Report prepared 15 December 2017.
Wheat prices have little upside, with cash prices high on most measures. Recent rain may have helped to re-balance feed, mill and export demand.
Source: Bartholomaeus Consulting
Rain induced downgrades have shifted focus of feed markets away from competing for high protein grades, to lower quality feed grades & lowering prices
Recent rain has been beneficial for sorghum which is off to an excellent start. Follow up rain will be needed in January to maintain yield potential.
Source: Ag Scientia
Cotton prices peaked close to contract highs, with spec long interest increasing, strong US export sales and low contract cancellations from China.
Source: Namoi Cotton
Canadian canola futures are being supported by a high oil content harvest, meaning oil yield will be up compared to other crops & supporting basis.
Russia & the EU pulse production soared in 2017 with output up between 27 and 70% respectively. Local prices are reflecting competitive global supply.
Little fundamental news this week, as speculators appear to be pushing the market lower. Trading is expected to be light over the festive season
Strong finish to 2017 prices failed to offset losses mid year as dry conditions hit. Rainfall has left restockers at a premium to processors & feeders
Finished cattle eased on holiday plant closures, full kill sheets & a softer US imported beef market. Local to US price ratio is now close to average.
Record lamb yardings did little to curtail prices, the ESTLI posting a 6 month high. Rainfall has increased trade lamb and reduced processor activity.
The wool market went from strength to strength, with the EMI busting through the 1700c mark to new highs on strong demand in the last week of auctions
The developing monsoon in Nth of Australia have retreated, resulting in a heat wave conditions reaching the southern states & expected until next week
Source: Bureau Of Meteorology