11 May, 2024

Argentina: Barley prices higher, driven by strength in wheat prices globally

Argentina barley prices are higher, driven more by the strength in wheat prices globally, and despite the general improvement in crop conditions, RMI Analytics said in their latest report.

There are buyers expressing interest but bids are lower than currently asked prices. It will be interesting to see if buyers are willing to ‘pay up’ at a time grain markets are very strong or wait out the current rally.

Strong wheat prices are applying pressure on FAS barley prices to remain competitive with farmers, but still farmers are not selling as they continue to await government changes to export tariffs or a currency devaluation. Meanwhile, the trade is not willing to sell short at this stage. A common view is that farmer selling remains slow until crop 2024 is seeded and emerged, at which stage farmer selling could break loose, the analysts said.

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