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USDA sources put Australian barley production for 2016/17 at 11Mt, up from its official 10.6Mt estimate, on favourable seasonal conditions. Exports are forecast at 7.4Mt, up 2Mt year on year, with malting barley exports possibly rising by a third to 2Mt.
Saudi Arabia has signed a contract for 1Mt of Australian feed barley.
Higher Australian production and exports add supply to the world barley market, which is bearish. Strong malting demand and the Saudi purchase partly offset this by supporting prices for better-quality barley.
agriland.co.ukRichard HalleronFeb 7, 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.
