Welcome to the Elders Insights' Weekly Market Summary for the week August 11 to 16 2026. We recap what’s happened on the Australian commodity markets over the past week and influencing factors.
At a glance:
- Good rain for southern croppers
- Cattle prices steady as concerns raised about Queensland H2 feeder supplies
- Sheepmeat values lift as rain disrupts saleyard numbers
- Sugar and cotton values remain firm.
Weather
There was 25 to 50mm of widespread rainfall for most cropping districts of South Australia and Victoria, as well as through southern and central NSW. Only the South Australian Mallee and Riverlands, south-east SA and south-western Victoria missed out. In Western Australia, rainfall was confined to inner wheatbelt and coastal areas while the west coast and midlands of Tasmania received up to 50mm. Parts of north-east Victoria and south-east NSW received up to 100mm, although the Monaro missed out.
Forecasts look good for some widespread rain across Australian cropping regions over the next eight days, except in Queensland. This may be enough to grant a reprieve to struggling crops in northern NSW for another 2 to 3 weeks.
Get weather forecasts for your location on Elders Weather.
Australian Dollar
The Australian dollar continues to trade in a narrow range around the mid 70USc’s with economic data pointing to both US and local rates remaining on hold. There seems to no resolution in sight for the Middle East conflict, which is keeping risk sentiment weak and limiting buying enthusiasm for the Australian dollar.
Livestock
Cattle prices eased further over the past week although the extent of the falls moderated. Queensland saleyard offerings have eased somewhat over the past fortnight which has assisted. There is a wide differential between northern and southern prices as supplies across the south continue to remain seasonally and structurally tight. There is some thought that feeder supplies will struggle to keep up with expanded feedlot capacity as we move into H2 2026. Many Queensland graziers are pulling cattle sales forward to take advantage of higher prices in July.
Beef export prices steadied after solid falls the past month, aided by a pullback in exports from Brazil. Some processors are slowing production due to the diminished export outlook. Tyson Foods, one of the largest beef processors in the US, abruptly shut a 3,000 head per day beef processing plant in Illinois and a boning facility in Utah and announced it was selling a plant in Washington as part of a restructuring of its north American business. This was in response to chronic shortages of cattle and ongoing losses (it recently reported US$600m in annual losses across its beef packing operation). Tyson expects to maintain similar cattle throughput levels across a smaller, more efficient network.
Sheep and lamb values stabilised somewhat last week as rain reduced saleyard offerings and as processors begin to ramp up operations ahead of improved spring supply. Slaughter lamb values improved to $11 to 12/kg dressed weight (dw) with trade lambs most in demand while sheep firmed back above $8/kg dw. For more information read the latest Sheep Market Update.
View livestock for sale and our sales calendar listings.
Grain
International grain values surged higher into the weekend on news of a Ukrainian attack on a Russian Baltic port and Moscow's rejection of the idea of a Black Sea truce heightened market concerns about a squeeze on exports. Wheat is now in touching distance of its highs a month ago when attacks on Black Sea infrastructure flared. All we need is a lift in import demand from MENA (Middle East and North Africa) to push grain values above their most recent highs. Relentless heat and drought could halve this year's French corn harvest. Traders are also turning their attention to a major US field tour next week that will give another indication of yield prospects for U.S. corn and soybeans (USDA trimmed yield estimates but lifted planted area). Attention will soon start turning to dry winter crop planting conditions with planting due to start September through November.
In local markets, new crop wheat in the south is now trading at a discount to nearby months on the improved production outlook with the recent rain. The price of wheat in Queensland and northern NSW remains elevated due to the poor crop production outlook in the north.
Trade your grain at your price on the secure GCX platform.
Cotton
Cotton was poised for a fourth straight weekly gain, supported by a positive reaction to last week's US export sales report and concerns over hot, dry weather in key US growing regions. Local cotton values moved up to $637 and $627/bale Dalby/Moree and cottonseed to $555/tonne ex Gin.
Sugar
Sugar pulled back from a more than one-year peak hit earlier this week, pressured by ample near-term supply and weak demand. Exporters have stocks while Asian and Middle Eastern importers are staying on the sidelines. Sugar is now paying around 20 per cent above ethanol in Brazil, which means sugar mills there are likely to ramp up production. In the medium term, the market is expecting sugar supply to move into deficit during the 2026/27 season as production problems build up in Brazil and India due to the El Nino weather pattern.
Learn about the many ways Elders helps cotton growers.
Spotlight on: global wheat trade
Global wheat trade in 2026/27 is undergoing a notable reshuffling with tighter Black Sea supply already being reflected in global prices. Major grain importers in Asia have started shifting purchases away from the Black Sea region toward alternative suppliers. Indonesia has already purchased Australian wheat for September/October delivery, while other Southeast Asian countries have booked similar cargoes. Problems are also emerging with existing contracts for Ukrainian and Russian grain. With shipowners increasingly reluctant to enter high-risk areas of the Black Sea, traders are offering Asian buyers’ grain from Romania and Bulgaria instead. Some contracts that do not allow a change of origin have had to be cancelled under force majeure.
This chart shows US, French and Western Australian wheat prices. Source: LSEG Workstation,
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.
