World: Analysts note split in malting barley prices on global markets
French malting barley prices are up on crop concerns, while improving crops in Canada, Argentina, and Australia are increasingly more competitive, RMI Analytics said in their July report.
At present, there is a split in price direction (French prices up, others down) - a situation which should be short-lived, and prices should converge again - but where? Given the importance of France, those prices should be watched closely, the analysts said.
As global barley production shrinks, the market appears to be caught between the fundamental barley story and outside forces like wheat, which have been weighing on barley prices. Lower French yields push prices up, but an improving global picture leaves the market at an important junction. Outside markets (corn and wheat) will undoubtedly continue to influence barley prices, but at some stage our expectation remain that barley fundamentals will ultimately come back into play.
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