World: 2022/23 barley production forecast to total 151 mln tonnes

Global barley production forecast is set at 151 mln tonnes in RMI Analytics� latest report (up slightly from 150.5 mln tonnes expected before) and is the result of several adjustments to the following crops:

Australia is delivering better harvest results in both quality and quantity, resulting in an upward adjustment in production. This also contributes a boost to the overall global availability of malting barley quality;

Argentina�s production is down slightly as harvest results confirm the impact of the drought conditions experienced;

Canada�s production is raised slightly as final yields are confirmed as being better than earlier expected.

The major driver for barley price direction is the world�s wheat market, which has moved down sharply over the past two weeks. The result is a drop in barley prices although to a lesser degree than wheat values. With global corn supply reduced over last year, there is an expectation the feed complex will provide some underlying support to barley prices. Of interest is the USDA raising the forecast for China imports of barley.