Australia: Barley production forecast steady due to positive crop progress
A mostly favourable scenario continues to develop for barley crop’24 in Australia, with more rain helping advance the crop under ‘near ideal’ conditions, particularly in Western Australia, South Australia, and Victoria, RMI Analytics said in their latest report. While New South Wales and Queensland missed these recent rains, barley in these regions remain quite good.
Given the on-going positive crop progress, RMI Analytics’ barley production forecast is steady at 12.0 mln tonnes.
The potential for an average malting barley selection rate is quite good at present, but there is considerable time to go. Exports are expected to be reduced in crop’24 as China’s import pace for barley is expected to decline.
There has been a small bounce higher for barley prices, following the previous dramatic fall in prices and despite the on-going good development. Farmers are not willing to be active sellers at lower prices and in response, prices have moved slightly higher. Buyers’ price expectations remain below current price levels.
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