Wheat in the crossfire
Last week’s USDA Agricultural Outlook Forecast (AOF) certainly tipped cold water on agricultural markets. While the production figures printed are little more than a best ‘guesstimate’, it changed the sentiment around pricing. In short, the report indicated a rebuilding of stocks across the three agricultural commodities. Market participants used this as an excuse to sell […]
Smooth sailing on another wave of wool
Vast volumes has been the story of the 2023 calendar thus far. Despite another significant offering, assistance from currency markets and superfine sales in Sydney allowed prices to hold firm, as pass-in rates have declined week on week. This week the Eastern Market Indicator (EMI) rose 4ȼ this week to 1368ȼ/kg. The Australian dollar was […]
US outlook improving but El Niño by July?
Prices for young cattle fell again this week, indicating that restocker confidence is not strong in the market, furthermore the Bureau of Meteorology (BOM) is predicting that we may have an El Niño by June this year. Meanwhile overseas, strengthening US export fundamentals may provide some support and it is looking increasingly likely the Brazilian […]
Autumn’s arrival brings a changed outlook
La Niña is fading fast and the Autumn rainfall outlook from the Bureau of Meteorology is looking very different from what we’ve seen over the past 36 months. Year-to-date lamb & sheep supply is tracking higher than 2022 and five-year average levels. A drier outlook may see stock turned off earlier. The Eastern States Trade […]
