Australia: Barley crop progressing very well
With harvest approaching in the more northernly regions of Australia, the barley crop is still progressing very well, RMI Analytics said in their early October report.
With the global tightness in malting barley quality this year, the nation is gaining greater importance, it is increasingly important to monitor the Australian harvest progress as it rolls forward.
For now the analysts left their forecast of Australia’s barley crop at 12.8 mln tonnes but still think it possible for 13 mln tonnes plus to be attainable.
Barley prices are slightly higher this period but still lag behind the global price move, which is surprising, the analysts said. With Argentina expected to be fully sold out due to Chinese demand, the world sees Australian prices as very competitive. This could lead to further shipments of Australian barley to non-traditional destinations. The competitiveness of Aussie barley is impacted by high ocean freight rates but the gap with other world barley origins is widening to the point Australia still makes sence.
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