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Barley Bids Up but Only Modestly
16.07.2010 13:29 "Agro Perspectiva" (Kyiv) —
With plenty of other alternatives, feed barley bids have shown only modest improvement in response to the wet weather problems in Western Canada.
Dave Guichon, of Ag Value Brokers in Lethbridge, Alberta, said barley bids in the key feedlot region of the country have moved from C$150/tonne to above $160 over the past few weeks. In comparison, the November canola future has gained around $70/tonne.
Unseeded acres and wet weather damage is expected to make for a smaller Canadian barley crop this year, but Guichon said ample alternative feed ingredients will temper the upside in prices.
For instance, DDGS from the U.S. ethanol sector will continue to find their way into Canadian cattle rations, limiting some of the demand for barley, Guichon said. Feed wheat will also displace some barley in rations, as will other higher quality wheat if the prices offered by the feedlots remain at a premium to the Canadian Wheat Board pool return outlooks, he added.
Current feed barley bids are also at premium to the CWB’s malt barley pool projections in some cases, which may see some growers sell into the feed market for a quick return rather than deliver to the CWB.
Good pasture conditions could also limit the upside in barley prices, as cattle producers will background their cattle as much as possible. Guichon said the good pasture conditions will mean feeder cattle will move into feed yards later than normal, further reducing the demand for barley.
Demand for barley could also be reduced by sending more cattle to the U.S. for feeding. Guichon noted that current market conditions make it about $50/head cheaper to feed cattle in Nebraska compared to Alberta.
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