World: World barley production forecast increase on larger crops in Canada, Ukraine
RMI Analytics’ global barley production forecast for 2023/24 is higher in their latest report – at 142.7 mln tonnes, up 1.3 mln tonnes from the previous forecast in November, due to increases in Canada (+0.63 mln tonnes), Ukraine (+0.3 mln), and the rest of the world (+0.37 mln tonnes).
From the major barley producing regions of the world (EU27+UK, Australia, Canada, Argentina, Russia and Ukraine) barley production dropped by around 11 mln tonnes in 2023 to 105.9 mln, and for 2024 a return to 112-115 mln tonnes is a real possibility (average from 2019-2022 was 116.8 mln tonnes). The reasons for this optimism include weather issue planting winter crops in Europe, Canadian production rebounds, and malting barley selection rates return to normal in Europe and South America, the analysts said.
The current global barley supply situation is a bit on the tighter side from a long-term perspective, and especially from a malting barley availability perspective. However, the situation remains comfortable, especially with the slight upward adjustments in the analysts’ December report. Until demand recovers, there is sufficient supply available and prospects for increased 2024 barley planting remain positive.
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