Canada: Barley market structurally unchanged from last month
Structurally, the Canadian barley market is unchanged from last month with strong domestic feed values making export barley (malting and feed) hard to compete in world markets, RMI Analytics said in their latest report.
Recent trade to China included Canada as an origin, for shipments in September – October 2023 at prices discounted to spot market levels.
As with feed barley, the market expectation is for a weakening price direction as the domestic feed barley prices are mostly unchanged for nearby shipment, but the deferred market (September – October 2023) is CAD40/tonne (around USD30) lower.
The weakness in US corn futures is partially offset by a weaker CAD, but still US corn is cheaper on a delivered basis and continues to cap feed barley values.
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