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A wet winter supports a bullish crop outlook into spring

Australia is on track for another bumper winter crop, despite challenging conditions across northern and western growing regions. Subdued barley prices and softer wheat basis are also tempering the bullish production story and remain a watchpoint heading into harvest.

Meanwhile, the feedlot sector’s necessity to maintain capacity is sustaining demand for feeder cattle while a tight flock and favourable conditions entering spring are supporting lamb prices. Wool markets also remain elevated, though subdued retail demand in Europe and China is a close watch for the sector through spring.

Out in the orchards, a noted decline on last year’s stone fruit volumes is forecast following reduced cold chill hours after an unseasonably warm winter. However, the dry spring forecast bodes well for quality.

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