Australia: Barley crop forecast up by 0.3 mln tonnes
With more rain falling across key barley growing regions, the situation is deemed ‘ideal’ in New South Wales and very good in Western Australia. The timing of this additional moisture puts Australia’s barley crop in a very good place for the balance of the crop development. There are parts of South Australia and western Victoria which are still suffering from the earlier lower rainfall results, but there is rain in the forecast. Overall, Australia is on a good path and with this continued favourable development, RMI Analytics’ barley crop estimate for the nation is modestly increased by 0.3 mln tonnes to 12.6 mln tonnes, the analysts said in their late August report.
Prices are down slightly across all port zones, but with the stronger AUD keeping FOB values well-supported, despite weaker barley prices in Europe. Australia’s position as cheapest global malting barley origin is tightening, as others close the gap. Barley export pace remains strong and China is showing interest for Oct/Nov’24 purchases. There is also local feed demand present in the market.
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