Bearish headline drives market lower
An absence of fresh bullish news, coupled with a bearish outlook for US crop area and production for 2023, has seen pressure mount on agricultural commodities. The USDA’s Agricultural Outlook Forecast (AOF) printed higher sown area, production, and ending stocks for corn, beans, and wheat in light of high prices and a decrease in fertiliser […]
Mad Cow in Brazil & doubt on herd estimates
A case of mad cow disease (BSE) has been confirmed in Brazil, and as a result, Brazilian beef exports to China halted immediately. While we’ve seen this situation before, we will be carefully watching developments, as the length of the ban will have a significant impact on the outlook for beef. The latest BSE scare […]
Growers resist easing market
Another large offering tested the market with moderate falls across the week, however of note was the final day of sales when only Melbourne participated. This saw a softer opening on the day, however, it was met with strong resistance from sellers with high pass-in rates. This resulted in renewed buying strength as exporters struggled […]
Sheep supply flush working through as market finds support
Store lamb prices hit a low for February at the start of this week, but buyers became more active as the week progressed and prices managed to improve. Reports from key saleyards suggest, there was a drop in saleyard lamb and sheep throughput as numbers were cut due to cheaper values, but there’s plenty of […]
