Most nations expect to downsize their crop estimate laid down some four to six weeks previously. Both the United States and Canada have already suggested drought will cause the harvest to be down by at least 10 per cent.

Both countries’ departments of agriculture feel that further falls are a distinct possibility. Droughts in Spain and France and unrelenting rain in Germany will no doubt lead to a reduced tonnage and quality over much of the EU.

While it is early days in Ukraine, authorities are widely tipping a 10 per cent decline overall for that country. Australia looks set to deliver far less tonnage than 2016/2017 unless we have a dramatic turn of events in the next week or two.

Worldwide the two-major grain growing success stories appear at this stage to be India and Russia both reporting potential crops far bigger than the previous cropping season.

The reasoning behind the record figures is that the world is still awash with grain that has been carried over from the monstrous cropping season of 2016/2017.

Continuing in the cropping vein, the grain harvest is now expected to commence in central Queensland in the next two weeks.

Chickpeas, barley and wheat are maturing very quickly in line with the above average temperatures being experienced north of the border. If this early start is to occur it would bring the harvest commencement forward by almost a month when compared to last season’s very wet year.

Eastern Australian kills remain high, down only five per cent year on year. This is contrary to the belief earlier in the year that available numbers would soften in the third quarter ending September.

This may still happen if we strike a major rain event, but is looking less likely as time goes by. Some northern export processors are not accepting larger consignments any time before September, 11.

The eastern young cattle indicator (EYCI) is currently at about 550.25c/kg and falling. This figure is back 175c/kg on one year ago.

Analysts suggest this may be the biggest decline year on year since the indicator saw the light of day in 1997.  While the third quarter is pretty dreadful some feel that eventually cattle numbers must begin to run out.

If this turns out to be the case the fourth quarter kill figures should decline and may head to a price increase for the reduced numbers of finish cattle available.

A serious fattening in the value of the Aussie dollar would greatly help our cause with markets like the United States declining on a weekly basis for imported beef.