Australia: Barley prices well supported thanks to strong export pace

Australian barley prices are well-supported as the current pace of barley exports remains strong, while domestic demand has increased under the prevailing dry conditions and the reduced availability of hay/pasture. The result is farmers are pulling back from selling grain, while end-users (cattle feeders and feed manufacturers) are scrambling to gain coverage as the dryness concerns increase, RMI Analytics reported earlier in April.

In Victoria, the stronger domestic market is putting prices above export parity, in an effort to hold back grain for the domestic market. This will make competing for new export business from the east-coast more difficult, leaving Western Australia as the leading origin for China�s continued strong export demand, the analysts said.

Moisture relief is not expected in the shorter term, as the weather forecast shows little substantive rainfall, as evidenced in the BOM May�25 rainfall forecast.

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