Weekly Commodity Report

Report prepared 24 May 2024.

Wheat

$410/t (H2)

Steady

US wheat prices recently reached eight-month highs due to deteriorating crop conditions in Russia and other major exporters, before easing slightly.
Source: Clear Grain Exchange

Barley

$337/t (feed)

Steady

Barley prices have lifted in parts with dry conditions in south-east Australia sparking higher demand for barley from feed buyers and mixed farmers.
Source: Grain Central

Sorghum

$370/t

Steady

The Australian sorghum harvest is nearly complete, with only some Queensland regions yet to finish. Sorghum exports have been steady from Brisbane.
Source: Riverina Australia

Cotton

$669.7/bale (Cotlook 'A' Index)

Up 4.1%

Cotton futures rose despite lower crude oil prices and a further increase in ICE certified stocks. The lower Australian dollar helped local pricing.
Source: The Globe and Mail

Oilseeds

(Canola)

$698/t

Up 1.7%

Local canola prices climbed again this week with little new crop selling and higher oilseed values. Flooding in Brazil has lifted US soybean futures.
Source: Profarmer

Pulses

(Chickpeas)

$864/t

Steady

Private winter crop estimates have significantly increased the forecast chickpea plantings, up to 642,000 hectares, 50% higher than ABARES forecasts.
Source: Riverina Australia

Sugar

$605/t

Down -1.3%

World sugar futures eased with data from Brazil indicates that mills are producing a higher share of sugar than ethanol compared to last year.
Source: QSL

Cattle

618c/kg (EYCI)

Down -1%

Higher yardings this week led to a weaker EYCI. Feeder and Processor buyers had the largest drop in prices, while Restocker buyers eased slightly.
Source: MLA

Cows

215c/kg (lwt)

Down -6.9%

The Processor Cow Indicator fell nearly 7% this week with most saleyards recording lower prices. Wagga Wagga was the best performing saleyard.
Source: MLA

Lamb

677c/kg (NTLI cwt)

Up 4.4%

The National Trade Lamb Indicator rose strongly this week, returning to early-May levels. Wagga reported a limited number of quality yardings.
Source: Mecardo

Wool

1,130c/kg (EMI)

Down -0.4%

Wool prices were mixed in a subdued week with prices for crossbred wools generally increasing, while the Merino sector was generally lower.
Source: AWI

Weather

The winter rainfall outlook for NSW shows many regions with a higher than 50% of above-median rainfall, particularly across central and western NSW.
Source: Bureau of Meteorology