06 July 1999
Australian commodities depressed

AUSTRALIAN agricultural commodities continue to remain depressed, according to a report by the Financial Times.

It says cotton prices have collapsed to their lowest level in 11 years.

Oilseeds, like soyabeans, have struck their lower level since 1972, while grains in the US futures markets have also hit lows.

Wheat and sugar are also mentioned as hitting rock-bottom.

The problem for the sector, says the FT, is that supply is booming. Even low US dollar commodity prices have not deterred producers.