![]() 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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