Commodities

Wheat 

$324/t (APW) Up 4.5 per cent. Values are above export parity at the moment and appear unsustainable based on current domestic supply and demand estimates. 

Source: Nidera

Barley

$250/t (feed) Steady. Producers have been looking to capitalise on the bump in barley prices induced by dry weather, with the recent increase in supply weighing on prices. 

Source: Profarmer

Sorghum

$299/t Down -1.6 per cent. The recent rain has improved planting prospects and new crop prices have eased. Old crop prices remain steady with only small volumes being traded. 

Source: Dairy Australia

Cotton

$495/bale. Up 1.2 per cent. The WASDE report showed global production, consumption and trade increasing slightly from the previous month, offsetting U.S. production forecasts. 

Source: Namoi Cotton

Cattle

541c/kg (EYCI cwt). Up 1.5 per cent. The cattle rally continues despite a significant increase in yardings, suggesting that producers are holding back their cattle in response to the recent rain. 

Source: Mecardo