Welcome to the Elders Insights' Weekly Market Summary for the week 7 to 13 September 2026. We recap what’s happened on the Australian commodity markets over the past week and influencing factors.
At a glance:
- Mostly dry weather, with another dry week forecast
- Dry weather teases larger cattle numbers out of the north
- Lamb feedlot demand eases as margins tighten
- International grain prices ease but supportive fundamentals remain.
Weather
Thunderstorms through pastoral areas of the Western Australian Goldfields, west of Alice Springs and across western South Australia brought 25 to 100mm of patchy rain to these areas. There is not much rain in the forecast except for some showers expected to deliver 10 to 15mm through the Western Australian wheatbelt.
Get weather forecasts for your location on Elders Weather.
Australian Dollar
The Australian Dollar is back into the mid 71USc’s as risk aversion returns after new strikes on Saudi Arabia and on ships in the Gulf on yesterday sent oil prices higher, while investors brace for a US Federal Reserve rate hike this week.
Livestock
The cattle price rally looks to have run its course as dry weather and a lack of rain in the forecast entices larger numbers out of Queensland and northern New South Wales. Pasture conditions are as bad as they were in autumn, before the big selloff. Cattle are starting to move again as oats crops cut out and pasture availability tightens. Good lines of well-bred little black cattle are again being offered from the New England and northern tablelands which is presenting a buying opportunity for southern restockers.
The US imported lean manufacturing beef market fell 10USc/lb last week or about 2.5 per cent. This equates to around 30Ac/kg which should place more pressure on cow values. Currently prices are being supported by a shortage of export weight slaughter cattle, particularly in the south. As slaughter cattle numbers lift seasonally in the south, prices across the slaughter complex will moderate.
Read our latest cattle market update for September.
Sheepmeat prices held steady last week. Feedlots have taken a step back, unable to compete with restockers and grass finishers. Forward contracts are being offered around $10/kg for November which are $1 to 2/kg behind the current market rates. Sheep sales have started through the Riverina with a record $620 paid for a first cross ewe at Temora last week. Agents report that there is a fair bit of hesitation about paying these rates from the restockers.
View livestock for sale and our sales calendar listings.
Grain
International grain values softened into the weekend after the USDA confirmed market expectations of lower US corn yields and tightening stocks. Prices are being supported by limited export flows out of the Black Sea which have seen Russia’s seaborne grain exports in the first two months of the 2026/27 season fall by nearly half to 4.2 million tons, from 8 million tons in July-August of the previous season.
This week may be more about demand as large MENA importers come back to the market. Algeria is tendering for wheat, and the market is awaiting the outcome of last week’s Pakistani tender. Saudi may soon be forced back to the market, and Morocco is resuming soft wheat imports after a several-month pause and will introduce a subsidy for importers. Larger crops through MENA have reduced their early season import requirements and they have been delaying purchasing in the hope that Black Sea exports will flow again.
Drought across parts of Europe is threatening rapeseed sowing, raising doubts over whether farmers will be able to expand acreage despite strong prices. Rapeseed's late-summer sowing window in Europe has made it vulnerable to hotter and drier weather, with planting losses already expected in France with no rain in the forecast over the next fortnight.
Canada is struggling to harvest its canola crop due to wet weather.
Locally not much change, except more reports that crops are being baled in southern Queensland and parts of northern NSW. Northern markets should keep firming as the production outlook tightens while southern markets will start to see some selling pressure.
Trade your grain at your price on the secure GCX platform.
Wool
Wool prices were a little lower this week. The Eastern Market indicator fell 12c/kg to 1878Ac/kg with superfine fleece in strong demand.
With growers in all wool producing countries showing a preparedness to pass in wools if they fail to meet their target price (10pc in Australia this week and 12pc in South Africa) and the pipeline virtually empty, prices look well supported.
Learn the many ways we support wool growers.
Cotton
Cotton eased into the weekend to 82.78USc/lb after the USDA signalled a looser supply picture than some traders had expected, triggering profit-taking. US production was lowered to 13.2 million bales given ongoing hot, dry weather in West Texas through early September.
Sugar
Sugar finished just off 16-month highs at 18.15USc/lb last week. Sugar production in Thailand, the world's second-largest sugar exporter after Brazil, is expected to fall 12.5pc to 10.5 million metric tons in the 2026/27 season. The recent run up in sugar has been driven by tight supplies in India, Thailand and Europe, as well as strength in energy markets, which can encourage more use of cane to make the biofuel ethanol rather than sugar.
Learn about the many ways Elders helps cotton growers.
Spotlight on: export and local cattle prices
Local cattle processing conditions have worsened further over the past week and are the worst since the 2022 when herds were being rebuilt following the millennial drought.
Export beef offer prices into the US fell after Trump allowed an additional 300,000 tonnes of tariff free south American beef imports. The lack of slaughter weight cattle in the south has supported prices as southern processors compete for kill stock. This should ease over the next month as turnoff across the southern states improves.
This chart shows the margin between the US beef export price and the processor cow saleyard price. Source: MLA and USDA.
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.
