Weekly Commodity Report

Report prepared 23 September 2022.

Wheat

$460/t (H2)

Steady

World grain markets have now fallen to pre-Ukraine war levels with news of a bumper Russian wheat crop and growing fears of a global recession.
Source: Ag Scientia

Barley

$291/t (feed)

Up 3.6%

Prices firmed in a quiet week with a long weekend for Victorian buyers and expectations that the barley harvest will be delayed by a fortnight.
Source: Grain Central

Sorghum

$345/t

Up 1.5%

Old crop sorghum has found support from packers. Wet conditions in northern NSW and Queensland are delaying further paddock preparation for sorghum.
Source: Riverina Australia

Cotton

$867.7/bale

Down -3.5%

Cotton prices were lower after the USDA increased the US crop forecast, with the lower Australian dollar cushioning the fall in the Cotlook 'A' Index.
Source: AgFax

Oilseeds

(Canola)

$714/t

Down -4.5%

Canola prices eased further in line with oilseed futures and crude oil prices. Newcastle zone prices were at a discount to Port Kembla zone.
Source: Profarmer

Pulses

(Chickpeas)

$458/t

Down -1.1%

Chickpea markets were lower with Queensland harvest commencing soon. The Pakistan floods has increased demand for prompt chickpea deliveries.
Source: Grain Central

Sugar

$590/t

Up 0.9%

Higher-than-expected inflation data from the US capped gains in the ICE 11 sugar futures, with market expectations of more US interest rate increases.
Source: QSL

Cattle

1076c/kg (EYCI)

Up 3.8%

EYCI-grade cattle at NSW saleyards have had a remarkable turnaround from their July lows, with average prices at Wagga up 22% to 1146 c/kg.
Source: MLA

Cows

375c/kg (lwt)

Up 1.8%

NSW cow prices increased this week, though less than other cattle indicators, with processor cow supply 55% below the 5 year average.
Source: MLA

Lamb

735c/kg (NTLI cwt)

Down -2.8%

Lamb and sheep slaughter levels have been well above year-ago levels with the high supply of new season lambs, as restockers seek heavier lambs.
Source: MLA

Wool

1,314c/kg (Mel 21mc)

Down -1.8%

Broad price falls across the wool market this week, sending the Eastern Market Indicator to 1279 c/kg clean, the lowest level since March 2021.
Source: Nutrien Wool

Weather

More flood warnings for NSW with another low pressure system coming, as Gunnedah had major flooding and Wee Waa and Warren have been cut off.
Source: ABC News