Angus Brown

The USDA lifted production estimates for global wheat and corn stocks in its July WASDE, prices took another leg lower as markets adjusted.

Cattle market volatility has waned recently. The wild swings of 2023 saw prices move up to 70% across the course of two months.

Demand looks to have strengthened early in 2024, compared to the last six years. Stronger demand is good for lamb prices moving forward.

Wheat prices have been trending lower, but are primed for a rally, with stocks expected to hit an eight year low.

Faba bean plantings have been consistently strong, however strong supply and weaker prices are influencing tighter supply in the coming year.

The significant lift in sheep slaughter, and cheaper prices, is seeing mutton exports rise to levels not seen in over 20 years.

USDA WASDE is forecasting opposite fortunes for barley and canola stocks, barley should find support, canola will remain under pressure.

Cattle on feed numbers remain strong and capacity continues to grow pointing to tighter trading conditions impacting the industry.

Despite weaker yields offsetting increased acreage, sorghum is set for another strong year with much of the crop destined for export.

Canola is still priced well above what used to be thought of as a very strong price This would suggesting there is some scope for downside.