Weekly Commodity Report

Wheat

$390/t (H2)

Softening world wheat prices due to better than expected yields in the US, and widespread rainfall in Western Australia, has eased local prices.
Source: The Land

Barley

$316/t (feed)

Barley prices followed wheat markets and cattle prices lower. Export demand, mainly from China has provided support to southern markets.
Source: Profarmer

Sorghum

$370/t

Sorghum markets have been steady with local buyers covered for the next few months. A dry week has allowed some growers to finish their harvest.
Source: Grain Central

Cotton

$620.6/bale (Cotlook 'A' Index)

USDA report for June released last week increased Australia’s 2024-25 projected exports to 5.4 million bales, up 100,000 bales from the May estimate.
Source: Grain Central

Oilseeds

$654/t

Canola plantings are forecast to decline 9%. National production is the lowest in four years, but still stronger than any year prior to 2021-22.
Source: Mecardo

Pulses

$897/t

Chickpea markets are steady with some interest in new crop sales. Nugget lentils (Melbourne) are quoted at $990/tonne, close to 12 month highs.
Source: Profarmer

Sugar

$623/t

Continued strength in the raw sugar futures market last week saw it surge to 5-week highs with production in Brazil lower than expected. 
Source: QSL

Cattle

585c/kg (EYCI)

The EYCI this week has eased 14 cents (2.3%) after a 12% increase in throughput to the yards (16K).  The cattle available were on the lighter side.
Source: Mecardo

Cows

203c/kg (lwt)

The Processor Cow Indicator eased with higher throughput and reports of plainer cows on offer. The NSW discount to Victoria for cows narrowed.
Source: MLA

Lamb

710c/kg (NTLI cwt)

Since the start of April east coast lamb slaughter has been up 23% on last year. The June quarter is likely to continue the upward trend.
Source: Mecardo

Wool

1,160c/kg (EMI)

Despite thin volumes available at auctions, buyers were cautious and pices ended the week lower. There is one sale week left in the 2023-24 season.
Source: AWI

Weather

Light rains for a large part of western NSW last week, with heavier falls around Sydney. Neutral ENSO conditions are expected to persist over winter.
Source: The Land