![]() ![]() The continued weakening global demand outlook, coupled with improvement in supply forecasts, has taken the spring out of the market that was seen in recent months. Cotton: Prices have fallen once more and returned to trade around the 80 USc/lb mark. Supply continues to remain elevated in the near term as processors work through historically high volumes. Sheepmeat: Markets continue to improve as healthy rainfall events across the east coast boosted producer confidence, which benefited restocking and light lamb indicators. Rabobank believes this should be enough to see prices level out at these higher levels. In a reflection of how sensitive the market is to producer sentiment, widespread rain has lifted confidence and seen some cattle prices bounce 40% in the past month. This would be the first annual increase since the 2019/20 season. Milk production will likely finish the 2023/24 season marginally up on previous the year. Dairy: Australian milk supply is slowly trending higher with production up 0.5% season-to-date (July-September). Luckily, Australia has its engine and can navigate by itself among the big sharks out there. ![]() Although this is not equal to smooth sailing and the winds may shift price direction given the El NiƱo backdrop. Grains & oilseeds: Globally the supply and demand fundamentals for grains and oilseeds are looking better balanced than in the previous two seasons, hence prices are relatively lower. ![]()
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