Bendigo Bank September 2026 Commodity Update

Bendigo Bank’s September Commodity Update notes that strong soil moisture reserves across southern agricultural regions are expected to outweigh patchy rainfall in northern and western parts of the country.

Bendigo Bank Senior Manager for Industry Insights, Eliza Redfern, explained that while supply constraints are supporting red meat and wool prices, global market forces and input costs remain front of mind for producers.

“Looking at the livestock sector, we expect prices for cattle and sheep to remain elevated as producers retain stock, with price direction increasingly contingent upon spring and summer rainfall,” Ms Redfern said.

“Wool markets remain well above previous season levels, although a firmer Australian Dollar means further gains will hinge on a sustained recovery in global consumer demand for woollen garments.”

“In dairy, Australia is increasingly seen as a target for overseas product, particularly by the USA. As milk flows grow globally and locally, this will increase the pressure on Australian dairy.”

Turning to cropping, seasonal variations are producing mixed regional outcomes.

“Another strong national winter crop is on track following a wet end to winter. However, drier conditions in northern New South Wales, Queensland, and southern Western Australia have weighed on local yields. Timely spring rainfall will be vital for these regions to secure a solid harvest,” Ms Redfern said.

“Across horticulture, increased fruit availability has exerted downward pressure on domestic prices, trimming grower returns. Looking ahead, a drier spring outlook should support quality across summer fruit and table grape crops.”

While production prospects remain broadly positive, the September Commodity Update highlights that primary producers face renewed cost pressures from elevated overheads and shifting global market dynamics.

Diesel prices have trended higher in regional areas over recent months, driven by international oil prices and global shipping disruptions.

In contrast, abundant pasture growth has significantly reduced supplementary feeding requirements, placing downward pressure on both cereal and lucerne hay values.

A full copy of the Bendigo Bank September 2026 Commodity Update can be found on the Bendigo Bank Agriculture Insights webpage or downloaded here