Weekly Commodity Report

Report prepared 2 May 2025.

Wheat

$350/t (H2)

Steady

Australian markets remained stable with subdued activity. The USDA has rated half of the US winter wheat crop as being in good to excellent condition.
Source: Profarmer

Barley

$320/t (feed)

Up 1.6%

Tightening supplies and domestic feed and export demand expected to support prices; almost 300kt is scheduled to be exported from Vic and NSW in May.
Source: Profarmer

Sorghum

$370/t

Steady

Sorghum prices have held up despite a firmer AUD. The trade accumulation for upcoming bulk sorghum exports is slowing as it enetrs the latter stages.
Source: Profarmer

Cotton

$616.9/bale (Cotlook 'A' Index)

Up 1.1%

International Cotton Advisory Committee expects global production to rise 7% in 2024-25 but consumption to grow 2% indicating a bearish outlook.
Source: Fibre2Fashion

Oilseeds

(Canola)

$768/t

Up 3.2%

Canola and wheat price spread favours canola sowing where possible. The $100 spread between conventional and GM canola seeing more conventional sown.
Source: Mercado

Pulses

(Chickpeas)

$827/t

Steady

India estimated to have imported 6.5 million tonnes of pulses in 2024-25, 40% higher yoy; their total area sown to pulses was down 12% from 2020-21.
Source: Saskatchewan Pulse Growers

Sugar

$591/t

Down -1.2%

Global sugar price indicator was softer in part due to anticipated substantial production in the 2025-26 harvest season from Centre South Brazil.
Source: QSL

Cattle

688c/kg (EYCI)

Down -3.9%

NSW Feeder Steer Indicator was 3% lower at 388.5¢/kg lwt.Year-to-date cattle slaughter for 2025 is 9% above the numbers for the same time last year.
Source: MLA

Cows

265c/kg (lwt)

Down -8.4%

Dry conditions continued to support cow turn-off, causing prices to ease and approach the indicator price realised in July 2024.
Source: MLA

Lamb

822c/kg (NTLI cwt)

Down -3%

National lamb numbers were up 3% to 248,342 on the week easing prices. National Heavy Lamb Indicator was flat at 849¢/kg cwt despite 11,600 less head.
Source: MLA

Wool

1,191c/kg (EMI)

Down -1.6%

Stronger AUD to USD impacted wool prices. Better quality Merino wools were achieveing up to 50 ac/kg extra for similar micron and vegetable matter.
Source: AWI

Weather

The Bureau expects rainfall to be within the typical winter range for most of NSW along with warmer than average winter days and nights for the state.
Source: BOM