Weekly Commodity Report

Wheat

$480/t (H2)

Wheat futures rallied with crop expectations in NSW reducing quickly. With Canada also in drought, global wheat supplies are expected to tighten.
Source: Ag Scientia

Barley

$344/t (feed)

Barley prices firmed as the hot and dry conditions in NSW place more crops under stress. Barley is now on par with wheat in northern markets.
Source: Grain Central

Sorghum

$445/t

Old crop sorghum prices firmed with minimal grower selling. Sales of new crop sorghum have not begun with the ongoing dry weather a factor.
Source: Profarmer

Cotton

$762.4/bale (Cotlook 'A' Index)

Cotton futures were weaker last week, with most agricultural commodities down after the latest US Federal Reserve decision to hold rates steady.
Source: Barchart

Oilseeds

$705/t

Canola prices rose as patchy frosts and hot, dry weather have created some challenges for southern growers in the final stages before harvest.
Source: The Land

Pulses

$694/t

Chickpea prices have been supported with the low Australian dollar and smaller Indian chickpea crop helping interest from Pakistan and India.
Source: Profarmer

Sugar

$909/t

Sugar futures rose this week in line with the broader rise in soft commodities. Brazilian sugar forecasts are consistent with market expectations.
Source: QSL

Cattle

397c/kg (EYCI)

Cattle prices continued their slide with lower restocker demand and higher yardings in NSW. Restocker yearling heifers lost 20c to 156c/kg lwt.
Source: MLA

Cows

165c/kg (lwt)

The processor cow indicator slid with a high supply cows, up over 20% over year-ago levels, despite the 90CL indicator rising over the week.
Source: Mecardo

Lamb

437c/kg (NTLI cwt)

Demand from processors have helped to support lamb prices. Premiums are going for well-finished lambs, with the heavy lamb indicator ending stronger.
Source: Mecardo

Wool

1,144c/kg (EMI)

The wool market eased with Sydney auctions slightly outperforming Melbourne in the 17 and 20 micron grades. Buying by Chinese top makers was subdued.
Source: AWI

Weather

The BOM formally announced that El Niño and positive IOD events are underway. Climate models suggest that El Niño will last until February at least.
Source: Bureau of Meteorology