Weekly Commodity Report

Report prepared 5 June 2026.

Wheat

$347/t (H2)

Steady

USDA June forecast for wheat supplies in 26-27 has lifted on increased supply from Russia,Turkey and Ukraine. Ending stocks raised to 275.4 million t.
Source: USDA

Barley

$318/t (feed)

Down -2.2%

Prices fell as feed demand eased with the recent rains. Grower selling remains measured and buyers are not engaging with any particular urgency.
Source: Dairy Australia

Sorghum

$352/t

Down -2.8%

Market liquidity is decreasing, with most of the crop sold. Without stronger domestic demand or export interest, prices likely remain range-bound.
Source: Bendigo Bank Agribusiness

Cotton

$60/bale (Cotlook 'A'

Down -0.10%

Aus harvest mostly completed, with cotton classing Strict Middling and better and excellent length and strength. 4.3 million bales are forecast.
Source: Australian Cotton Shippers Assn

Oilseeds

(Canola)

$763/t

Down -0.1%

Offshore markets faced downward pressure from sharp declines in crude oil over the week, a softer AUD cushioned local prices against offshore losses.
Source: Bendigo Bank

Pulses

(Chickpeas)

$637/t

Down -3.0%

India expected to import a minimum of 1.1Mt of desi chickpeas in 26/27 (Apr-Mar) and Pakistan (desi & kabuli) imports 750,000 tonnes in 2026.
Source: Saskatchewan Pulse Growers

Sugar

$427/t

Down -2.3%

Estimates for Centre-South Brazil cane harvest have lifted from 635 Mt to 650 Mt on a strong start; the key variable is the sugar/ethanol mix.
Source: QSL

Cattle

975c/kg (EYCI)

Up 0.6%

Restocker and feeder steers fell 13c WoW; however feeder demand persists with grainfed exports up incl to China, up 37% YTD FY as their quota nears.
Source: Mecardo

Cows

378c/kg (lwt)

Down -2.8%

National Processor Cow Indicator fell 2%. May was Aust’s highest monthly exports to the US since 2014; with 90CL lean beef pricing remaining strong.
Source: Mecardo; MLA

Lamb

1,220c/kg (NTLI cwt)

Down -0.4%

Trade Lamb Indicator reached a record of 1,228¢/kg cwt during the week, with trade lambs $315/hd at Forbes. Mutton set a record of 865¢/kg cwt.
Source: MLA

Wool

1,979c/kg (EMI)

Up 0.8%

The smallest three-centre roster since 2020 signalling tight supply and a lower AUD for the week saw the EMI lift to its highest level since Oct 2018
Source: AWI

Weather

High pressure system is building over the Tasman Sea and extending a ridge over much of the state, ahead of a cold front crossing the state from Thurs
Source: Bureau of Meteorology