ISSUE # 573, 14 th March 2014 Pig Prices c/kg HSCW, Trim 1 - Head on (average indicative prices). W/E 14/03/2014

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1 ISSUE # 573, 14 th March 2014 Pig Prices c/kg HSCW, Trim 1 - Head on (average indicative prices). W/E 14/03/ kg 60kg (Buyers) Male Female Barrows Male Female Barrows QLD NSW VIC SA WA EASTERN SEABOARD* NATIONAL kg 60kg (Sellers) Male Female Barrows Male Female Barrows QLD NSW VIC SA WA EASTERN SEABOARD* NATIONAL kg 75kg (Buyers) Male Female Barrows Male Female Barrows QLD NSW VIC SA WA EASTERN SEABOARD* NATIONAL kg 75kg (Sellers) Male Female Barrows Male Female Barrows QLD NSW VIC SA WA EASTERN SEABOARD* NATIONAL

2 75.1kg 85kg (Buyers) Male Female Barrows Male Female Barrows QLD NSW VIC SA WA EASTERN SEABOARD* NATIONAL kg 85kg (Sellers) Male Female Barrows Male Female Barrows QLD NSW VIC SA WA EASTERN SEABOARD* NATIONAL kg and above (Buyers) Male Female Barrows Male Female Barrows QLD NSW VIC SA WA EASTERN SEABOARD* NATIONAL kg and above (Sellers) Male Female Barrows Male Female Barrows QLD NSW VIC SA WA EASTERN SEABOARD* NATIONAL Backfatter Sows (Buyers) AVERAGE PRICE QLD NSW VIC SA WA EASTERN SEABOARD* NATIONAL Backfatter Sows (Sellers) AVERAGE PRICE QLD NSW VIC SA WA EASTERN SEABOARD* NATIONAL : Denotes change from previous week. *Eastern Seaboard: Includes QLD, NSW, VIC & SA states only. Page 2 of 5

3 SALEYARD PRICES (Buyers) Baconer price Porker Price Numbers Sold LW TW LW TW LW TW Toowoomba (QLD) (34) (28) Ballarat (VIC) N/A N/A N/A N/A N/A N/A N/A N/A Dublin (SA) N/A N/A N/A N/A : Denotes change from previous week. N/A: Denotes no data provided. Pork Wholesale Prices (Sydney c/kg) (Source: NLRS TW: This Week LW: Last Week RAA: Rolling Annual ) 14/3/2014 CARCASS BROKEN SALES Pork Bacon Legs Legs Ham Trim Saddles Loin Forequarters Bellies TW LW Mar 2014 Rolling Annual /3/2014 CARTON SALES US Ribs Boneless Legs Fillets Boneless Middles mm fat Boneless Middles mm fat Boneless Shoulders Pork Neck Trim 90CL TW LW Mar 2014 Rolling Annual Page 3 of 5

4 Weekly Grain Comment (Source: ProFarmer) International values continue to rally as funds look to gain further exposure through speculative buying at current levels. CBOT wheat futures pushed A$13/t higher in the last week to close at A$274/t on Tuesday night. The Australian dollar rising slightly over the week to close at 90.3USc helped offset the lengthy gains seen in Chicago. Speculative buying was largely on the back of the escalating crisis in Crimea. The physical flow of grain is yet to be affected with international consumer s still purchasing Ukrainian grain and Ukraine maintaining exports. However the potential impact on logistics and further movement of grain is causing concern. Expect any political developments to have a significant impact on international values and subsequently cause further market volatility. If the situation is resolved quickly the premiums this crisis has caused will dissolve rapidly. US winter wheat crop conditions are having a bearish influence on international wheat values. As the crop begins to break dormancy there isn t sufficient moisture at this time of year for spring growth. Traditionally this time of year is volatile as the market focuses firmly on US crop development. There is still three months until the winter wheat harvest in the US and if rains are received the spring the yield potential could turn around significantly. Crop estimations at this time of year are nothing more than estimations that fuel the market and should not be read into too much. Volatility in the market can however present opportunities to make purchases in periods where the market troughs. The recent rally in international values has been reflected in domestic Australian prices for both old and new crop. Grower s reluctance to sell combined with buyers willingness to bid at increased values has seen local values mirror offshore market gains. Unfortunately for end users in the southern states strong export demand continues to drive prices. The spread between barley and wheat has widened as barley fails to reflect the rallies experienced in wheat. Until general rains are felt across the state many grain producers are content to hold remaining grain having already locked in profits for the past harvest. Expect little supply to enter the market until they are confident of adequate moisture for production. This could see prices temporarily inflated until there is more liquidity in the market. The northern feed markets also saw increases on the back of international gains. Reports indicate consumers are only purchasing enough feed to maintain cattle numbers as they eagerly await price relief before further commitment. The dry conditions continue to elevate prices. As prices have now reached import parity international movements will instead heavily dictate price movement. Expect significant price drops if rains so badly needed throughout the region arrive prior to planting. Wheat Sth QLD/Nth NSW Wheat bid indications are around $373 in the Downs for SFW quality down from last week. The Brisbane wheat market is showing prices this week at $383 for ASW quality. Northern NSW bids are indicated this week at $358 for SFW quality. Wheat into Newcastle is at $330 for SFW quality. Drought conditions in the northern regions are pushing prices to historically high levels. Sth NSW/VIC/SA Southern NSW prices for wheat are in the vicinity of $285 for ASW quality. Port Kembla prices are shown for ASW and are indicated at $323. Goulburn Valley prices strengthened this week settling at $304 indicative for ASW quality. Indications for Central Victoria prices are ASW quality at $301. Geelong/Melbourne bids are this week at $318 for ASW quality wheat. Adelaide indications are at $281 for ASW quality. Barley Sth QLD/Nth NSW Feed barley prices in the Downs region are indicated slightly stronger at $346. Brisbane is estimated at $305. Price indications in northern NSW show prices are around $335. Newcastle prices are estimated at $295. Sth NSW/VIC/SA In southern NSW it is indicated at around $263. Port Kembla is supported at $242. Goulburn Valley indications for feed barley for the week at $257. Feed barley into Geelong/Melbourne is at $270. Feed barley prices in Adelaide for the week are quoted at $247. Sorghum & Corn Sorghum prices in the Downs this week are down at $335 for new season grain. Brisbane sorghum market is at $358. Sorghum prices in northern NSW are at around $305. Newcastle sorghum indications for the week are at $330 down slightly. Page 4 of 5

5 Weekly Grain Table (Source: ProFarmer) Profarmer - Table for EE DD LW TW LW TW LW TW LW TW Feed Wheat Feed Barley Sorghum Soy meal Canola meal Cotton seed LW TW LW TW LW TW LW TW Feed Wheat Feed Barley Triticale Soy meal Canola meal LW TW LW TW LW TW Feed Wheat Feed Barley Soy meal Canola meal Feed Oats Bris Nth NSW Sth NSW Pt K GV Central Vic Geel Adel Freo DD = Darling Downs Bris = Brisbane Nth NSW = Northern New South Wales New = Newcastle Sth NSW = Southern New South Wales Pt K = Port Kembla GV Goulburn Valley Central Vic = Central Victoria Geel = Geelong Adel = Adelaide Freo = Fremantle. LW = Last week TW = This week = Change N/Q = No Quote Due to the volatility of the grain market, caution must be used when valuing data. New Disclaimer: The information contained in this report cannot be forwarded to, or used by, any third party without prior written consent from Australian Pork Limited (APL). This information has been collected and processed by APL and has not been prepared for any particular individual or entity. The information contained in the report may not be an accurate reflection of market prices or of changes in market prices. The report does not constitute a recommendation by, or opinion of, APL. While APL has no reason to believe that the information contained in this report is inaccurate, APL is unable to guarantee the accuracy of the information at any point in time and, subject to any terms implied by law which cannot be excluded, accepts no responsibility for loss suffered as a result of any party s reliance on the accuracy or currency of the content of this report. The information contained in the report should not be relied upon for any purpose, including as a substitute for professional advice. Nothing within the report constitutes an express or implied warranty, or representation, with respect to any future matter or as to the value of or demand for any good. Page 5 of 5