23 November, 2022

Argentina: Barley crop estimate lowered to 4.15 mln tonnes

Argentina’s barley crop estimate is lowered to 4.15 mln tonnes. Rain during the past week may have improved conditions slightly, and in isolated cases, but otherwise the negative crop effect will not be fully counteracted, RMI Analytics said in their late November report.

Drought impacted tillering, resulting in lower plant populations, while earlier frost events resulted in lost grain kernels, the analysts reported following their recent Insight Tour in the country.

Expected protein levels are a big question at the moment, as farmers reduced fertilizer application rates at planting to reduce costs (possibly lowering protein) but the drought conditions will push proteins higher, the analysts said.

Argentina barley prices are down on a FOB basis, despite the crop problems outlined. Farmer FAS prices are down even more, as previous high prices were ignored by farmers. Now the market appears to be shifting to the end-user price ideas (lower). Still, farmers remain unwilling sellers, it is reported.

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