Australia: Heavy rainfall starts to affect barley crop quality
Heavy rainfall continues to hamper east-coast Australia, creating a worrisome situation, RMI Analytics said in their latest report.
Barley quality degradation is beginning, as the barley in New South Wales is mature but the fields are impassable. Variety performance is positive so far, under the extreme wet conditions (some leaf rust) but will likely worsen.
RMI Analysts’ forecast for Australian barley crop remains at 12.6 mln tonnes.
Wet conditions are impacting logistics and grain flows as well, which makes execution very difficult and the market pricing is difficult to define at present. Price estimates are unchanged, with increased volatility expected in the weeks ahead with more rain forecast.
Malt premiums should expand (likely feed barley moving lower) as malting quality is lost to weather. Positively, Western Australia is still set to deliver a quality crop, the analysts said.
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