GRAIN traders are waiting to see how many barley export licences will be granted by the European Union under a “special one-day offer” aimed at boosting overseas sales.
Brussels received 1 million tonnes-worth of export applications last Friday after it granted a one-day-only refund of Ecu47/ tonne for traders wanting to sell barley abroad. The one-day refund rate is about twice as high as the usual restitution rate granted by the EU Commission.
Back at home, offers of barley continue to flood into intervention. The Intervention Board has now received submissions totalling more than 911,000 tonnes, which could receive a £13/ tonne over the open market price.
The Home-Grown Cereals Authority has upped its forecast of end-of-season intervention stocks by 100,000 tonnes to 1.1m tonnes.
Little barley is now being sold on the open market. Ex-farm supplies are making about £68.50/ tonne, but trade is slow. Barley futures were untraded this morning.