Australia: Barley rallies amid dry, increased buying

cereals. The season is delivering a huge variation in yields, with the best northern barley crops harvested so far clocking in excess of 7.5t/ha, and the lowest-yielding cereals in south-west New South Wales expected to return 1.2t/ha. Table 1: Indicative prices in Australian dollars per tonne Increased domestic buying has lifted the northern barley this week as potential for near-term exports pushes local consumers into the market. Barley is yet to appear on Brisbane and Newcastle shipping stems, but is only around $10/t above export parity, meaning that figures could soon click and prompt a run of bulk accumulation. Sunrise Commodities managing director Scott Merson said activity is currently confined to the up-country market. “All the action is off the header,” Mr Merson said. “Feedlots have been absent, and now they’re just starting to engage.” Trade talk is that feedlots are using their own freshly harvested barley to cover near-term needs, and are now prepared to pay a few ...