Weekly Commodity Report

Report prepared 16 July 2018.

Wheat

$355/t (APW)

Down -4.1%

Market reacted to the July WASDE report which projected global wheat stocks to decline significantly; global wheat prices are likely to rally
Source: Bartholomaeus Consulting

Barley

$355/t (feed)

Steady

Prices remain at record level with no sign of change as buyers and sellers await the spring rain that will determine production of late planted barley
Source: Ag Scientia

Sorghum

$350/t

Up 0.3%

Prices for sorghum remain stable while ABARES predicts a 93% increase in production off the back of weak winter crop plantings increasing summer crops
Source: DPI

Cotton

$628/bale

Up 4%

Domestic prices benefitted from Wednesday’s decline of the AUD; globally, futures bounced back with the WASDE report projecting increased consumption
Source: CommBank

Oilseeds

(Canola)

$550/t

Steady

Domestic prices remain stable while globally, Canadian canola suffered from a weakening vegetable oil market caused by the US - China trade disputes
Source: Lachstock Consulting

Pulses

(Chickpeas)

$600/t

Steady

Market remains at a lull as despite Pakistan’s increasing imports of Australian chickpeas in the recent months, India’s absence is sorely missed
Source: DPI

Sugar

$328/t

Down -3.4%

Prices continue to fall with the New York sugar contract recording new lifetime low this week; fall is driven by bumper crops in Thailand and India
Source: DPI

Cattle

503c/kg (EYCI cwt)

Down -1.8%

Prices remain 3% below the YTD average as the market awaits rainfall; continued drought and herd liquidation will cause price to climb as supply falls
Source: DPI

Cows

207c/kg (lwt)

Up 2.3%

An increase for cow price have set the price to levels seen early this year with prices now up 22% June average; spring rainfall will determine prices
Source: DPI

Lamb

722c/kg (NTLI cwt)

Down -1%

NSW prices are expected to drop late in the year as old lamb supply leaves the market and young lamb supply takes longer than usual to be ready
Source: Mecardo

Wool

2,239c/kg (NTLI cwt)

Down -1.5%

Price correction for wool continues as the demand from the Northern Hemisphere declines from the summer, global stock remain low and will drive prices
Source: AWI

Weather

Five out of the eight major international weather models are predicting El Nino that is likely to reduce spring and early summer rainfalls
Source: Weatherwatch