26 September, 2024

World: Global barley crop forecast reduced by 1.3 mln tonnes

With minor production reductions in Australia, Canada, Russia and EU27&UK only offset by a small increase in Ukraine, RMI Analytics’ global barley production is reduced by 1.3 mln tonnes to 142.4 mln tonnes, the industry observers said in their latest report.

This results in crop’24 production falling below the crop’23 level and tightens further the global barley S&D. Under this reduced barley supply, there is an expected corresponding reduction in feed demand, while malting barley processing demand is expected to drop slightly (due to weak demand). A larger global corn crop more than compensates for a reduced barley supply from a feed grain point of view.

Global barley ending stocks are at the lowest level in eleven years, yet the world market appears well covered, the analysts said.

A year of weather extremes, from very wet conditions in Europe to excessive heat and dryness in Canada, contributed to a tightening supply situation. Farmers remain unwilling sellers as margins are suffering, and this could have a major influence on crop’25 planting intentions.

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