Weekly Commodity Report

Report prepared 21 November 2025.

Wheat

$353/t (H2)

Steady

USDA World Ag Supply and Demand Estimates update revises Australian forecast wheat crop up from 34.5mMT in September to 36mMT in the November update
Source: Agmark

Barley

$298/t (feed)

Up 0.7%

Demand from Qld including feedlots is supporting NSW barley pricing. Record barley crop to place short term downside pressure on prices from Dec into Feb.
Source: Bendigo Bank, Grain Central

Sorghum

$350/t

Steady

USDA November forecast for US sorghum production to be up 24% yoy in 2025-26. Chinese demand remains steady as US sorghum shipments begin to arrive.
Source: USDA, Bendigo Bank

Cotton

$570.9/bale (Cotlook 'A' Index)

Down -0.2%

Cotton futures extended their downward trend, with USDA increasing their forecasts for 2025-26 US cotton production by +7% and global production by +2%.
Source: Trading Economics

Oilseeds

(Canola)

$806/t

Up 0.8%

Global market support of the soy complex, a lower AUD and strong early-season export demand is providing price support. Discount to GM canola is $65-70/t.
Source: Bendigo Bank

Pulses

(Chickpeas)

$527/t

Up 3.9%

Prices have firmed as exporters secure supply for upcoming bulk cargoes from Brisbane and Newcastle, and have been outpricing container market offers.
Source: Elders, Bendigo Bank

Sugar

$491/t

Up 2%

Sugar futures prices achieved first weekly gain since early October. Brazil mills report lower sugar mix and some switching to more ethanol production.
Source: QSL

Cattle

906c/kg (EYCI)

Up 0.8%

October Australian beef exports were 139,000 tonnes, the 2nd largest monthly volume recorded. Year-to-date exports are up 15% on the same period in 2024.
Source: Mecardo

Cows

396c/kg (lwt)

Down -0.8%

US removed Brazil's extra 40% tariff on beef, a 26.4% over-quota tariff remains. Brazil likely to target new product in January for the new quota year.
Source: Beef Central

Lamb

1138c/kg (NTLI cwt)

Down -0.8%

Combined lamb and sheep yardings were the highest since June 2025 at 368,000 hd, Wagga with over 70,000 hd. Despite this sheep market prices were stable
Source: MLA

Wool

1,514c/kg (EMI)

Up 3.8%

Fine and medium wools saw average gains of 75¢ and 100¢/kg respectively. The EMI is now up 33.7% yoy, but offerings are down 5.9% from this time last year
Source: AWI

Weather

Long range forecast for eastern Australia shows roughly an equal chance of above- or below-average rainfall, over the three months to February.
Source: Bureau of Meteorology