6 May 2020

Markets

Though COVID-19 has crippled the US meat industry, that is unlikely to occur in Australia even though a processing plant has been hit in Victoria.

 

Cotton markets are bracing for more price falls and rising stockpiles as already overstocked global supply chains struggle with a 12 per cent consumption slump in the wake of coronavirus hitting textile milling activity and retail sales.

 

The wool market continued to feel coronavirus pain with the Eastern Market Indicator tumbling another 17 cents to 1208c a kilogram clean when wool sales resumed in Melbourne and Fremantle on Tuesday.

 

Interstate buyers are turning to Victoria as a prominent source for store cattle as farmers seek to capitalise on widespread rain and an early autumn break.

 

Rabobank’s recently released report suggests lamb prices will remain strong but wool will continue to soften, though potentially rallying later in the year. Though the closure of Cedar Meats has hit the lamb market in Bendigo and Victoria, as it was a major purchaser before the closure.

 

Supply and Demand

Australian farmers are expected to grow more barley than last year even though the early break through NSW, Victoria and South Australia means farmers there have more early-season options.

 

Rural Life

Businesses in the Mudgee and surrounding region say they'll bounce back from the impact of the COVID-19 pandemic, using the resilience they've grown through years of drought and recent and devastating bushfires.