Weekly Commodity Report

Report prepared 8 November 2024.

Wheat

$350/t (H2)

Steady

Bumper yields are being reported for wheat, barley and canola across the north and central west. Wheat quality has been higher than last year.
Source: Ag Scientia

Barley

$283/t (feed)

Down -2.1%

The NSW harvest is ahead of last year with GrainCorp receivals double compared to the same period last year. Barley prices were lower.
Source: Grain Central

Sorghum

$310/t

Steady

Sorghum markets were slightly firmer with patchy local demand. Growers are waiting for another rain event to spur plantings in NSW and Queensland.
Source: Profarmer

Cotton

$621.2/bale (Cotlook 'A' Index)

Down -1.2%

The latest report from USDA forecasts lower world production, consumption, ending stocks and trade in 2024-25, with cotton futures falling.
Source: USDA

Oilseeds

(Canola)

$714/t

Up 12.5%

Local canola prices continued to rally last week, before easing in line with offshore oilseed markets. Canola quality has been good in early harvest.
Source: Profarmer

Pulses

(Chickpeas)

$842/t

Up 17.4%

Chickpea prices have eased with harvest pressure. Good Indian monsoon rain has raised production estimates for the upcoming rabi crop.
Source: The Land

Sugar

$731/t

Down -0.9%

Raw sugar futures eased this week. Indian sugar mills are hoping to export 2 million tonnes of sugar this season with high stockpiles at hand.
Source: QSL

Cattle

615c/kg (EYCI)

Down -2.9%

The EYCI fell this week with higher volumes through NSW. The premium for steers over heifers continues, with reduced demand for breeding females.
Source: MLA

Cows

278c/kg (lwt)

Up 0.2%

Australia exported record volumes of beef in October 2024, the second time this year the record was broken, with 130,049 tonnes exported.
Source: MLA

Lamb

796c/kg (NTLI cwt)

Down -1.5%

The National Trade Lamb Indicator fell with Wagga the major saleyard . Weekly sheep slaughter reached the second-highest level since 2008.
Source: Mecardo

Wool

1,132c/kg (EMI)

Up 0.6%

Strong demand in the wool market this week, even with a stronger Australian dollar. Wool offerings were lower following recent weak prices.
Source: AWI

Weather

Climate indicators have been steady in recent months, with some climate models still predicting a La Nina to form, albeit likely a weak one if so.
Source: Bureau of Meteorology