Weekly Commodity Report

Report prepared 13 September 2019.


$358/t (H2)


ASX wheat futures increased in response to new crop forecasts, with January futures at $362/t. ABARES cut its NSW wheat forecast to 3.2 million tonnes
Source: Ag Scientia


$353/t (feed)


New crop barley is currently priced favourably to ASW1 wheat, which is expected to price it into feed grain rations. Rain is needed to finish the crop
Source: Agfarm




ABARES forecasts the NSW sorghum crop to be 140,000 tonnes, the lowest in over 30 years. Prices have increased in some locations due to feed demand
Source: ABARES; Profarmer



Up 2.9%

Cotton prices increased with news the US will delay its increased tariffs on China by a fortnight, with expectations that US cotton will benefit
Source: Namoi Cotton




Up 1%

Canola has increased steadily while the market has been quiet. ABARES cut the NSW canola forecast 29% to 370,000 tonnes, well below the decade average
Source: Profarmer





Pulse Australia published forecasts for the NSW pulse crop, with chickpea, field pea and faba bean production down significantly on decade averages
Source: Pulse Australia



Down -3.5%

Sugar prices fell again, continuing a five week slide, with reports that Brazilian mills have been cancelling sugar contracts to produce more ethanol
Source: QSL; Reuters


477c/kg (EYCI cwt)

Down -4.5%

The EYCI fell below the 500c/kg level to a three-month low. Finished cattle prices increased slightly as the demand for meat for export was strong
Source: Mecardo


226c/kg (lwt)

Up 0.2%

The weaker exchange rate increased the local value of US cow prices, while MLA herd projections indicate a long recovery to get back to 2018 levels
Source: Mecardo, MLA


811c/kg (NTLI cwt)

Up 1%

The ESTLI remained above 800c/kg after falling from its July peak. Mutton prices fell 6.9% in NSW with an above average yarding of sheep in NSW
Source: Mecardo


1,769c/kg (Mel 21mc)

Up 19.8%

Wool prices rebounded with the Eastern Market Indicator having a record increase, up 12.5% this week, with the lowest volume offered since June
Source: AWI


A low pressure system brought a cold front and strong winds across NSW, resulting in rain in the south west slopes and bushfires in northern NSW
Source: Weatherzone