World: Barley crop forecast increased thanks to better than expected Russian, Ukrainian, and EU crops
Global barley production forecast has shifted upward to 140.5 mln tonnes, up from 138.9 mln tonnes earlier this month, RMI Analytics said in their latest report.
The main drivers for the increase relate to:
Higher yields in the south and central regions of Russia as harvest moves to the last 10%;
Results from Ukraine have been positive and the crop slightly larger than earlier thought but still well below pre-war levels;
Winter barley in the EU-27 and UK delivered slightly better than expected, helping offset spring barley issues.
World barley production in 2023 is still the 2nd lowest in a 10-year span. Ending stocks are the lowest in ten years and aided only slightly by weak malt demand globally. Trade is expected to increase due to quality impacts this year, the analysts said.
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