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Saudi Arabia has pulled back from Australian new crop feed barley due to high global barley prices and is substituting domestically produced compound feed made from corn or soybean meal. The kingdom has also stopped subsidising barley as it liberalises its grain market, and Australian barley trades at a steep discount to APW1 wheat.
Loss of Saudi demand, which is about 40% of Australian feed barley exports, weighs on Australian barley prices and shifts feed demand toward corn and soymeal.
stockjournal.com.auOct 21, 2022Not enough comparable past events yet for a historical read.
After 729 past bullish trade events, Corn moved a median +0.4% over 5 sessions (56% higher; middle half -1.1% to +1.8%), and +0.5% over 20.
After 342 past bullish trade events, Soybean Meal moved a median +0.1% over 5 sessions (51% higher; middle half -1.1% to +2.6%), and +0.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
