Weekly Commodity Report

Report prepared 21 April 2017.

Wheat

$217/t (APW)

Up 1.4%

Favourable US weather buoying spring wheat plantings brought a fresh wave of selling on wheat futures, resulting in a larger net short position
Source: Agrimoney

Barley

$193/t (feed)

Up 1.6%

Wet cold weather in the US & Canada has delayed corn plantings, however more recent favourable conditions may see prices come under pressure again.
Source: Batholomaeus Consulting

Sorghum

$249/t

Up 2.0%

Local on farm storage of sorghum is tracking higher than this time last year. Despite the price trending higher, producers remain reluctant sellers.
Source: AgScientia

Cotton

$555/bale

Up 3.0%

The main order of business for cotton markets has been rolling between the May & July contracts. US merchant physical old crop supply is limited.
Source: Namoi Cotton

Oilseeds

(Canola)

$534/t

Steady

Canola markets were well supported again this week, with frost concerns in the EU and rain in the Canadian prairies underpinning prices.
Source: Lachstock Consulting

Pulses

(Chickpeas)

$1050/t

Up 2.9%

A positive Indian monsoon forecast has raised expectations of increased cropping acres, albeit decreased pulses acres due to pricing discrepancies.
Source: Statpub

Sugar

$480/t

Down -1.2%

The lead up to the May 17 expiry will be a price driver as traders determine the available deliverable sugar from various origins.
Source: Queensland Sugar Limited

Cattle

650c/kg (EYCI cwt)

Down -1.5%

The average carcase weight for Aust cattle was the highest ever during the summer – the result of a higher proportion of cattle on feed for longer.
Source: Meat & Livestock Australia

Cows

234c/kg (lwt)

Down -1.3%

It is evident that the herd rebuild is underway, with many producers likely to take advantage of low fodder and grain prices to carry stock through.
Source: Meat & Livestock Australia

Lamb

665c/kg (NTLI cwt)

Steady 0.0%

A lift in yardings had a negative impact on heavy and trade lamb markets this week with volatile supply and prices expected for the remainder of April
Source: Mecardo

Wool

1,508c/kg (Syd 21mc)

Up 9.7%

The outlook looks promising. Low stocks in the pipeline and the seasonal supply winding down will keep steady pressure on prices in the coming weeks.
Source: Elders Wool

Weather

Possible showers for the coast and far west. Warm in the west and south, mild elsewhere. April to June rainfall is likely to be below average.
Source: BOM