Australia: Break in prolonged rainfall creates window to advance barley sowing
After a prolonged wet period in northern New South Wales and southern Queensland a break in the rainfall has created a window to advance seeding of crops in Australia, RMI Analytics reported late in June.
In New South Wales, this activity involved the re-seeding of crops flooded by the extreme rainfall, the analysts said.
Most of the remaining production regions look good to excellent, with only some delays in the Albany region of Western Australia (a bit delayed in planting). With the planted area struggles, RMI Analytics’ production forecast is reduced by 0.4 mln tonnes to 10,4 mln.
The export line-up for Australian wheat remains completely full for old crop, and the current view shows this trend continuing into the new crop. This presents an ongoing challenge for barley exports to source shipping slots.
Fobbing premiums remain strong in light of the brisk export volumes, and financial results for the grain exporters are much improved year-over-year.
The weaker AUD has added to further impact to barley prices. Feed barley is weaker. Malt export volumes remain brisk into south-eastern Asia, which is expected to continue due to the tight global malt market.
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