04 May, 2023

World: Barley price direction remains downward

The price direction for world barley remains downward, partially driven by good early crop development in Europe, and also pressured by a wider agricultural commodity drop in prices, RMI Analytics said in their latest report.

Wheat prices are down sharply on improved US conditions, and despite the unresolved extension of the Black Sea Grain Initiative. Barley prices are also adjusting to the expected new structure where Australia goes back to supplying barley to China with France becoming the most competitive origin, the analysts said.

In many respects, the market is awaiting clarity on the two key items of the Black Sea Corridor and the China tariff. This uncertainty is leading to a very quiet market situation with little trade activity as farmers and the trade await further news. Besides, farmers are making planting decisions amidst these unknowns which could be a risk for barley area (e.g. Argentina). Meanwhile, prices are following the direction of wider grain markets and moving downward.

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