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Saudi Arabia bought 1.5 million tonnes of optional-origin feed barley for March to May 2017 shipment at an average US$190.70 per tonne cost and freight. Australia, South America, the EU and the Black Sea can all supply the cargoes, and Australian barley is among the cheapest in the world.
A large Saudi tender supports world feed barley demand and export prices, and cheap Australian values encourage fast shipments. The purchase is a bullish signal for feed barley prices.
graincentral.comHenry WellsFeb 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.
