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Saudi Arabia bought 540,000 tonnes of barley in its seventh 2017 tender at US$212-220/t cost and freight, averaging US$216.87/t, up from US$203.37/t for October arrival. Ukraine exiting the market after October removed the cheapest origin, and Australian barley is likely to stay uncompetitive into the Middle East.
Loss of Ukrainian supply and strong Chinese and Middle Eastern demand have pushed barley near milling-wheat parity, supporting feed barley prices and keeping buyers reliant on northern hemisphere origins.
graincentral.comHenry WellsOct 6, 2017Not 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.
