Weekly Commodity Report

Report prepared 17 September 2021.

Wheat

$353/t (H2)

Down -1.9%

ANZ research suggests that Australia is close to its peak cropping area, while higher yields could increase production by at least a further 20%.
Source: ANZ Bank

Barley

$253/t (feed)

Down -3.8%

Barley prices fell this week following the dip in international wheat prices and easing demand for old crop barley from domestic feedlots.
Source: Ag Scientia

Sorghum

$306/t

Steady

Old crop sorghum trades are patchy, with poultry producers opportunistic buyers. New crop prices are weaker after pressure from offshore futures.
Source: Profarmer

Cotton

$699.7/bale

Down -0.9%

The Cotlook A-Index fell this week as thin trading volumes and expectations of a large Texas crop in the US sent cotton futures lower.
Source: AgFax

Oilseeds

(Canola)

$870/t

Up 2.4%

The latest USDA forecasts have revised down world canola production, particularly in Canada and the EU. This sent local prices higher this week.
Source: Profarmer

Pulses

(Chickpeas)

$593/t

Steady

Queensland chickpeas are close to harvest as container shortages are limiting export opportunities. Exporters are turning to bulk exports in response.
Source: Grain Central

Sugar

$596/t

Up 1.9%

Sugar prices increased after Hurrican Ida damaged 118,000 acres of sugar cane in Louisiana, of which 26% can still be harvested for sugar.
Source: Reuters

Cattle

1029c/kg (EYCI)

Up 0.9%

Cattle prices lifted again with a higher throughput of EYCI cattle. Wagga, Gunnedah and Tamworth were the highest throughput NSW saleyards.
Source: MLA

Cows

372c/kg (lwt)

Up 2.4%

The NSW Medium Cow Indicator is again at record levels, with the Central West region paying the highest average price in NSW at 385.5c/kg lwt.
Source: MLA

Lamb

920c/kg (NTLI cwt)

Down -2%

Higher yardings this week led to lower lamb prices across eastern Australia. Weekly sheep yardings were the highest since April at nearly 93,000 head.
Source: Mecardo

Wool

1,258c/kg (Mel 21mc)

Down -4%

Wool prices fell early in the week but rose on the final day with interest in 19.5 microns and coarser. The EMI is 30% higher than year-ago levels.
Source: Elders Wool

Weather

The Bureau of Meteorology has forecast an even chance of a second consecutive La Niña in November, while the 2020–2021 La Niña was moderate.
Source: ABC