World: Barley crop 2023 forecast reduced by 2.8 mln tonnes
The biggest development since early May in the world barley supply and demand is a considerable drop in global barley production 2023 forecast to 143 mln tonnes, down 2.8 mln versus the early May report, RMI Analytics said in their late May Journal.
The decline is led by:
• Spain’s drought impact reducing the crop to 5 mln tonnes, down from earlier estimates of 7.7 mln. This drop is partially offset by an increase in France’s crop size.
• Globally, there are small reductions in Canada, Argentina, and Australia where competition from wheat remains a central risk for barley area.
Barley ending stocks globally are now forecast to be at the lowest level in 10 years. Although crop conditions look quite good overall, the continuing drop in prices seems to ignore (so far) the tightening global barley S&D situation, the analysts said.
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