Report prepared 17 September 2021.
ANZ research suggests that Australia is close to its peak cropping area, while higher yields could increase production by at least a further 20%.
Source: ANZ Bank
Barley prices fell this week following the dip in international wheat prices and easing demand for old crop barley from domestic feedlots.
Source: Ag Scientia
Old crop sorghum trades are patchy, with poultry producers opportunistic buyers. New crop prices are weaker after pressure from offshore futures.
The Cotlook A-Index fell this week as thin trading volumes and expectations of a large Texas crop in the US sent cotton futures lower.
The latest USDA forecasts have revised down world canola production, particularly in Canada and the EU. This sent local prices higher this week.
Queensland chickpeas are close to harvest as container shortages are limiting export opportunities. Exporters are turning to bulk exports in response.
Source: Grain Central
Sugar prices increased after Hurrican Ida damaged 118,000 acres of sugar cane in Louisiana, of which 26% can still be harvested for sugar.
Cattle prices lifted again with a higher throughput of EYCI cattle. Wagga, Gunnedah and Tamworth were the highest throughput NSW saleyards.
The NSW Medium Cow Indicator is again at record levels, with the Central West region paying the highest average price in NSW at 385.5c/kg lwt.
Higher yardings this week led to lower lamb prices across eastern Australia. Weekly sheep yardings were the highest since April at nearly 93,000 head.
Wool prices fell early in the week but rose on the final day with interest in 19.5 microns and coarser. The EMI is 30% higher than year-ago levels.
Source: Elders Wool
The Bureau of Meteorology has forecast an even chance of a second consecutive La Niña in November, while the 2020–2021 La Niña was moderate.