Commodities
Australian Grain Prices Hold Firm Amid Rising Input Costs
Northern wheat and barley prices have held firm in Australia, but rising input costs are creating uncertainty for growers. Canola bids fell by 4-5% across most ports despite a strong rebound in Canadian futures.
The global market has been supported by Chinese buying and weaker US corn conditions, but this did not lead to a broad price rally. Australian urea prices rose 6% to $824/t and are now 14% higher than a month ago.
Fuel costs also jumped, with diesel rising 10% and petrol gaining 11%. The Baltic Dry Index increased by 6%, adding to the reminder that freight and logistics costs remain elevated.