H2OX outline their latest water report 

At the time of writing, Deniliquin had only received 24mm in May (average is 37.9mm) following on from April’s 93.4mm (average 30.5mm).

Murray below choke and the Murrumbidgee started the month around $315/ML and is currently trading below $200 (-36%). In fact, prices in all markets have reached parity which adds to the market dynamics.

Trade volumes have also been down, the likely result of many irrigators having already sorted their carryover and parking. Whilst there is ample space to park all the unused water, space in Victoria is in short supply especially below the choke. 

The recent rainfall has resulted in catchments beginning to generate worthwhile inflows especially in Hume and Eildon. The latest Bureau of Meteorology outlooks are positive for rainfall and that should result in increased inflows over the next few months if it eventuates.

June is likely to be an interesting month as irrigators continue to assess their options. Summer irrigators have been looking to top up their 10% protected carryover capacity given the current water uncertainty.