2013/2014 10-Jan-2014 17-Jan-2014 24-Jan-2014
Pulses 15,617,000 15,657,000 15,673,000
Wheat 31,369,000 31,478,000 31,525,000
Rice 1,051,000 1,526,000 2,113,000
Coarse Cereals 5,855,000 6,012,000 6,050,000
Oilseeds 8,673,000 8,840,000 8,928,000
Total 62,565,000 63,513,000 64,289,000
2012/2013 18-Jan-2013 25-Jan-2013 1-Feb-2013
Pulses 14,233,000 14,333,000 14,449,000
Wheat 29,498,000 29,623,000 29,761,000
Rice 879,000 1,129,000 1,476,000
Coarse Cereals 6,055,000 6,100,000 6,193,000
Oilseeds 8,537,000 8,602,000 8,623,000
Total 59,202,000 59,787,000 60,502,000
Average Planted- 2009/12 17-Jan 24-Jan 31-Jan
Pulses 14,531,200 14,617,600 14,736,000
Wheat 29,276,600 29,480,800 29,590,800
Rice 1,096,000 1,570,800 2,065,200
Coarse Cereals 5,918,400 6,039,000 6,090,000
Oilseeds 8,702,000 8,814,000 8,894,800
Total 59,524,200 60,522,200 61,376,800
% of Final 17-Jan-2014 24-Jan-2014 31-Jan-2014
Pulses 98% 99% 100%
Wheat 100% 101% 101%
Rice 41% 58% 76%
Coarse Cereals 96% 98% 98%
Oilseeds 97% 98% 99%
Total 96% 98% 99%
BASED on data from India's Agriculture Department

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Indian Pulse Supply-Demand forecast
Source: StatPub
India: Pulse Supply-Demand forecast (metric tons)
Production Season 2012-13* 2013-14*
Tur (Pigeon pea) Kharif 3,070,000 3,086,000
Gram (Chickpea) Rabi 8,880,000 9,366,000
Urad (Black Mung
bean)
Kharif 1,480,000 1,330,000
Rabi 420,000 420,000
Total 1,900,000 1,750,000
Moong (Mung bean)
Kharif 770,000 900,000
Rabi 430,000 514,000
Total 1,200,000 1,414,000
Other
Kharif 630,000 694,000
Rabi 2,770,000 2,721,000
Total 3,400,000 3,415,000
All Pulses
Kharif 5,950,000 6,010,000
Rabi 12,500,000 13,021,000
Total Domestic
Production
18,450,000 19,031,000
Pulse Imports
Peas 1,418,000 1,466,000
Chickpeas 574,000 456,000
Lentils 711,000 444,000
Beans 1,901,000 1,729,000
Total Imports All Pulses 4,604,000 4,095,000
Total Supply All Pulses 23,054,000 23,126,000
Source: Production estimates and forecasts based on historical data from India's agriculture department.
Trade estimates based on data from exporting nations and the FAO.
*The production season in India is July to June; Kharif season is July to November, the Rabi season is October to May.

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Canada
Source: StatPub
Statistics Canada aggregate totals for pulse and special crop production in Canada this year were within
market expectations for most crops.
At a record 6.43 million tonnes, total specialty crop production in Canada was 4.4% above its October forecast.
This puts the harvest 13.4% over last year's 5.67 million tonne crop, and 10.7% above the previous record of
5.81 million tonnes in 2010.
Lentils crops came within 2,000 tonnes of expectations. But, the field pea number was lower mainly because
of a significant, downward revision in green pea area from 630,000 to 470,000 acres. Markets had been hoping
to see bigger dry edible bean, but they were little changed from the previous crop report, leaving some market
participants convinced those numbers will be revised upward in the future.
Bigger Yellow and Green Pea Crop
Unofficial data indicates that both green and yellow pea production is up from 2012 because of higher average
yields. For yellow peas, production rose 10% to 3.28 million tonnes in spite of the seeded area falling 2% to
2.84 million acres. Green pea area was up 18%, resulting in no net change in total field pea plantings in
western Canada.
Despite the downward revision in green pea area in western Canada, output is up significantly, jumping 62% to
529,400 tonnes. Green pea production in the United States increased similarly.
To balance global supply, Argentina has suffered problems because of poor weather during the growing
season. Total production in Argentina has fallen from 170,000 to an estimated 117,000 tonnes. However, the
quantity available for sale to human consumption markets is unchanged to slightly higher, with a higher
percentage of bleached peas.
While there is no shortage of green peas relative to normal demand, markets have contended with a net
shortage of green peas for the previous two years. This is helping to support North American markets.
Canadian exports to the Indian subcontinent are down sharply, but increasing demand from China has made
up for the drop in sales to India. China bought a record quantity of peas in 2013 and is expected to buy a larger
quantity in 2014. Exports to China are not expected to be much more than 800,000 tonnes, while shipments to
India might fall short of the current 1.2 million tonne average. During the past five years, Canadian shipments
to India ranged between 917,000 and 1.7 million tonnes.
Lentil production as expected, more red than green
Canada's final production estimate was in line with pre-harvest forecasts at 1.88 million tonnes, up 10% from
the October crop report, and up 22% from 2012. Post-harvest lentil export movement has been strong, with
Canada shipping a record quantity of lentils during the opening three months of the marketing year.
Statistics Canada did not detail lentil production by red or green lentil. Unofficial data indicates that red lentils
are again the most important class produced in Canada. Prior to 2008, large green lentils were the most
important class of lentil produced in Canada.
Large green lentil production is estimated at 645,000 tonnes, down 15% from 754,400 tonnes in 2012. Red
lentil production doubled in size to 1.023 million tonnes, up 74% from 586,700 last year. Small green lentil
production is up 7% at 169,200 tonnes; while production of medium green lentils and other classes rose 12%
to 43,500 tonnes.
The revised production estimates suggest Canada has an available supply of 2.2 million tonnes of lentils, down
9% from the 2.42 million tonnes available in 2012. The overall quality of the 2013 crop is generally good, for
the second year in a row considered an FAQ No 2 Canada crop. Markets have completely recovered from the
problems caused by the stockpile of weather damaged lentils produced in Canada and Australia in 2010. The
last of those lentils appear to have been consumed by domestic livestock feed buyers in both countries.
Export demand from India for Canadian lentil has fallen sharply this year, while sales to other regions have
risen. In the August through October period, shipments to the Indian subcontinent dropped 31% from the

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same period in 2012 to 144,281 tonnes or 32% of all lentils shipped. Movement to North Africa, Turkey and
the Middle East more than doubled to just over 200,000 tonnes or 45% of all lentil exports. These regions
normally account for 68% of all lentils exported in the August through October period. This year, they account
for 77%.
The 2012 surge in lentil shipments to the Indian subcontinent was the result of the failure of the rabi or winter
season pulse crop in Pakistan and a smaller than expected harvest in India. Production is expected to be far
better this year. The unusual but on-going weakness in sub-continent currencies is also having a negative
influence on demand.
Chickpea Output similar to 2012
Chickpea production in Canada was as expected in the final crop report from Statistics Canada. Production was
pegged at 169,400 tonnes from 205,000 acres, up slightly from 161,400 tonnes from 200,000 acres in 2012.
Kabuli chickpea output was up 1% at 136,400 tonnes, output of "other" classes of chickpeas rose 23% to
33,000 tonnes. The other category includes 7mm chickpea varieties such as B-90 and Chicos and desi
chickpeas.
Canada's exportable supply of chickpea totals 230,400 tonnes for 2013-14, up from 179,400 tonnes last
season.
Canadian specialty Crop data
Source: StatPub
Canada - Specialty Crop Production Summary
Area (Hectares) 2012 2013 2014
Lentil 990,157 937,008 910,236
Dry Pea 1,468,504 1,316,929 1,359,449
Edible Bean 118,110 96,457 111,024
Chickpea 78,740 80,709 51,969
Production (tonnes)
Lentil 1,537,900 1,880,500 1,497,000
Dry Pea 3,340,800 3,849,300 3,301,000
Edible Bean 274,300 206,100 230,000
Chickpea 161,400 169,400 98,000
Yields (Kg/ha)
Lentil 1,511 1,953 1,600
Dry Pea 2,214 2,844 2,363
Edible Bean 2,260 2,079 2,016
Chickpea 1,994 2,042 1,835
Chickpea

Canadian Production by Class and Year (tonnes)
Chickpea 2008 2009 2010 2011 2012 2013
Kabuli 56,900 38,000 94,900 57,300 134,600 129,600
Desi 10,100 37,500 33,400 28,300 22,900 39,800
Total 67,000 75,500 128,300 85,600 157,500 169,400

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Lentil

Lentil 2008 2009 2010 2011 2012 2013
Large Green 431,000 516,600 684,100 603,000 713,100 645,000
Red 568,100 792,700 1,055,900 775,400 522,600 1,022,800
Small Green 142,900 173,000 139,600 112,600 157,800 169,200
Other 24,900 67,900 40,000 32,300 79,300 43,500
Total 1,166,900 1,550,200 1,919,600 1,523,300 1,472,800 1,880,500
Field pea

Field Pea 2008 2009 2010 2011 2012 2013
Green 491,900 438,200 334,700 321,900 327,500 529,400
Yellow 3,033,700 2,784,100 2,445,100 2,147,500 2,474,300 3,253,600
Other 32,100 157,100 240,500 27,900 27,900 66,300
Total 3,557,700 3,379,400 3,020,300 2,497,300 2,829,700 3,849,300
Source: Statistics Canada December 2013

Canadian Pulse Supply-Demand Estimates
Source: StatPub
Canada Chickpea Supply-Demand Estimates (metric tons, hectares)
Year 2012 2013 2014
Area (Hectares) 78,740 80,709 51,969
Yield (kg/ha) 1,992 2,041 1,833
Production 161,400 169,400 98,000
Carry-in 7,000 7,000 7,000
Imports 11,000 54,000 70,000
Stocks 179,400 230,400 175,000
Disappearance
Exports 71,633 61,200 69,300
Seed 15,781 10,040 10,440
Feed & Waste 25,559 65,959 30,800
Other Domestic 12,428 23,201 24,460
Total Usage 125,401 160,400 135,000
Ending Stock 54,000 70,000 40,000
Stocks/Use 43.10% 43.60% 29.60%

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Canada Field Pea Supply-Demand Estimates (metric tons, hectares)
Year 2012 2013 2014
Area (Hectares) 1,468,504 1,316,929 1,359,449
Yield (kg/ha) 2,211 2,841 2,361
Production 3,340,500 3,849,300 3,301,000
Carry-in 295,000 174,000 510,000
Imports 12,078 12,200 12,300
Stocks 3,647,578 4,035,500 3,823,300
Disappearance
Europe 117,471 37,500 85,000
South America 66,484 72,600 75,000
N/C America 159,807 197,900 165,000
Pacific Rim 2,253,723 2,289,900 2,223,000
Arab/Africa 57,201 83,600 62,000
Export 2,654,686 2,681,500 2,610,000
Seed 235,000 243,000 223,000
Feed & Waste 546,993 526,000 522,300
Domestic 36,900 75,000 75,000
Total Usage 3,473,579 3,525,500 3,430,300
Ending Stock 174,000 510,000 393,000
Stocks/Use 5.00% 14.50% 11.50%

Canada Lentil Supply-Demand Estimates (metric tons, hectares)
Year 2012 2013 2014
Area (Hectares) 990,157 937,008 1,074,803
Yield (kg/ha) 1,510 1,951 1,597
Production 1,537,900 1,880,500 1,766,000
Carry-in 860,000 300,000 210,000
Imports 20,512 20,700 20,900
Stocks 2,418,413 2,201,200 1,996,900
Disappearance
Europe 46,774 49,800 44,500
South America 256,057 340,600 299,000
N/C America 178,692 183,700 185,000
Pacific Rim 62,965 65,800 64,300
Arab/Africa 811,014 756,200 666,000
Export 283,053 315,600 302,100
Seed 1,638,555 1,711,700 1,560,900
Feed & Waste 80,500 92,200 83,300
Domestic 399,357 187,300 172,700
Total Usage 2,118,413 1,991,200 1,816,900
Ending Stock 300,000 210,000 180,000
Stocks/Use 14.20% 10.50% 9.90%
Source: Forecasts by STAT Market Research based on data from Statistics Canada

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France
Source: StatPub
French field pea stocks are currently at 43,000 tonnes and forecast to rise to 50,000 tonnes in the coming year.
Production in France has been stable and looks set to continue to be stable. Its export total of around 200,000
tonnes is larger than Australias; 169,000 tonnes in 2012/13.

France field pea Supply-Demand Estimates (metric tons, hectares)
Year
2012-13 2013-14 2014-15
Area (Hectares) 132,000 122,000 130,800
Yield (kg/ha) 4,462 4,508 4,434
Production 589,000 550,000 580,000
Carry-in 12,000 13,000 12,000
Imports 63,200 66,100 43,000
Stocks 664,200 629,100 635,000
Disappearance
Exports 198,305 226,000 221,000
Seed & Food 58,500 55,700 54,200
Domestic Feed 341,295 304,400 309,800
Total Usage 598,100 586,100 585,000
Ending Stocks 66,100 43,000 50,000
Stocks to Use 11.10% 7.30% 8.50%
Source: Projections by STAT Market Research based on information from UNIP and France Customs.

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Australia Pulse markets
Field pea
Australia Field pea prices have been stable over the last year, with a small fall since July as the large Canadian
Yellow pea harvest was completed. The field pea crop in Canada was large at 3.85 million tonnes, and the
principal cause of the fall in prices.
The Canadian Yellow pea crop is destined for export to India and China. The Chinese market will be the key
market for an indication of market trends with steady demand in the short term. Indian import needs are low
while their Rabi crop continues to show promise of large production.
The Australia field pea crop is forecast by Pulse Australia to be 43,000 tonnes larger than 2012 at 363,000
tonnes. All the major field pea producing regions in southern and Western Australia have experienced a very
favourable season and produced high yields.

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Field pea del Port Adelaide FIS
Jan 2013 to Jan 2014
2012-13
2013-14
Source: Profarmer

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Faba Bean
The bullish Faba bean market seen over the past 2 seasons in Australia continues. Prices have returned to over
$400 per tonne, similar to the post-harvest prices in January 2013.
France has been a strong supplier of beans into the Middle East market over many years. There have been no
reports of the state of the French faba bean crop, but with seasonal conditions in 2013 close to normal,
France should again have faba bean supplies for export.
The civil unrest in the Middle East continues to be of concern, but seems to have only a limited effect on trade
for now.
The current Pulse Australia forecast of 315,000 tonnes of faba beans is similar to the production total in 2012.
Broad bean production is forecast to be almost 50,000 tonnes, again similar to 2012.

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Faba bean del Port Adelaide FIS
2012-13
2013-14
Source: Profarmer

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Chickpea
Australian domestic prices for desi chickpea fell from around $600 per tonne at the start of the 2012 harvest to
$500. It remained steady at this level after the export of the majority of the 2012/13 crop due to limited
supplies and demand. In July it fell to $400 per tonne and then to $350/t prior to harvest. It has recovered to
over $400/t since the New Year.
The causes of the fall in the second half of 2013 remain and are unlikely to change until the size of the Indian
pulse crop is known in March to April.
The strong demand from India late last year, which resulted in record exports of Australian desi
chickpea in November to January, created good levels of domestic stocks in India.
The Indian monsoon season was wet leading to bullish forecasts for pulse production in India for their
Rabi season. Total pulse production is tipped to be 600,000 tonnes more than in 2012/13 and imports
are tipped to be 500,000 tonnes less at around 4 million tonnes.
The Indian Rupee continues to experience volatility after being devalued by about 20% earlier in 2013.
The fall in the Australia dollar supports our prices but the strengthening US dollar makes Indian prices
comparatively higher. There have been some contract issues and increased the marketing risk for
Australian exporters.
The large Canadian Yellow pea crop will be attractive to Indian buyers who may be able to substitute
the cheaper pea into chickpea markets.

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Desi chickpea del Brisbane FIS
2012-13
2013-14
Source: Profarmer

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Lupin
Demand for Australian Sweet Lupin was steady though 2012/13 with limited stocks from the relatively poor
Western Australian harvest in 2012. The current forecast of lupin production is 547,000 tonnes, about 150,000
tonnes more than in 2012.
Despite the increased production, pricing throughout 2013 has been flat, but at a level that has made lupin
production profitable.
The export price for Australia Sweet Lupin is firmly driven by the price and market for soymeal. The price is
currently around $20/t higher than in February 2013. The volatility during the year did not have an effect on
Australian pricing.
Australian Albus stocks from the 2010 harvest have been cleared and this should enable the current
production forecast of around 34,000 tonnes to match demand.
The principal market for Australian Albus is Egypt. The current civil unrest there, and across the Middle East,
coupled with currency volatility, is causing concern but to date this hasnt dampened demand.

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Lupin del Kwinana FIS
2012-13
2013-14
Source: Profarmer

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US Soybean market perspective
Both domestic and export demand for U.S. soybeans are likely to be strong through the fall and winter
months. However, if a large South American soybean crop is produced in spring 2014, then just as occurred in
2013, U.S. export demand may decline when large exportable supplies of South American soybeans become
available in 2014. This scenario assumes continued strength of soybean import demand from China and
elsewhere on the one hand and also that improvements occur in Brazilian grain export logistical problems at
their export locations in 2014 as opposed to the problems that occurred last year.
It is now likely that U.S. soybean price weakness will be limited in fall-early winter of late 2013 due to
aggressive buying of lower priced soybean supplies by export customers such as China. Price weakness will
also likely be limited by farmer holding of soybeans in storage rather than selling at lower than anticipated fall
2013 U.S. soybean prices. Soybean price weakness or at least moderation is likely to occur in the spring-
summer of 2014 if a record high 2014 South American soybean crop is produced and moved into export
channels in a timely manner, which may be associated with higher U.S. soybean planted acreage in 2014.With
export value of Australian Sweet Lupin being closely linked to the soymeal market, it is useful to note the key
drivers in soybean production around the world.
Source: Dan O'Brien, Extension Grain Economist, Kansas State University
http://www.agmanager.info/marketing/outlook/newletters/Soybeans.asp

Source Barchart.com, January 30 2014
$US /
short ton

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Lentil
Lentil markets rose strongly through 2013 as carry-over stocks in Australia and Canada were cleared. Australia
exported around 308,000 tonnes for the 2012/13 marketing year from a 2012 harvest of around 185,000
tonnes. New seasons lentil values have fallen since July for several reasons.
Lentil production in Australia and Canada is forecast to be at strong levels; the Australian crop is
60,000 tonnes larger at 240,000 tonnes and the Canadian crop produced 1.88 million tonnes.
The Indian Kharif monsoon season delivered substantial water for irrigating the Rabi (winter) crop.
Production from the Rabi crop is tipped to be 600,000 tonnes higher than the previous season with
imports of pulses likely to fall by a similar amount. The projected need for imported pulses during
2014 is tipped to be around 4 million tonnes.
The currencies of the sub-continent continue to suffer some volatility and uncertainty in the trade has
caused defaults on some contracts. The subdued demand for pulse grain caused by the prospective
good season is causing great uncertainty for our marketers into the sub-continent.

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Lentil del Port Adelaide FIS
2012-13
2013-14
Source: Profarmer

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Financial News
The Australian dollar exchange rate has fallen to as low 86c against the US dollar since July and is forecast to
remain below 90 US cents for the foreseeable future. The average fall in the last 6 months of 2013 was 15%.
This is welcome news for Australian grain producers after seeing the Australian dollar at over parity for the last
two years. The exchange rate to the UK Pound and Euro has also fallen, though by around 9%.
The drop in the Australian dollar value will raise domestic values for grain and may attract some further
demand for exports as Australian grain becomes relatively cheaper.
The Yen is generally weak against the Australian dollar, depreciating 6% in the last 6 months. The Indian Rupee
has been stable in the last months against the Australian dollar, but weakening against the US dollar.
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Copyright 2014 Pulse Australia.
All rights reserved.
Disclaimer
There is no intention to provide advice on pricing in this publication. Due to the volatility of pulse prices, growers are encouraged to consult with local marketing businesses to
obtain up to date pricing information.
Acting on a single piece of information is ill advised. To build a depth of knowledge, growers should reference a range of data sources from around the world and from a
variety of marketers within Australia. Always cross reference information to determine its importance and accuracy.
The information herein has been obtained from sources considered reliable but its accuracy and completeness cannot be guaranteed. No liability or responsibility is accepted
for any errors or for any negligence, omissions in the contents, default or lack of care for any loss or damage whatsoever that may arise from actions based on any material
contained in this publication. Readers who act on this information do so at their own risk. Consult your adviser before making crop, marketing or investment decisions.
0
20
40
60
80
100
120
A
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a
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a
n

c
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Australian cents per Yen and Rupee
Yen Rupee
Source: RBA
Source: RBA

Australian Pulse Market News February 11 2014

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