Report prepared 26 May 2023.
Prices continue to drift sideways with domestic markets remaining covered for the near-term and global demand relatively satisfied.
Export demand is waning as cheap Black Sea barley and record Brazilian soybean and corn production are available for feed stocks.
For the first time since Oct, sorghum is trading well below wheat to a level sufficient to spark interest from the pig and poultry sectors.
Demand appears to be shrinking with another COVID wave on the horizon for China and the positive news surround US crop production getting louder.
Canola bids on current and new crop lifted but liquidity remains quiet.
Plans to update and expand the interim FTA between India and Australia could potentially lead to a reopening of Australia’s largest chickpea market.
The market softened slightly awaiting news on the possible development of an El Niño weather system and harvesting progress updates from Brazil.
Increased supply pressure and more selective buyers took a toll on prices. Weakening international markets for Aussie beef is weighing on demand.
The average NSW Female Slaughter Ratio for the first three quarters of the 2022-23 year indicates that at 42.8%, the herd remains in a rebuild phase.
The NSW Heavy Lamb Indicator continued on a downward trend although remained at a very healthy premium above trade lambs.
Lower volumes could not arrest the current downward trend. All types were affected with a clear market direction from trading partners not forthcoming
The forecast remains mainly dry with less than 10mm for all NSW cropping regions.