Weekly Commodity Report

Report prepared 24 February 2017.

Wheat

$219/t (APW)

Up 1.9%

NSW production forecast for 2016-17 is up 8% on the previous forecast. Lower prices have spurred on export demand, cal. year exports up 19% in 2016.
Source: IHS GTA / ABARES

Barley

$185/t (feed)

Up 1.1%

Saudi Arabia has returned as a buyer of Australian feed barley, which should account for a large portion of 2.4 mn tonnes bought recently via tender.
Source: Ag Scientia

Sorghum

$229/t

Down -4.2%

US plantings of sorghum are expected to make way for an increase in area to soybeans & cotton, as grains fall out of favour due to subdued prices.
Source: Agrimoney

Cotton

$519/bale

Down -1.7%

Selling of long positions on the Mar futures contract sent the market lower. A large contract spread has narrowed over the past two trading sessions.
Source: Namoi Cotton

Oilseeds

(Canola)

$549/t

Up 1.1%

Canola futures were sold based on the USDA's forecast increase in the US soybean crop, as well as reports of strong soybean yields from Brazil.
Source: Grainnews

Pulses

(Chickpeas)

$730/t

Down -12.0%

The Indian government has announced plans to become self sufficient in pulse production by 2021, with plans to produce 24 mn tonnes domestically.
Source: Stat

Sugar

$590/t

Up 1.1%

Market dynamics remain supportive for sugar prices. Despite a reduction in global output, global inventories are expected to reach very low levels.
Source: Agrimoney

Cattle

626c/kg (EYCI cwt)

Down -1.8%

The EYCI continued it's downward trend from the highs of late 2016. This coincides with easing of supply, a stronger AUD & heightened US competition.
Source: Meat & Livestock Australia

Cows

224c/kg (lwt)

Down -0.7%

The market eased again this week with prices seemingly responding to drier and hotter than normal conditions, that have prevailed throughout February.
Source: Mecardo

Lamb

638c/kg (NTLI cwt)

Down -3.9%

Lamb prices declined this week in response to the second highest lamb yarding's for the year. Despite the yarding's, slaughter levels have been weak.
Source: Mecardo

Wool

1,442c/kg (clean)

Up 0.2%

This weeks wool auctions were relatively uneventful. All merino types remained in very high percentile bands, while the EMI reached new recent highs.
Source: Australian Wool Innovation

Weather

Synoptic patterns have prevented moisture from moving into southern areas. A slightly negative, although neutral SOI prevails for the time being.
Source: Bureau of Meteorology