INSIGHTS, TRENDS AND CASE STUDIES

The index tracks 28 commodities weighted by the relative size of each commodity in the Australian agricultural sector.

Q2 GDP data will be released on Wednesday 6 September at 11:30am AEST. Additional partials will be available tomorrow and may alter our forecast.

The NAB Rural Commodities Index fell 1.2% in July as generally higher grain prices were offset by weakness across livestock, dairy, cotton and mixed performance in horticulture.

Gold began 2017 strongly, up 8% in the first half – despite falling 2% in June. This weakness has continued into early July, with the strong US payrolls data exerting further weakness on gold. However, gold received some support following Fed Chair Janet Yellen’s semi-annual testimony, which the markets interpreted as somewhat dovish.

In terms of market moves, most action happened in bonds. The bond sell-off continued overnight, underpinned by a weak French 30-year bond auction.

The NAB Rural Commodities Index is an index of 28 agricultural commodities weighted by the relative size of each commodity in the Australian agricultural sector.

The autumn break this year was rather mixed, with some areas receiving good rain and others missing out.

Many farmers take control of their supply chain but few market the benefits to customers as successfully as Australian Grain Link. Over the past 16 years this strategy has helped them carve out lucrative specialty niches that show no signs of shrinking.

Production growth to decline or slow in 2017 and 2018.

This is the second month of NAB’s new regional price indicators, in effect a separate NAB Rural Commodities Index for every region in Australia.

OPEC deal was extended a further nine months despite low prices.

This month NAB Economics introduces new regional price indicators, in effect a separate NAB Rural Commodities Index for every region in Australia.

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