Weekly Commodity Report

Report prepared 19 July 2024.

Wheat

$390/t (H2)

Steady

Benchmark wheat futures have fallen to a three month low due to harvest pressure in the northern hemisphere and improved weather in the US.
Source: Ag Scientia

Barley

$291/t (feed)

Down -4.6%

Little trading this week as prices eased, despite low barley stocks in northern NSW and Queensland. Malt barley is around $365/tonne, Melbourne.
Source: Grain Central

Sorghum

$360/t

Down -2.7%

Sorghum prices fell in line with other grains, with little grower interest at current prices. Dryers are in use for grain with high moisture levels.
Source: Profarmer

Cotton

$611.5/bale (Cotlook 'A' Index)

Up 1.4%

US cotton futures rose slightly despite the USDA raising their forecast for the 2024 US crop to 17 million bales. Local prices are around $580/bale.
Source: Cotton Grower

Oilseeds

(Canola)

$657/t

Down -1.9%

Lower vegetable oil prices have been a factor in lower canola prices in Australia. European oilseed forecasts have risen, pushing futures prices down.
Source: Weekly Times

Pulses

(Chickpeas)

$897/t

Steady

New crop chickpeas are steady, with little trading at this point in the season as growers wait until crop estimates firm. Old crop prices rose.
Source: Profarmer

Sugar

$632/t

Down -2%

Raw sugar futures fell with Brazilian data showing strong production, although with low sugar levels. Brazilian sugar estimates are 41 million tonnes.
Source: QSL

Cattle

640c/kg (EYCI)

Up 2.3%

Gains across the cattle market this week, with most indicators ending the week higher. Singleton and Carcoar saleyards had the highest EYCI values.
Source: MLA

Cows

280c/kg (lwt)

Up 2.9%

The Processor Cow Indicator rose in line with the broader market. Australian beef exports to the US are 40% above the 5 year average.
Source: Mecardo

Lamb

866c/kg (NTLI cwt)

Up 3.5%

Lamb markets continued their rally this week even with higher yardings. NSW trade lambs had the highest average price across all states at 873c/kg.
Source: Mecardo

Wool

1,107c/kg (EMI)

Steady

Some gains in the wool market, pausing the recent downward trend, with a low volume offered for sale. The Merino sector saw gains for some grades.
Source: Nutrien Wool

Weather

Climate models indicate wetter than normal conditions over spring for NSW, but uncertainty at this point whether it will meet La Niña thresholds
Source: CottonInfo