Weekly Commodity Report

Report prepared 18 June 2021.

Wheat

$314/t (H2)

Steady

Soaking rains last week have provided favourable starts to the winter cropping season in NSW and Western Australia, with prices easing slightly.
Source: Ag Scientia

Barley

$250/t (feed)

Down -0.4%

Logistical issues across the country have kept barley prices well-supported, with old crop NSW barley in demand in domestic feedgrain markets.
Source: Profarmer

Sorghum

$317/t

Steady

Sprouting has affected some sorghum harvested in NSW and southern Queensland following rain, leading to lower prices for Sorghum 2 and Sorghum X.
Source: Grain Central

Cotton

$626.9/bale

Up 3%

Cotton futures dropped sharply with concerns about price clampdowns in China and higher interest rates by the Federal Reserve in the US.
Source: AgFax

Oilseeds

(Canola)

$713/t

Down -6.8%

Oilseed markets were weaker this week, with canola prices following lower soybean prices. US soybeans are down 14% this month in the spot market.
Source: Thomas Elder Markets

Pulses

(Chickpeas)

$633/t

Steady

ABARES forecasts higher chickpea plantings in NSW this season, up to 280,000 hectares. With average yields production is forecast at 316,000 tonnes.
Source: ABARES

Sugar

$496/t

Down -1.4%

Oil prices have reached a two-year high with forecasts that world oil consumption will recover by 2022, in turn supporting ethanol and sugar prices.
Source: QSL

Cattle

913c/kg (EYCI)

Steady

Cattle yardings were down sharply this week, with restockers paying 987.2c/kg on average for EYCI cattle and taking the largest share of sales.
Source: MLA

Cows

299c/kg (lwt)

Up 0.3%

The agreement in-principle of the Australia-UK Free Trade Agreement was announced, with increased access for Australian beef over a 10 year period.
Source: MLA

Lamb

837c/kg (NTLI cwt)

Up 3.3%

Lamb prices increased strongly this week with lower yardings. Lamb and sheep slaughter was above than 5 year average levels for the season.
Source: Mecardo

Wool

1,374c/kg (Mel 21mc)

Up 6%

Another strong week in the wool market with large gains across finer micron grades. The Eastern Market Indicator rose 55c to 1488 c/kg clean.
Source: Nutrien Wool

Weather

Rain across southern NSW followed the aftermath of floods in Victoria. A low pressure system brought further rain to south-east NSW late in the week.
Source: Elders Weather