World: Barley production forecast reduced on lower crop projections in Australia, Russia, and Ukraine
In the current situation the prospects for global barley production are very dynamic: RMI Analytics’ global production forecast for 2022 slipped to 145.7 mln tonnes in their latest report.
The main driver for this reduction comes from the “Big Six” production regions (Argentina, Australia, Canada, EU27 + UK, Russia, Ukraine) which fall 5 mln tonnes short of crop 2021. Australia, Russia, and Ukraine account for most of the decline with Canada contributing a rebound in production.
This leaves a rather bleak recovery picture for barley in crop 2022 and already makes us look toward crop 2023.
A major gap exists in the market over the next 4-5 months and continues to support the world barley prices, the analysts said.
France has joined Canada atop the price ladder, while Australia firms slightly and Argentina is slightly down. There is little new trade and crop 2022 remains very firm as demand stays strong.
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