Australia: Improving moisture profile picture boosts barley crop forecast
The moisture profile picture continues to improve across the major barley production regions in Australia. On the back of this improving situation, RMI Analysts’ barley crop 2024 forecast is increased 0.2 mln tonnes to 11.1 mln.
Strong export to China should continue, the analysts believe, but the extremely fast pace is expected to slow slightly. In addition, a small increase in domestic feed demand further tightens ending stocks. Weaker malt shipments reduce malting barley requirements.
Australian barley prices are up slightly, led by feed barley as domestic feed demand has surfaced recently for the first time in months, as cattle numbers in feedlots have increased. The result is prices are up AUD10-15/tonne. New demand for malting barley is limited and prices are mostly unchanged. Barley export pace remains very strong, with 715 thousand tonnes in the March vessel line-up.
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