Barley price signals recovery

27 Oct, 1999 09:58 AM
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INCREASES of $50 per tonne for malting barley and $45/t for feed in this year's harvest advances are signs of a swing toward recovery in global markets. Releasing their harvest advance prices last week, the Grain Pool of WA has increased payments for barley and lupin on the back of bullish markets and strong selling programs. The payment of advances will start from November 1. Barley prices have responded to positive market signals, reflected in the increase in new season pool indicator prices in recent weeks. The lupin advance reflects a small turnaround in the soyameal complex, increasing $3/t to $118, while $225/t for canola reflects increased production and competition on global markets. Grain Pool chief executive officer Kevin Swan said the mainly positive harvest advances would provide some relief from last year's bearish prices and a healthy injection of cash for farmers at a time when budgeting for the season ahead was crucial. "Increased demand for feed barley in the Middle East, a reduction in the EU stockpile and low levels of malting barley, particularly in China, have enabled the Grain Pool to set the higher barley harvest advances," Mr Swan said. "The increase in the lupin harvest advance is on the back of a strong selling program, including shipments to Korea and a reduction in old season carryover," Mr Swan said. Expectations of a bumper canola harvest in Canada, coupled with an overall increase in global canola plantings, means competition this year will be strong and that has resulted in this year's lower harvest advance," he said.

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