Australia: Barley crop forecast remains at 13.3 mln tonnes

Further rainfall has boosted crop confidence in Australia, especially in earlier areas of concern: South Australia and western Victoria. The news gets better, as the 7-day forecast calls for further widespread rains.

RMI Analytics� barley crop forecast for the nation remains at 13.3 mln tonnes, and is increasingly more secure under current conditions. However, increased farmer selling has not materialized, despite the improved crop prospects. Ongoing demand from China has led to a jump higher in May exports.

Following the amazing improvement in crop development over the past 6 weeks, barley crop�25 prices are mildly lower, although liquidity remains low as farmers appear content to wait for further development of the crop, including the forecast for more moisture. Crop�24 prices are steady as local feed demand is strong and exports have depleted stocks.