EU & UK: Barley prices preparing for likely new market structure when China lifts Australian tariff

European barley prices, led by France, are preparing for the likely new market structure when China lifts the Australian barley tariff. Competition for global feed business is increasing and prices are lower, in part due to wheat prices moving sharply lower. Trade activity is low, RMI Analytics said in their early May report.

French barley crop 2023 prices are stable as crop conditions are favourable; the lack of trade is pushing crop 2022 prices lower in both Creil and Mosel, where they are purely indicative.

The UK and Danish prices are following France and moving lower. There remains interest from the continent for both crop 2022 and 2023 as end-users monitor the dry conditions prevailing in Spain and trade is extremely limited. Maltsters and brewers seem well covered and farmers are not selling.

An extension to the Black Sea Grain Initiative remains in doubt as Russia continues to demand a number of pre-conditions before any extension would be agreed. Since its inception, nearly 29 mln tonnes of agricultural products have moved under the Grain Corridor agreement.

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