Canada: Barley crop development continuing in very positive direction
Barley crop development continues in a very positive direction, with warmer temperatures combined with general rains across Canada (more isolated in the US), RMI Analytics said in their early August report.
Early USA harvest results are positive in terms of yield and quality which provides further encouragement. There is still concern over the North Dakota area where planting was delayed due to wet conditions.
Despite good conditions (crop ratings above average), barley maturity is still behind normal timing. The RMI Analytics’ Canada estimate remains at 10.2 mln tonnes of barley (above StatCan’s 9.3 mln) and in the US production forecast stays t 3.7 mln tonnes.
With positive crop development and a rebound in production likely, barley prices are slightly down but still hold a premium globally. A tight stock situation from 2021’s drought will result in very strong early harvest demand, as refilling the barley pipeline occurs. Until significant harvest progress takes place, malting barley prices will remain well supported, the analysts said.
Feed barley values are CAD370/tonne delivered southern Alberta, down CAD30/tonne (USD21/tonne) over the past two weeks.
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