Report prepared 18 June 2021.
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
Logistical issues across the country have kept barley prices well-supported, with old crop NSW barley in demand in domestic feedgrain markets.
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 futures dropped sharply with concerns about price clampdowns in China and higher interest rates by the Federal Reserve in the US.
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
ABARES forecasts higher chickpea plantings in NSW this season, up to 280,000 hectares. With average yields production is forecast at 316,000 tonnes.
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.
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.
The agreement in-principle of the Australia-UK Free Trade Agreement was announced, with increased access for Australian beef over a 10 year period.
Lamb prices increased strongly this week with lower yardings. Lamb and sheep slaughter was above than 5 year average levels for the season.
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
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