World: Turnaround in barley prices led by ongoing concern about dry conditions in Europe
The turnaround in barley prices is continuing, led by the ongoing concerns about dry conditions in northern Europe, RMI Analytics said in their late June report.
France is leading the way higher as the supply of European two-row spring barley has been reduced, while prices in other geographies are keeping pace:
Australia continues to prepare for the end of the Chinese tariff;
Argentina’s barley crop is being seeded;
Canada has received helpful rains, improving crop development.
A tightening barley situation in Europe, with higher French prices, places more pressure on the rest of the world to provide stability to the barley markets. This is complicated by the significant influence from corn and wheat markets, with drought concerns expanding in the US which is boosting the feed grain price complex. Meanwhile, Russia is again threatening to end the Black Sea Grain initiative in mid-July when it expires.
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