Australia: Barley crop estimates downgraded again to 5.0 – 7.0 million t

There is too little precipitation and temperatures are too warm for the time of the year. Barley crop estimates have been reduced again, they range now between 5.0 and 7.0 million t, experts argued September 01. Unless rains arrive soon, it will be too late for a recovery of crops.

Markets have reacted in a strong way. Local feed barley markets paid the equivalent of US$/t 190.- FOB Victorian port. Reportedly large quantities of malting barley sold at a level of US$/t 200.- CIF China not very long ago, but now quotes are above US$/t 200.- FOB and 240.- CIF China. The Boards will reserve old crop barley for their own malthouses for the case of a crop calamity.

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