Argentina: Barley crop forecast up on improving weather conditions
Beneficial rains continue to improve summer crop conditions (corn and soybeans), while also repairing the severely dry conditions in key barley (and wheat) regions, RMI Analytics said in their late March report.
On this improving situation, the barley crop 2024 forecast increases by 0.2 mln tonnes to 4.5 mln.
A challenge facing farmers is the expected drop in exports as China moves back to Australian barley sourcing. The improving the improving soil conditions could swing some farmers to plant more wheat.
On a FOB basis, Argentina prices are down slightly for both malting and feed barley. Farmer FAS prices are marketed, versus 53% one year ago. Demand from South America (e.g. Brazil, Colombia) has surfaced at lower price expectations from buyers but traders are struggling to buy sufficient quantities from farmers in order to participate in further trades.
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