Welcome to the Elders Insights' Weekly Market Summary for the week 1 to 7 June 2026. We recap what’s happened on the Australian commodity markets over the past week and influencing factors.
At a glance:
- Rain for the south with more widespread rain in the forecast
- Livestock markets in sight of all-time record highs
- Grain prices ease on improving crop conditions, here and overseas
- Wool price squeezed higher by tight supply
Weather
Good but patchy rainfall of 15 to 100 millimetres was received across the Eyre and Yorke Peninsulas of South Australia, parts of the South Australia Mid North, most of Victoria, the New South Wales Riverina, the New South Wales Central Tablelands and Tasmania. It largely missed the South Australia and Victoria Mallee regions, as well as South West New South Wales. The heaviest falls were recorded in North East Victoria and throughout Tasmania.
The forecast looks promising, with widespread follow-up rain expected across most of southern Australia, extending into the dry areas of south-west Queensland, the New South Wales and Queensland border regions, and the Western Downs in Queensland.
It has not stopped raining since long-range weather forecasters began talking about an El Niño. The more rain that accumulates before spring, the greater the insurance against an El Niño weather pattern, at least for winter croppers.
Get weather forecasts for your region on Elders Weather.
Australian Dollar
The Australian dollar is trading at the low end of its recent range at 70.6 US cents this Monday, following a strong US May jobs report on Friday. The report fuelled fears of a hawkish policy shift from the United States Federal Reserve and triggered a sell-off in technology stocks, with Asian markets falling heavily.
An escalation in the Middle East conflict is expected to add further pressure, with Iran launching missiles at Israel on Sunday following Israeli strikes on Beirut. Crude oil prices were up nearly 3 per cent early today, despite United States President Donald Trump stating that he would try to prevent Israel from retaliating.
Livestock
Another strong week in local cattle markets, with most categories strengthening by between 3 and 4 per cent due to tightening supply following recent rain and more forecast rainfall.
The exception was heavy slaughter cattle, which eased by around 3 per cent.
The recent rally has pushed most cattle indicators to within reach of the record highs set during the herd rebuild following the 2019 to 2020 drought.
In the winter edition of Livestock Now, I explore some of the risks to current pricing levels in the third quarter of 2026. Sheepmeat values rose by between 1 and 3 per cent, with trade lambs the best performers.
Given the exceptional start to the season and increased lamb feedlotting, a larger proportion of yardings are heavy lambs. These are ideal for the United States export market, but the domestic trade generally prefers lambs weighing between 22 and 26 kilograms.
The scarcity of trade lambs saw domestic processors push prices above 12 dollars per kilogram dressed weight for these lambs. Processors are doing a good job of managing tight sheepmeat supplies, which has helped keep prices relatively stable despite supplies contracting seasonally.
The much-improved season across major lamb-producing areas has resulted in excellent scanning and lambing rates. Elders agents throughout the eastern Riverina are reporting that they have never seen so many healthy lambs thriving on some of the best fodder crops available.
In the latest edition of Livestock Now, I explore what is likely to happen in sheepmeat markets throughout this winter.
View livestock for sale and our sales calendar listings.
Grain
International grain prices fell under pressure from improving crop conditions across both the northern and southern hemisphere and the looming northern hemisphere wheat harvest, despite the US crop battling persistent drought conditions. Local grain markets steadied as the rainfall fell a little short of expectations in some region but with more rain in the forecasts, local basis will continue to ease as our crop conditions improve. Growers will be reluctant to sell any stock until a new crop is assured, although there is normally some selling activity when the new tax year rolls over or when some cash flow is required.
Trade your grain at your price on the secure GCX platform.
Wool
The wool market rose again this week, building on successive weeks of gains, with the Eastern Market Indicator rising 30 cents per kilogram to end the week at 1,964 Australian cents per kilogram.
Australian wool supply continues to track at low levels, with this week's offering the smallest in 12 months. The broad-based nature of the gains across the Merino, crossbred and carding sectors reflected strong competition throughout the market.
Although this week's offering will be larger, with a Fremantle sale scheduled, buyers are operating in an environment where securing volume remains a key priority.
Learn the many ways we support wool growers.
Cotton
US cotton futures fell due to weakness in crude oil and grain markets, while improved rainfall in key growing regions further dampened sentiment. This pushed the market down 4 per cent for the week to 73 US cents per pound.
A weaker Australian dollar helped keep local prices firm at 580 to 590 dollars per bale in Moree and Dalby, while cottonseed held at 510 dollars per tonne.
Sugar
Prices held steady at 14.14 US cents per pound, pressured by larger Brazilian production and higher Thai exports, but supported by concerns that dry weather associated with an El Niño event could disrupt global sugar production.
The emergence of an El Niño is likely to reduce rainfall in Brazil, India and Thailand, the world's three largest sugar-producing regions.
Learn about the many ways Elders helps cotton growers.
Chart of the week
Something a little different this week. I subscribe to an Agricultural newsletter and an article last Monday caught my eye with some tips about how to be successful in agriculture.
The top 3 things to be successful in Agriculture:
- Make sure you get back to anyone who calls, texts or emails you. Everyone. It’s a great habit to get into, and it will take you places. Trust me.
- If you set a time for something, get into the habit of turning up early, or if you are going to be late, call ahead.
- Do what you say you are going to do every time. Do these 3 things, and don’t waver, and you will go places
I will add a fourth (from my 30 years of experience in Agriculture): don’t chase rainbows. The most successful people I have seen in agriculture don’t continually chase higher salaries or a bigger commissions. They grow with their clients, act with a high degree of authenticity, are ethical, have empathy (they care about their business and clients) and are morally impeccable. The returns come in the long-term, not just in terms of financial rewards but they form client relationships that end up becoming lifetime friendships.
The information contained in this article is given for the purpose of providing general information only, and while Elders has exercised reasonable care, skill and diligence in its preparation, many factors (including environmental and seasonal) can impact its accuracy and currency. Accordingly, the information should not be relied upon under any circumstances and Elders assumes no liability for any loss consequently suffered. If you would like to speak to someone for tailored advice relating to any of the matters referred to in this article, please contact Elders.