Weekly Commodity Report

Report prepared 22 September 2023.


$480/t (H2)

Up 6.7%

Wheat futures rallied with crop expectations in NSW reducing quickly. With Canada also in drought, global wheat supplies are expected to tighten.
Source: Ag Scientia


$344/t (feed)

Up 0.6%

Barley prices firmed as the hot and dry conditions in NSW place more crops under stress. Barley is now on par with wheat in northern markets.
Source: Grain Central



Up 2.3%

Old crop sorghum prices firmed with minimal grower selling. Sales of new crop sorghum have not begun with the ongoing dry weather a factor.
Source: Profarmer


$762.4/bale (Cotlook 'A' Index)

Down 0%

Cotton futures were weaker last week, with most agricultural commodities down after the latest US Federal Reserve decision to hold rates steady.
Source: Barchart




Up 2.9%

Canola prices rose as patchy frosts and hot, dry weather have created some challenges for southern growers in the final stages before harvest.
Source: The Land





Chickpea prices have been supported with the low Australian dollar and smaller Indian chickpea crop helping interest from Pakistan and India.
Source: Profarmer



Up 1%

Sugar futures rose this week in line with the broader rise in soft commodities. Brazilian sugar forecasts are consistent with market expectations.
Source: QSL


397c/kg (EYCI)

Down -6.4%

Cattle prices continued their slide with lower restocker demand and higher yardings in NSW. Restocker yearling heifers lost 20c to 156c/kg lwt.
Source: MLA


165c/kg (lwt)

Down -14.4%

The processor cow indicator slid with a high supply cows, up over 20% over year-ago levels, despite the 90CL indicator rising over the week.
Source: Mecardo


437c/kg (NTLI cwt)

Down -0.6%

Demand from processors have helped to support lamb prices. Premiums are going for well-finished lambs, with the heavy lamb indicator ending stronger.
Source: Mecardo


1,144c/kg (EMI)

Down -0.3%

The wool market eased with Sydney auctions slightly outperforming Melbourne in the 17 and 20 micron grades. Buying by Chinese top makers was subdued.
Source: AWI


The BOM formally announced that El Niño and positive IOD events are underway. Climate models suggest that El Niño will last until February at least.
Source: Bureau of Meteorology