EU: Late February/early March weather provides much needed moisture for barley plantings
The weather at the end of February-early March, across most of northern Europe, provided much needed moisture, and addressed dry conditions across France, RMI Analytics said in their latest report.
Although this rain may stall spring barley planting in some areas, the overall planting progress is near normal, to possibly ahead of schedule. The overall result is generally a positive one, as improving soil moisture and timely spring barley plantings improve the prospects for a reasonable crop 2023 outcome. Therefore the analysts confidence to achieve a crop of 59.51 mln tonnes has increased, given the favourable weather in early March.
Farmers are busy with a focus on spring planting so trade activity in crop 2023 is quiet at the moment (and crop 2022 business mostly finished). As the wheat market moves lower (including futures), the malting barley premium should be easier to maintain in the weeks ahead, which will be critical in maintaining barley area.
From a timing perspective, the drop in global wheat prices should be slightly beneficial to spring barley plantings, but in the RMI analysts view more likely to secure their production estimates, as outlined, rather than lead to any increase in planted area beyond their current view.
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