World: Barley crop forecast for 2024 increased by 1.1 mln tonnes thanks to improved moisture situation in some key regions

The concern about a smaller barley crop 2023 outcome is getting shifted to the delays being experienced with crop 2024 in Europe, RMI Analytics said in their latest report.

The net result of these delays will not be known for three months, and it is expected market volatility will be elevated. However, the news is not all bullish, as an improved moisture situation has been achieved in parts of North America, eastern Australia, and Argentina. As a result of these positive developments, RMI Analytics’ crop 2024 forecast is increased to 149.9 mln tonnes, up 1.1 mln tonnes from the late March forecast. There is a need to closely monitor Europe’s late spring barley crop, as yield could be negatively impacted.

A largr global barley crop should provide stability to markets but the lateness in planting of spring barley is dominating the current market price direction. The situation also benefits from the ongoing weak demand situation, but a rebound in demand would be bullish.

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