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Nidera analyst Peter McMeekin says ABARES and USDA now forecast Australia will break both wheat and barley production records. He notes the recent Saudi tender prices were higher than expected, but logistics and storage constraints limit how much barley can be shipped.
A record Australian barley crop with constrained export logistics points to a growing exportable surplus and carry-outs, which is bearish for feed barley prices despite the Saudi demand.
theland.com.auPeter McMeekin, NideraDec 15, 2016Not 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.
