Argentina: Barley crop forecast unchanged at 4.4 mln tonnes so far
There is no adjustment in RMI Analytics’ crop 2023 estimate for Argentina at 4.4 mln tonnes, which continues to be a 0.6 mln tonne recovery from the drought-impacted crop 2022 at 3.8 mln tonnes.
Estimates for Argentina wheat production in 2023 are up 14-15%, which validates, to a degree, a barley crop of 4.4-4.5 mln tonnes.
Some much needed relief to dry conditions in Argentina arrived in southern Buenos Aires province, but the very dry regions further north missed much of the rain. There is more moisture in the forecast over the next 7 days.
Argentina barley prices are lower and following the global trend down.
A FAQ barley cargo recently traded at USD300/tonne, FOB Argentina port. Demand remains present for fair average quality barley (China) but trade is still very quiet.
Inflation remains a major issue (February +6.6%) and farmers are concerned about the financial viability of agriculture.
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