Welcome to the Elders Insights' Weekly Market Summary for the week 24 to 30 November 2025. We recap what’s happened on the Australian commodity markets over the past week and influencing factors.
Weather
The last week saw 15 to 50mm of general rain across South Australia (SA), Victoria and patchy storm rain of about the same amount through northern NSW. The heaviest rain missed cropping areas, and southern NSW copped 5 to 10mm. Temperatures are rising this week to mid to high 30 degrees which will bring late crops on through the south. Rainfall was heavier in the north with patchy rainfall bringing 25 to 50mm across the NT and 50 to 100mm generally for the eastern half of Queensland.
Looking at monthly totals in November, northern and eastern areas of NT and Queensland have had a good start to the wet season with 50 to 200mm but the southern half of the NT, the interior and western areas of Queensland are dry. The season has turned around sharply for most areas of SA and Victoria but the Vic Mallee, SA Riverland, the mid-north of SA and southern and central and western NSW and the Riverina remain dry.
Get weather forecasts for your region on Elders Weather.
Australian Dollar
The Australian $ moved back to the upper end of its most recent trading range to 65.5USc with renewed local inflation leading to thoughts the next move by the RBA may be to lift rates. Australia is moving out of step with other major economies on interest rates which may see increased capital flows, providing support for the Australian $.
Livestock
Livestock markets were a little weaker as producers rush to market cattle ahead of hotter weather and the seasonal slowdown over Christmas/New Year. Although national indicators were firm to slightly lower, Queensland markets were fully firm while southern markets a tad weaker. Most of the fluctuations are occurring in feeder/restocker categories with fat cattle markets firm across the board and numbers of slaughter ready cattle starting to tighten. Reflecting this, some central Queensland works have moved to pull forward their seasonal shutdown to the end of the next week. The US imported lean manufacturing beef market has yet to establish itself following Trump’s decision to reduce the tariff on Brazilian beef imports. Australian beef exporters will face increased competition from Brazil in the US manufacturing beef market in 2026.
Sheep and lamb markets were firm with quality starting to taper off with more dry and woolly lambs from northern and western areas starting to attract heavier discounts. Agents are reporting that these lambs are showing the effects of the season, lacking weight and finish. This might be the order of the day for December with spreads between light and heavier lambs increasing until supplies out of feedlots ramp up in 2026.
View livestock for sale and our sales calendar listings.
Grain
Grain markets are flat everywhere. There is just enough demand about to keep prices from falling as farmers restrict sales. Last week, analysts again raised estimates for European and Argentine crops, while the Australian crop is likely getting bigger with the soft finish increasing yield potential across the south.
Locally, grain markets will get a firm test in coming weeks as harvest ramps up across the south, where we expect an increase in sales off the header.
Trade your grain at your price on the secure GCX platform.
Wool
The Australian wool market steadied this week, with the EMI closing at 1504Ac/kg down 10Ac/kg on a 30 per cent lift in offerings with the heaviest declines in finer micron wools. Another large offering of 37,000 bales is scheduled for auction this week.
Learn the many ways we support wool growers.
Sugar
Prices climbed back to 15.21USclb to record a five-week high, supported by cuts to Brazil’s 2026/27 sugar production estimates and recent news that India's food ministry is considering boosting the price of ethanol. Increased ethanol prices are bullish for sugar, as it could divert cane crushing toward ethanol production rather than sugar, reducing sugar supply.
Cotton
Local prices were steady at circa $560/bale and cottonseed $440/t northern NSW and southern Queensland. India's Ministry of Agriculture has released their first crop estimate for 2025/26 which pegged production at the equivalent of 22.81 million bales (vs the USDA's current estimate of 24 million bales). Further, their final production figures for 2024/25 came in at the equivalent of 23.2 million bales (vs the USDA at 24 million). This puts Indian production estimates at 2 million bales below the USDA. With lower expected Australian plantings in 25/26, the global balance sheet may tighten if Brazilian plantings stagnate or are lower.
Learn about the many ways Elders helps cotton growers.
Fertiliser
Prices for most fertilisers were steady to US$10 to 15/t weaker this week with farmer demand reducing on weaker grain prices. Further declines in Ammonium Phosphates prices are anticipated for December with local suppliers trying to delay purchases. Urea prices weakened after India secured 1.5mt from the Middle East and Russia which will free up Chinese supplies for other regions.
You could win a $50K Elders in-store credit when you purchase your fertilser and other winter crop inputs. T&Cs aply. Learn how now.
Spotlight on: Australian rural property market
The national rural property indicator remained close to the longer-term trend in Q3 2025, however, prices across the sates were mixed. Data shows:
- solid rises in Western Australia and Queensland/Northern Territory
- falls in South Australia
- some recovery in Victoria and Tasmania
- flat in New South Wales.
As showb ny the graph below, there has been a rise in sales in 2025 compared to subdued activity through 2023 and 2024.
This chart shows the quarterly national rural property price indicator up to the end of Q3 2025. Source: Proptrack.
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.