Welcome to the Elders Insights' Weekly Market Summary for the week 29 June to 5 July 2026. We recap what’s happened on the Australian commodity markets over the past week and influencing factors.
At a glance:
- Rain fills southern moisture profiles
- Slaughter and feeder/restocker markets start to diverge
- Enormous money for store and scanned in lamb ewes
- Grain markets firm moderately, weather concerns persist
Weather
More good rain of 25 to 100mm for parts of the interior, Queensland channel country, western New South Wales and cropping areas of South Australia and Victoria. The main concern for many in the south is how to slow crops down through grazing to prepare them for spring. There are still some dry patches through southern Queensland and northern New South Wales, but these have been getting smaller. The forecast has a relatively dry week ahead. Soil moisture profiles are full from central New South Wales to western South Australia.
Get weather forecasts for your region on Elders Weather.
Australian Dollar
The Australian dollar is back above 69USc as bets subside on a US rate hike, with US jobs data coming out soft last week.
Livestock
Another week where similar themes prevailed with local cattle saleyard prices remaining mostly firm but international beef prices softening further. There were some subtle changes with feeder and restocker markets inching higher, but slaughter cattle markets firm to softer.
Queensland direct to works quotes eased another 20c/kg for heavy steers and cows and there was some weakness in northern Queensland slaughter and feeder markets. Tight winter supplies of heavy cattle across the south are keeping southern markets firm and there is still some feeder and restocker interest on lighter stock.
With China and now Korea effectively shut to Australian beef, there was some pressure on US export prices which fell another 5USc/lb amid increased offers out of South America and a seasonal slowing in US beef demand.
Sheep and lamb values were firm around winter highs of $11.50 to $12.50/kg for lamb and $9/kg dressed weight (dw) for mutton. Slaughter rates have contracted with several works closing for seasonal maintenance. Some enormous money is being paid for new season store lambs and scanned in-lamb ewes as grass fever grips sheepmeat markets.
View livestock for sale and our sales calendar listings.
Grain
Global grain markets firmed moderately on reduced US acreage and stocks. However, strong production prospects in the Black Sea and the harvest of large South American corn and soybean crops are keeping the market subdued despite some crop losses in western Europe due to recent heat. Ongoing attacks on grain transport infrastructure and drone attacks on Russian fuel refineries paints a complicated picture for the upcoming winter crop harvest and new export season.
Local markets remain subdued with those with grain to sell in the north, reluctant due to lower plantings through the region and moderate crops that face plenty of seasonal risk. Market sentiment is that the trade is short and that they will soon need to encourage grower selling through higher prices as they seek to fulfil end user commitments.
Trade your grain at your price on the secure GCX platform.
Wool
The Eastern Market Indicator (EMI) closed 39 cents lower at 1,904 A¢/kg. Fine Merino fleece was under heavy pressure, and most indicators eased by around 60 to 65c/kg across the selling centres. Medium wools also weakened, generally falling by 55 to 60c/kg. Crossbred types performed better, remaining mostly unchanged to slightly dearer, with some indicators gaining around 5 cents. Merino cardings were also softer, easing by around 20 to 25c/kg.
Learn the many ways we support wool growers.
Cotton
Cotton futures remained hemmed in the lower 70s USc/lb as soft export sales data and lower oil prices outweighed support from a weaker dollar. The USDA's acreage and quarterly grain stocks report released on Tuesday showed that US cotton plantings for 2026 totalled 9.85 million acres, compared with analysts' average estimate of 9.636 million acres.
Local prices remained flat around $595 to $600/bale and $490/t for cottonseed (-$20/t).
Sugar
Sugar prices have rallied sharply this week, with NY sugar posting a seven-week high on Wednesday and London sugar posting a 9.75-month high on Thursday. Sugar prices are climbing amid concerns that weak monsoon rains in India will lower sugar yields and reduce the country’s sugarcane harvest, the world’s second largest producer. The percent of sugarcane used for sugar by Brazil’s sugar mills dropped to 41 per cent (pc) from 50 pc, as cane crushing for ethanol production rose to 58 pc from 50 pc last year.
Learn about the many ways Elders helps cotton growers.
Spotlight on: Australian beef exports
June beef exports showed the trade-distorting nature of export market restrictions with exports to China slowing significantly and shipments to Korea accelerating as the safeguard trigger approaches. July export options for Australian beef will narrow again placing further pressure on the US to take increased volumes.
The next milestone will come when China announces that Brazil has reached 80 per cent of its quota (this could be as early as this week) which will effectively mean Brazil will need to find another market for its beef exports. Last month Brazil exported 150,000 tonnes of beef to China. Already Brazilian exporters are directing increased quantities to the US.
This chart shows Australian beef exports for June vs last month and June last year. Source: DAFF.
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.
