Weekly Commodity Report

Report prepared 8 November 2019.

Wheat

$370/t (H2)

Steady

A lack of supply from eastern states has led to Australia's key export market, Indonesia, to begin sourcing large volumes of wheat from Canada
Source: Lachstock Consulting

Barley

$350/t (feed)

Steady

Prices were steady but uncertainty around the barley anti-dumping probe by China is impacting trades capacity to purchase large volumes of barley
Source: Mercado

Sorghum

$345/t

Steady

Prices were steady but sorghum is under pressure with competition from white grains, despite new crop potential reducing due to insufficient rainfall
Source: Profarmer

Cotton

$584/bale

Up 0.7%

US prices were higher pushed by better sales/exports and news that China is willing to do reciprocal tariff actions. No trade deal has been signed yet
Source: Namoi Cotton

Oilseeds

(Canola)

$601/t

Down -5.4%

Canola prices dropped 5%. Harvest halted briefly due to rain in the south eastern areas. Oils continued to be mostly sub 40% due to the dry season
Source: Profarmer

Pulses

(Chickpeas)

$750/t

Steady

Prices were steady with Pakistan interest helping old crop prices but new crop demand has slowed with a stronger AUD putting pressure on export prices
Source: Profarmer

Sugar

$396/t

Up 0.1%

Sugar prices remained steady. The sugar market is still trading over a narrow range, however it has recovered 20 points over the last week
Source: QSL

Cattle

522c/kg (EYCI cwt)

Up 2.1%

Surprisingly, the EYCI keeps climbing as a result of record export prices, strong finished cattle prices and good gross margins for young cattle
Source: MLA, Mercado

Cows

241c/kg (lwt)

Up 4.4%

Cow prices jumped more than 4%. Beef exports to China reached new highs, over 30kt swt last month and 75% above 2018 year-to-date volumes
Source: MLA

Lamb

753c/kg (NTLI cwt)

Down -0.4%

Lamb prices eased slightly however demand from China keeps growing, with Oct shipments up 26% from last month and 76% compared to same month last year
Source: MLA, Farm Online

Wool

1,726c/kg (Mel 21mc)

Down -3.1%

After last weeks large gains, prices dipped with a slowing of prompt demand. The holding of large volumes of wool remains too high risk for buyers
Source: AWI, Farm Online

Weather

Showers and thunderstorms produced good rainfall of 20-100mm over a large area of inland NSW. It was the first decent rain for many areas since April.
Source: The Land, Weatherzone