Weekly Commodity Report

Report prepared 27 January 2023.

Wheat

$440/t (H2)

Steady

GrainCorp reported 4.9 million tonnes in grain receivals from NSW in its final harvest update, with some southern growers still making deliveries.
Source: GrainCorp

Barley

$313/t (feed)

Up 0.3%

Barley prices firmed slightly with limited grower selling and higher quantities of lower grade barley. Malt barley is at $381/tonne, Melbourne.
Source: Grain Central

Sorghum

$385/t

Steady

Patchy rain has boosted sorghum crops in northern NSW and Queensland, while the early Chinese New Year led to low demand from export buyers.
Source: Weekly Times

Cotton

$715.8/bale

Down -1.8%

Despite lower cotton futures, some optimism returned with forecasts for higher economic growth in China and lower cotton production from Pakistan.
Source: AgFax

Oilseeds

(Canola)

$690/t

Down -3.4%

Local canola prices have followed international markets lower due to higher soybean production from Argentina. Grower sales have been slow.
Source: Profarmer

Pulses

(Chickpeas)

$489/t

Steady

The local chickpea market remains quiet with some demand from container packers. Nugget lentils have started the year lower, at $720/tonne, Melbourne.
Source: Profarmer

Sugar

$632/t

Up 1.9%

US sugar futures rose slightly in a shortened week. Traders waited for news of the harvest in India and news on further sugar export quotas.
Source: QSL

Cattle

785c/kg (EYCI)

Up 0.1%

The EYCI traded sideways as yardings were lower in a short trading week. NSW saleyards helped to steady prices, with gains at Gunnedah and Carcoar.
Source: Mecardo

Cows

256c/kg (lwt)

-3.8%

Long term weather models forecast a return to neutral conditions through 2023. The BOM 3 month outlook points to average conditions for NSW.
Source: Weatherwatch

Lamb

758c/kg (NTLI cwt)

Up 3.2%

Sheep and lamb markets continued a strong start to 2023, with trade lambs 3% higher. Yardings were down due to the Australia day public holiday.
Source: MLA

Wool

1,444c/kg (Mel 21mc)

Down -0.1%

The Eastern Market Indicator was marginally lower this week, though it was higher in US dollars. Chinese buyers were quiet due to the CNY holiday.
Source: AWI

Weather

While the 30-day SOI is above La Niña thresholds, it has been moving back to neutral, as the rainfall outlook is for normal across most of the state.
Source: Weatherwatch