Australia Agribusiness Monthly & Covid-19 Update May 2020
This monthly update provides a market outlook for dairy, beef, sheepmeat, and other key commodities, and gives an overview of what developments to watch in the weeks to come.
Highlights
Covid-19: A tough month lies ahead, as panic buying passes and income effects come to the fore.
Grains & Oilseeds: Lower corn prices will weigh on CBOT wheat. This, together with generally sound global wheat production prospects, has prompted us to revise our 12-month CBOT wheat price range to USc 525 to USc 534/bu.
Dairy: Rabobank is forecasting a Southern Export Milk Price of AUD 5.70/kgMS in the 2020/21 season.
Beef: Prices are levelling out after correcting from market highs.
Sheepmeat: Prices to lift slightly as we head into winter and supplies become more limited.