EU feed barley exports were very limited since end of March. Exports licences taken to-date of 3,8 million tons are well below the expected 5 million tons for the crop year. Exports include at least 1,5 million tons of malting barley. But barley of crop 2002 is in small supply, it is not expected that intervention must absorb much more than the 1,3 million tons already tendered, domestic markets pay better prices. Question is, whether some of last year’s crops were overestimated or domestic usage was larger. Anyway, there will be no burdensome free market stocks at the beginning of the new crop year.

20 May, 2003