Weekly Commodity Report

Report prepared 13 September 2019.

Wheat

$358/t (H2)

Steady

ASX wheat futures increased in response to new crop forecasts, with January futures at $362/t. ABARES cut its NSW wheat forecast to 3.2 million tonnes
Source: Ag Scientia

Barley

$353/t (feed)

Steady

New crop barley is currently priced favourably to ASW1 wheat, which is expected to price it into feed grain rations. Rain is needed to finish the crop
Source: Agfarm

Sorghum

$325/t

Steady

ABARES forecasts the NSW sorghum crop to be 140,000 tonnes, the lowest in over 30 years. Prices have increased in some locations due to feed demand
Source: ABARES; Profarmer

Cotton

$534/bale

Up 2.9%

Cotton prices increased with news the US will delay its increased tariffs on China by a fortnight, with expectations that US cotton will benefit
Source: Namoi Cotton

Oilseeds

(Canola)

$603/t

Up 1%

Canola has increased steadily while the market has been quiet. ABARES cut the NSW canola forecast 29% to 370,000 tonnes, well below the decade average
Source: Profarmer

Pulses

(Chickpeas)

$560/t

Steady

Pulse Australia published forecasts for the NSW pulse crop, with chickpea, field pea and faba bean production down significantly on decade averages
Source: Pulse Australia

Sugar

$366/t

Down -3.5%

Sugar prices fell again, continuing a five week slide, with reports that Brazilian mills have been cancelling sugar contracts to produce more ethanol
Source: QSL; Reuters

Cattle

477c/kg (EYCI cwt)

Down -4.5%

The EYCI fell below the 500c/kg level to a three-month low. Finished cattle prices increased slightly as the demand for meat for export was strong
Source: Mecardo

Cows

226c/kg (lwt)

Up 0.2%

The weaker exchange rate increased the local value of US cow prices, while MLA herd projections indicate a long recovery to get back to 2018 levels
Source: Mecardo, MLA

Lamb

811c/kg (NTLI cwt)

Up 1%

The ESTLI remained above 800c/kg after falling from its July peak. Mutton prices fell 6.9% in NSW with an above average yarding of sheep in NSW
Source: Mecardo

Wool

1,769c/kg (Mel 21mc)

Up 19.8%

Wool prices rebounded with the Eastern Market Indicator having a record increase, up 12.5% this week, with the lowest volume offered since June
Source: AWI

Weather

A low pressure system brought a cold front and strong winds across NSW, resulting in rain in the south west slopes and bushfires in northern NSW
Source: Weatherzone