EU: The latest barley tenders

Tenders: Israel, on February 24th, 20,000 t optional feed barley for Apr/Jun. Jordan, March 1st, 100,000 t optional origin barley for Apr.

Sales tender: Turkey (TMO), Feb 28th, 100kt barley for Mar/Apr. EU replacement price equates about $135.50.

Intervention stocks carry in 1.472Mmt, sold/committed 2.036Mmt giving theoretical net position (564kt), decrease 236kt for last week. Intervention applications accepted 1.024Mmt, under offer 430kt (increase 40t for last week). EU replacement price equates about $135.50.

For Saudi Arabia cheapest quotes now are above $157 for optional origin and Australian barley should be in mid $160s. Traders are likely to bid today for positive refunds hoping Commission may be generous although it seems unlikely. There is certainly no reason to bid much lower than last weeks minimum level at €2.97. The trade can also bid for about 379kt intervention stocks but only interest will probably be again for German stocks.

There is very little Third Country demand expecially into North Africa and seems demand to Saudi Arabia is also slow but there is very little selling interest ex Australia as the producers are very reluctant to sell even though there should be plently of stocks still available for export. Black Sea remains quiet with no serious offers so all back to EU for supplies, good time for Brussels to indicate they prefer to export barley than put into intervention stores.

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