13 September, 2006

EU: 219,000 t of barley intervention stocks were sold at competitive prices

In their first meeting after the summer holidays the EU Commission sold 219,000 tons of intervention barley for export at prices competitive with Black Sea offers. Obviously the Commission is quite happy to rid itself of uncomfortable intervention stocks in countries far away from the main seaports, analysts said September 01.

Exporters also booked 58,000 tons of refundless "daily" licences, which is surprising, EU feed barley without restitutions costs US$/t 160.- FOB seaport, vs. US$/t 135.-/138.-, offered from Black Sea ports.

The EU does not and will not have any export prohibition. Therefore exports of malting barley will take place in spite of scarce supplies. 40,000 t were sold to Turkey during the past month, and we figure that at least 100,000 t will be supplied to Mediterranean markets. Exports to Russia, South Africa and South America are less likely, but cannot be excluded.

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