Australia: Barley crop forecast raised slightly to 10.81 mln tonnes
Following RMI Analytics’ recent Insight Tour to Australia, the analysts concluded a good barley crop development is in place, and since the Tour beneficial rains have fallen, and a good forecast is maintained.
RMI Analytics’ barley crop estimate for Australia is raised slightly to 10.81 mln tonnes, an increase of 0.2 mln from the previous forecast in September.
The regional production breakdown for Australia has undergone some minor changes, with South Australia and Victoria up slightly and Western Australia down ever so slightly. Noting the recent rains were in South Australia and Victoria, an not in Western Australia which is reported as getting a bit dry. The result is that the regions which received rain are getting a yield boost, while those areas which did not are steady to down a bit.
Australian barley prices are down as harvest starts to ramp up and the recent rains have boosted yield potential in the areas noted, adding to the current bearishness in prices. The market is quiet with little activity but Chinese demand remains present. A recent AB InBev tender is rumoured to include Australia and France (6RW) barley.
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