World: Barley crop forecast further reduced by 0.8 mln tonnes
A further decline in world barley production forecast to 141.8 mln tonnes in 2023-24, down 0.8 mln since early June, is mainly centred upon the crop deterioration in Northern Europe, including the Baltics, RMI Analytics said in their late June report.
The drought impact in Spain has reduced the crop estimate below 4 mln tonnes from a previous estimate of 5 mln.
Denmark and Sweden are being impacted by prolonged warm temperatures with little to no rain, which leaves the crop prospects reduced.
Lower production numbers continue to lead to shrinking global ending stocks. A rather balanced world barley supply and demand is now tighter and makes the market more susceptible to weather impacts, the analysts said.
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