Report prepared 21 February 2020.
Optimism that key cropping regions have a close to full soil moisture profile has eased wheat prices, and rain has brought extra sales from growers.
Source: Weekly Times
Feed barley trade with China is likely to have structural challenges with deepening China-Brazil soybean trade and the US-China trade deal.
NSW sorghum prices eased as expectations that the central Queensland and late Darling Downs crop will enter the feed grain market from June onwards.
Source: Grain Central
Cotton Australia has estimated 2020 cotton production to be 600,000 bales, below 2008 levels. Analysts estimate only 24 gins will operate this season.
Source: Cotton Australia
Prices increased over the week to encourage grower sales based on reports of Victorian shipments requiring additional volume for export.
Lentil prices have rallied in South Australia, with pulse markets quiet in NSW and Victoria. Small harvests have limited the activity of traders.
Sugar prices eased off recent highs in a volatile market. There has been a slowdown in crushing rates and Thai crop estimates have been downgraded.
The EYCI continued its rally as competition for young cattle remained strong. Australia was the largest beef exporter in 2019 at A$10.8 billion.
The NSW medium cow indicator reached record levels this week. Heifers increased in most weight categories in a record large sale on AuctionsPlus.
Restocker demand has outweighed supply among lighter lambs. The trade lamb indicator reached 931c/kg cwt during the week, approaching its record high.
Higher prices across finer grades, with Chinese buyers again the largest purchaser at auction. Concerns about Covid19 has had minimal impact to date.
Major climate drivers are all neutral, and are likely to remain neutral into Autumn, but hotter than average temperatures are still expected.
Source: Bureau of Meteorology