World: Barley crop forecast considerably up since early September
RMI Analytics’ world barley production forecast for 2022/23 is considerably up: at 149 mln tonnes in their latest report versus 146.6 mln earlier this month, with the increase in volume coming from better than expected harvest yields.
In the northern hemisphere, Germany and Denmark, as two examples, delivered better yields, while in the southern hemisphere, the Australian crop estimate continues to improve.
The favourable harvest results have increased the availability of malting barley quality across Europe and in North America. Despite some isolated quality challenges to be managed (i.e. proteins), the current landscape is generally favourable in terms of meeting malting and brewing requirements.
Malting barley prices are mixed overall as the weight of a favourable harvest is absorbed by the market. Canada is re-entering global trade after a harvest that replenished a very tight supply chain. Strong overall feed demand keeps feed barley well supported across all markets.
Russia has produced a huge barley crop, but questions remain about the ability of Russia to participate in world trade.
Europe supply is secured and the southern hemisphere is good, limiting prices to the upside.
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