May 24, 2013
Rural Commodities Wrap – May 2013
With the exception of dairy, the prices of most other agricultural commodities have headed south this month. In April, the Rural Commodity Index rose marginally USD terms by 0.8% while fell by 2% in AUD terms. This month, lamb is our commodity in focus.
- First-quarter economic data was mostly disappointing for major economies, pointing to increased expectations for further policy stimulus.
- The Commonwealth Treasury’s Budget papers note that while the Australian economy continues to be affected by the enormous structural changes taking place in the global economy, Australian economic fundamentals remain strong and the outlook favourable. NAB’s view is more pessimistic.
- Australian lamb exports in 2013 are setting up to be a record as a result of competitive pricing.
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