Weekly Commodity Report

Report prepared 1 March 2024.

Wheat

$415/t (H2)

Steady

A lack of offshore demand and solid domestic supply has tracked wheat prices substantially downward with sellers largely unwilling to meet bids.
Source: Profarmer

Barley

$298/t (feed)

Down -2%

Little trading at present, apart from potential Chinese demand, there is very little indicating any price upside to barley in the near term.
Source: Profarmer

Sorghum

$380/t

Steady

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

Cotton

$810.2/bale (Cotlook 'A' Index)

Up 4.9%

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

Oilseeds

(Canola)

$590/t

Down -2.8%

Strong soybean supplies coming out of Brazil and falling demand from China has continued to cast a shadow over global soybean and oilseed markets.
Source: Profarmer

Pulses

(Chickpeas)

$764/t

Steady

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

Sugar

$760/t

Up 1.9%

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.
Source: QSL

Cattle

627c/kg (EYCI)

Down -0.1%

The United States’ herd rebuild will have considerable impact on global beef markets, driving up demand for Australian beef.
Source: MLA

Cows

244c/kg (lwt)

Up 5.7%

The cattle market displayed positive trend across the majority of indicators this week. Yardings increased by 3,784 to 61,656 head.
Source: MLA

Lamb

616c/kg (NTLI cwt)

Down -1.2%

Slaughter and production are projected to peak in 2024, which should see a record supply of Australian sheepmeat into the global market.
Source: MLA

Wool

1,158c/kg (EMI)

Up 0.1%

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.
Source: AWI

Weather

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.
Source: Weatherwatch