Report prepared 1 March 2024.
A lack of offshore demand and solid domestic supply has tracked wheat prices substantially downward with sellers largely unwilling to meet bids.
Little trading at present, apart from potential Chinese demand, there is very little indicating any price upside to barley in the near term.
Buyers in the poultry and pig sectors are waiting until later in the sorghum harvest to enter the market, with feedlots also well covered.
Source: Grain Central
World consumption is likely to remain unchanged. Increases in China and Vietnam are being offset by lower consumption in Turkey, the US, and Thailand.
Source: Trading Economics
Strong soybean supplies coming out of Brazil and falling demand from China has continued to cast a shadow over global soybean and oilseed markets.
Stronger prices and good sub soil moisture levels are expected to support larger chickpea plantings in Qld and NSW in the autumn.
Source: Ag Scientia
The raw sugar futures market continued its bearish run as the market reacted to recent rain in Brazil and increased sugar production out of India.
The United States’ herd rebuild will have considerable impact on global beef markets, driving up demand for Australian beef.
The cattle market displayed positive trend across the majority of indicators this week. Yardings increased by 3,784 to 61,656 head.
Slaughter and production are projected to peak in 2024, which should see a record supply of Australian sheepmeat into the global market.
Merino 19.0 to 20.0 micron types were the most well sought of the selection. Some purchasing from Italy at premium prices for finer than 18.5 micron.
Forecasts of the El Nino-Southern Oscillation state beyond May remain uncertain. A return to La Nina by spring appears to be the favoured scenario.