North America: Generally dry weather makes analysts reduce barley crop forecast
The past 30 days saw some isolated moisture improvements in North America’s key barley regions but the situation remains generally dry, RMI Analytics said in their late March report.
As a result, the analysts’ crop estimate is reduced down slightly to 9.7 mln tonnes (previously 10.2 mln tonnes) - due to the dryness, the ability to achieve long-term average yields is reduced.
Also, canola and wheat prices are a threat to barley area. New crop barley prices (feed and malting) are increasing to remain competitive.
Canada barley export volumes are effectively zero as market tries to stretch supply until new crop (including barley imports from other origins). Malting barley prices are mostly static for export indications, RMI Analytics reported.
For feed barley, in South Alberta prices are flat at CAD450/tonne, while corn prices have moved up to CAD480/tonne (CAD460 previously). New crop feed barley and corn are at CAD425/tonne delivered.
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