World: 2023-24 barley production seen 3rd smallest in 10-year period
World barley production forecast at 142.6 mln tonnes is the 3rd smallest production in 10 years and leaves the forecast of the ending stocks toward the bottom of the 10-year range, RMI Analytics said in their latest report.
Furthermore, the harvest results across northern Europe and eastern Australia have reduced the proportion of malting barley available. Malting barley quality challenges in Europe (Denmark, northern Germany) need to be monitored closely in the months ahead.
The tighter than expected balance sheet for malting barley, as a result of harvest conditions, places increased importance on planted area and good early development for crop 2024.
As weak demand dominates the marketplace, barley prices are down across all major production regions. The reduction in availability of selectable malting barley has not interrupted the weaker tone for prices. China has been importing barley at a pace 100% higher than 2022 levels (1 mln tonne/ month for the past 4 months), with Australia re-engaging as a major supplier. With good coverage in place, buying interest is at lower levels. Freight rates are up and transit time longer due to Red Sea disruptions.
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