Weekly Commodity Report

Report prepared 2 May 2025.

Wheat

$350/t (H2)

Steady

Northern growers have had a good start to the winter cropping season with good soil moisture profiles, while southern growers have had dry conditions.
Source: Ag Scientia

Barley

$315/t (feed)

Down -0.6%

Tighter supplies and domestic feed demand are supporting prices, but weaker broader markets and easing export demand is causing prices to ease lower.
Source: Profarmer

Sorghum

$370/t

Steady

Sorghum exports have been the focus of the market over April, with more vessels booked for early May. Grower sales have increased with recent rain.
Source: Grain Central

Cotton

$610.5/bale (Cotlook 'A' Index)

Down -3.9%

World cotton prices are down this week in response to ongoing weak demand. The USDA has lowered its forecasts for US cotton exports over the season.
Source: CottonGrower

Oilseeds

(Canola)

$744/t

Down -1.3%

Global oilseed complex is reflecting increasing confidence in the US soybean crop and lower crude price, and favourable EU and Candian crop conditions
Source: Profarmer

Pulses

(Chickpeas)

$827/t

Steady

Old crop markets continue to be supported by container demand into the subcontinent. Limited new crop bids but remains firm prior start of sowing.
Source: Profarmer

Sugar

$599/t

Down -3.7%

Considerable uncertainty remains around the size of the upcoming Brazilian crop with good late season rain in key Centre South Brazil regions.
Source: QSL

Cattle

716c/kg (EYCI)

Up 2.4%

US cattle on feed 2% below last year the lower US supply and higher US prices potentially further supporting Australian beef in north Asian markets.
Source: Elders

Cows

289c/kg (lwt)

Up 0.1%

While saleyard cow markets have been relatively volatile, imported Australian 90CL prices into the US are 8% higher than at the same time in 2024.
Source: Elders, MLA

Lamb

847c/kg (NTLI cwt)

Up 2%

Sheep prices were generally firmer, except restocker lambs which eased given conditions across eastern and southern states limiting carrying capacity.
Source: MLA

Wool

1,210c/kg (EMI)

Down -1.8%

Prices were lower, with wools <19 micron down 30-50 ac/kg with increased drought affected wools. Caution in global supply chains with rising costs.
Source: AWI

Weather

Warmer-than-usual and drier-than-usual conditions are expected for most of the state in May, particularly in the New England and North West regions.
Source: Bureau of Meteorology