Welcome to the Elders Insights' Weekly Market Summary for the week 10 to 16 November 2025. We recap what’s happened on the Australian commodity markets over the past week and influencing factors.
Weather
Patchy rain of 50 to 100mm was received across the Top End in a storm trough which moved through the centre of Queensland into northern NSW.
Rainfall was much lighter than forecast for the southern areas. The forecast has more of the same, with rainfall mainly confined to the Northern Territory and Queensland, with 10 to 25mm for far southern parts of Western Australia, South Australia and Victoria.
Get weather forecasts for your region on Elders Weather.
Australian Dollar
The Australian $ is much the same this week. It strengthened on better jobs data which has negated the possibility any further near-term rate cuts, but eased again as global risk off sentiment prevailed when US Fed comments tempered hopes of another easing in US rates.
Livestock
Cattle markets held their ground with gains for heavy steer and restocker heifer categories. Sale numbers are starting to rise again across key southern livestock markets, with these areas largely missing out on follow-up rain. Australian imported lean beef prices to the US rose another 17Ac/kg for the week, to 400USc/lb ($13.50A/kg wholesale for hamburger beef).
Trump has cut Liberation Day tariffs on a range of ag products including beef, which will have limited impacts on Australian beef export returns. It will however make imported beef a little cheaper for US importers. Although details are a little sketchy, we presume out of quota tariffs and the 50 per cent Brazilian tariffs remain. A cut in the Brazilian tariff would have the most impact on Australian beef export prices.
Spotlight on: beef export volumes
As shown by the graph below, North America and China are driving an Australian beef export boom. Previously these levels have only been reached in times of high drought enforced slaughter and production ie. supply driven. In contrast, 2025 exports are demand driven which explain current price levels.
For more information see our latest cattle market report.
This chart shows Australian beef export volumes. Source: DAFF.
Sheepmeat markets were 2 to 5 pc dearer with the best demand for restocker lambs. Processors seem resigned to paying +$11/kg to secure supply. Supplies at saleyards tightened as mixed farmers concentrate on harvest.
Processors are adjusting their weight targets with supplies of heavy export weights limited. There has been a surge in late season ewe prices with a national record $540/head being paid at the Naracoorte first cross ewe sale last Thursday.
View livestock for sale and our sales calendar listings.
Grain
The United States Department of Agriculture (USDA) released a range of market sensitive data on Friday night where they cut US corn and soybean yields, but not by much. It increased global wheat stocks but left corn and soybean stocks unchanged. It also released a range of data that confirmed Chinese buying of some US soybeans. Trump said he expected China to start buying US ag products as agreed and that the purchases were already underway and would take place before the spring. The bottom line is that global markets are well supplied with grain and currently there are no threats to future supplies which means global prices will remain low.
Locally, in the north, wheat and barley has strengthened $5 to 10/t to $335/t & $310/t Downs as farmers are prepared to store and wait. There are some premiums for milling wheat grades at selected sites on competition from millers and some trade shorts. In the south, Melbourne prompt end user markets are firm at $375/t for ASW, H2 $385/t and H1 $405/t with shorts looking to extend cover to protect against harvest delays. New crop delivery positions are at a $20/t discount.
Trade your grain at your price on the secure GCX platform.
Wool
The Australian wool market gained solid ground this week, with support evident across all micron categories, as last week’s momentum carried through into current sales. The Eastern Market Indicator (EMI) rose 39c to 1,458c/kg. Year-to-date offerings remain around 5 pc lower than last year, reflecting a tightening supply environment. October’s wool testing figures showing a 9 pc reduction across all microns.
Learn the many ways we support wool growers.
Sugar
Sugar prices rallied to 3-week highs on Friday amid tighter supplies from India. India's food ministry on Friday said that it will allow mills to export 1.5mt of sugar in the 2025/26 season, below earlier estimates of 2mt. Record Brazilian production has hammered sugar prices to near 5-year lows.
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.