Welcome to the Elders Insights' Weekly Market Summary for the week 4 to 10 May 2026. We recap what’s happened on the Australian commodity markets over the past week and influencing factors.
Weather
The past week saw patchy rainfall of 15 to 50mm for parts of the New South Wales central west, south-west slopes and Riverina. Victoria and Tasmania also received good rain, with only north-western Victoria (Mallee and Wimmera) and the south coast and south-east of Tasmania missing out. The eight-day forecast is looking promising for some rain across parched areas of the east coast.
Get weather forecasts for your region on Elders Weather.
Australian Dollar
Australian dollar at the top of its recent range at 72.3USc. It wants to break higher based on supportive interest rate differentials, but uncertainty around the impact of Middle East conflict on global growth is holding it back.
Livestock
It has been a better week in cattle markets, with the big New South Wales turnoff slowing and cattle values recovering. Victorian processor competition has increased in northern markets and Queensland meatworks are expected to adjust their rates 20c/kg higher this week to combat southern buyers. Slaughter categories performed best and there was good interest in feeder steers and heifers, with only light heifers hard to sell. A better nearby rainfall forecast is aiding sentiment. Global beef markets continue to hold, supported by lower levels of United States production.
Sheep and lamb were mixed around historically high prices. Restocker and merino lambs were firm, but slaughter lamb categories eased (down 3 to 5 per cent) as markets were well supplied by turnoff from feedlots. Mutton was unchanged despite tight supply. There is good interest in Western Australian spring store lambs from east coast feeders.
View livestock for sale and our sales calendar listings.
Grain
International and local grain prices eased last week on hopes of a United States and Iran peace deal and some rain in the forecasts for Europe, the United States and Australia.
The Grains Industry of Western Australia (GIWA) says farmers in Western Australia are taking advantage of widespread rainfall to sow significantly more canola and barley than previously forecast. Western Australia is now expected to plant 2.28 million hectares of canola, 2.17 million hectares of barley and 3.73 million hectares of wheat. The canola estimate is up 290,000 hectares from April while the barley estimate is 110,000 hectares larger. These plantings would imply a 33 per cent increase in Western Australia canola area, a 6 per cent expansion of barley seedings and a 13 per cent decline in wheat plantings.
In the Elders Insights May Cropping Update, I suggest that the Middle East conflict will significantly alter the global grain balance sheet by slowing supply through the impact of higher costs of production and by boosting demand for grain for biofuels. Consequently, the grain bear market that we have been in since mid-2022 is over and a new higher-priced paradigm is about to transform the global grain market landscape.
Trade your grain at your price on the secure GCX platform.
Spotlight on: Australian wheat values
The chart below shows the divergence in values between Australian grain regions where there is an export surplus (Western Australia and Victoria) versus zones where there is likely to be an export deficit.
This chart shows track wheat values in major Australian port zones. Source: CGX
Wool
The Australian wool market eased largely due to the impact of a higher Australian dollar, with the Eastern Market Indicator (EMI) falling 11Ac/kg to 1,886Ac/kg. Notable this week was the relative strength of the crossbred and oddments sectors, reflecting increased demand for blended fibre applications and woollen-spinning inputs as processors seek lower-cost raw materials amid ongoing macro uncertainty. This contrasted with weakness across merino fleece wool categories.
Learn the many ways we support wool growers.
Cotton
United States cotton futures registered a weekly gain, supported by the United States dollar which hovered near a two-month low. Helping to keep United States cotton prices in check is increased export competition from Australia and Brazil into China.
Sugar
Sugar prices held firm this week, supported by increased demand for sugarcane for ethanol production. India has no plans to curb sugar exports for now, despite lower output, with weaker domestic demand offsetting tighter domestic availability.
Learn about the many ways Elders helps cotton growers.
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.