Saudi Arabia buys 1 million mt of barley, pays 2.4% more

Saudi Arabia’s state grain buyer SAGO bought 1.02 million mt of barley at tender, paying 2.4% more than at its previous tender five weeks ago. SAGO paid an average $249.23/mt for seventeen 60,000 mt cargoes to be delivered into ports on the Red Sea and Gulf between mid-May and the end of June. The price paid shows the rally in global barley prices of late on the back of tightening supply, with SAGO paying an average $243.47/mt CFR for 960,000 mt at its previous tender in mid-February. With prices ranging from $238.47-$257.47/mt.