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Rabobank says a closing malt-feed barley price spread and competition from other high-priced crops set up a possible global malting barley shortage. Russia and Ukraine are major barley exporters, and the war has hindered Ukrainian old-crop supply and clouded new-crop volumes.
Global 2021-22 barley production is estimated at 147.6 million tonnes, down 7% year on year, with world stocks on track for their lowest level in almost 40 years.
Tight supplies and a narrowing malt-feed premium point to firmer barley prices, and feed buyers may face competition from maltsters for available supply.
theland.com.auCheryl Kalisch Gordon, RabobankMar 31, 2022Not enough comparable past events yet for a historical read.
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.
