20 October, 2004

EU: The outgoing Commission had been thought to be a “lame duck”, but on September 30 they opened an export restitution tender for all typical feed barley destinations in North Africa and the Middle East. All America, Far and Southeast Asia, South Africa and Turkey are excluded. First tender date will be October 14. The Commission hopes, of course, to avoid massive sales to intervention after the 1st of November. Even before the first subsidies are granted, the announcement should have a somewhat stabilizing effect on domestic and a bearish effect on world markets. The timing of the EU effort seems to be a bit unlucky, as it coincides with a firmer trend in other markets.

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