USA: For 2003/04, total U.S. barley crop is estimated at 276 million bushels, up from 2002/03’s 227 million, U.S. Department of Agriculture’s announced on March 31. This increase stems from higher average yields and larger harvested area. Beginning stocks were 69 million bushels, down from 92 million bushels in 2002/03. These low stocks were caused by dry conditions in 2002/03. Total barley supply is 360 million bushels in 2003/04, up from 337 million bushels a year earlier. Total utilization is forecast at 262 million bushels, down from 268 million. Most of this year-over-year decline stems from a 5-million-bushel drop in exports to 25 million bushels. Ending barley stocks are forecast at 98 million bushels. The 2003/04 season average barley price is forecast at US$2.80-US$2.90, up from $2.72 the previous year.

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