Weekly Commodity Report

Report prepared 12 July 2019.

Wheat

$373/t (H2)

Steady

Weather continues to be key to US wheat quality as harvest continues however Black Sea values continue to set the floor for wheat export prices
Source: Rabobank

Barley

$358/t (feed)

Steady

Low soil moisture and below average rainfall outlooks mean feed grain will continue to be in high demand across livestock sectors in eastern states
Source: Grain Central

Sorghum

$355/t

Steady

Old crop sorghum has nearly sold out so there will be little trading until new crop is released. Wheat or barley will be the staple in feed rations
Source: Farm Weekly

Cotton

$555/bale

Down -0.7%

The US cotton market closed for Independence Day, though prices had fallen during the week, which was offset domestically by the lower exchange rate
Source: Namoi Cotton

Oilseeds

(Canola)

$595/t

Down -0.8%

Crop conditions have stabilised in VIC and SA. The USDA report drove the market lower this week as bean and corn estimates were higher than expected
Source: Lachstock Consulting

Pulses

(Chickpeas)

$560/t

Steady

The Indian monsoon season has begun with lower than average rainfall, which may lower chickpea production in India and boost the Australian market
Source: RainAg

Sugar

$390/t

Down -2%

Brazil delivered 1.1 million tonnes to close out their contract position despite 800,000 tonnes having already been supplied for ethanol production
Source: QSL

Cattle

492c/kg (EYCI cwt)

Up 0.7%

Competition between processors and restockers has supported prices, especially in NSW as stock shortages drive the market increase
Source: Beef Central

Cows

202c/kg (lwt)

Up 3.6%

A trade deal between South American countries and the EU provides encouragement that direct EU quota allocation may be possible for Australia
Source: The Land

Lamb

902c/kg (NTLI cwt)

Up 0.7%

Prices continued to increase as old season lamb numbers dwindle and ongoing poor seasonal conditions mean supplies are likely to remain tight
Source: ALPA

Wool

2,022c/kg (Mel 21mc)

Down -2.2%

Demand issues continue to drive the wool market as seasonal conditions affect supply increasing price volatility with a larger supply of lower micron
Source: Mecardo

Weather

Dam levels continue to fall as NSW experienced its driest June in 33 years with the positive Indian Ocean Dipole likely to produce patchy rain events
Source: Weatherzone