USA: Barley stocks estimated 40% down this year
USDA stocks and plantings report of March 31, 2022 puts U.S. wheat stocks 22% down y/y to 28 mln tonnes, barley stocks 40% down to 1.58 mln tonnes, H. M. Gauger GmbH said in their April report.
The planting intentions upset markets, soybeans are up from 87.2 to 90.95 mln acres, corn down from 93.4 to 89.5 mln acres. Wheat is slightly up to 47.35 mln acres. Barley is up from 2.66 to 2.94 mln acres, the best figure since years and a consequence of the bad supply gap in the present campaign.
Both U.S. wheat and corn stocks and acreage show the risk of very tight balances in 2022/23. The inverse of new crop prices has shrunk.
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