Author
Michael is responsible for formulating the bank’s views on global markets for agricultural and energy commodities. His role involves forecasting trends in key markets and providing strategic insights into the linkages between macroeconomic conditions, financial and commodity markets. Michael speaks regularly on the state of the economy and commodity markets, with his views widely quoted in the media.
Prior to joining NAB, Michael was an economist with the Victorian Department of Treasury and Finance, providing macroeconomic and revenue forecasts and economic policy advice. Michael has extensive research experience in macroeconomics, commodities, international trade, public policy and economic development. He holds degrees in psychology, econometrics and a Master’s degree in economics from Monash University.
The Australian economy appears to have stumbled into the December quarter. For agricultural commodities, markets have been fairly mixed over the past month. Grains prices have softened a little on expected demand rationing while sugar and cotton remain subdued.
The post farm gate agribusiness conditions index posted a decent turnaround following a very weak June quarter. Driving the result was an increase across the three key components that make up the index, with the sharpest turnaround being trading conditions.
China’s strong import program is one of several global factors colliding to underpin wheat prices through the end of the year and into 2013, according to the latest Rural Commodities Wrap, which this month focuses on wheat. NAB estimates the crop will come in at 20.6 million tonnes
Oil prices weaken in October but remain quite high. Attention now shifting towards the Asian economies, which have surprised markets on the downside in recent months. Near-term forecasts lifted on geo-political risk, 2013 forecasts left unchanged.
The NAB Rural Commodities Wrap focuses on some of the key economic activity that occurred in the Agribusiness sector during the month. Global growth weighed down by weakness in big developed economies, emerging markets also slowing Australian farm sector mixed but likely to benefit from US drought, which could add around $6 billion in export incomes to the […]
US natural gas lift on winding down inventories (after seasonal adjustment), and increased consumption due to shift away from coal to gas in electricity generation for summer European prices weaken as increased Russian supplies, soft demand and reduced arbitrage opportunities to Asia see more LNG enter European natural gas market Prices in Asia Pacific surge […]
The NAB Rural Commodities Wrap focuses on some of the key economic activity that occurred in the Agribusiness sector during the month
The NAB Rural Commodities Wrap focuses on some of the key economic activity that occurred in the Agribusiness sector during the month.
NAB’s Quarterly Agribusiness Survey covers economic and business conditions in Australia’s post farm gate agribusiness sector. Post farm gate business conditions weaken through June. Post farm gate agribusiness conditions decline further in June, due mostly to a large fall in customer confidence Medium term expectations continue to wind back, pulling capex expectations along with them […]
Oil prices continue to soften on ongoing concerns surrounding the Euro-zone, Spanish bond yields rising above 7 per cent and softening US and Chinese economic activity Oil price forecasts revised down, reflecting ongoing market concerns surrounding the Euro-zone, weaker growth forecasts for the US and China and easing supply-side concerns Global crude oil market loosening […]
The NAB Rural Commodities Wrap focuses on some of the key economic activity that occurred in the Agribusiness sector during the month. Global agricultural commodity prices come under pressure as European concerns sees heightened financial market volatility Australian poultry industry on firm footing, buoyed by rising productivity and solid growth in per capita consumption Decline in domestic pig meat […]
The NAB Rural Commodities Wrap focuses on some of the key economic activity that occurred in the Agribusiness sector during the month. Global agricultural commodity prices under pressure from resumption of ‘risk-off’ attitude pervading financial markets Australian wheat crop of 26.1 million tonnes predicted on good subsoil moisture, but acreage lost to canola Wheat prices […]
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