World: IGC posted a cut of 2 million tonnes in its barley production forecast
Hot, dry conditions in the EU, the US, Canada, Turkey and Australia, result in a cut of 2 million tons in the barley production forecast to 145 million tons, still 5 million more than last year. Conditions remain favourable for Russia’s crop, the International Grains Council published in its Grain Market Report Nr. 358 from July 27.
The consumption forecast is unchanged at 147 million tons, 3 million more than in 2005/06. Improved competitiveness in relation to wheat should boost barley feeding in the EU, but tighter supplies of feed barley will reduce consumption in Canada.
There is also no change in the trade forecast of 17.4 million tons. North Africa’s reduced import needs are responsible for the 0.3m tons drop from last year. Exports by Canada, Australia and Turkey may be smaller than previously forecast, but those of Ukraine and Russia are expected to be larger.
World barley stocks at the end of 2006/07 are projected to fall to 25.2 million tons, 3.0 million tons lower than last month due to the smaller crop estimates.
The International Grains Council (IGC) is an intergovernmental organisation concerned with grains trade. It administers the Grains Trade Convention, 1995. The IGC Secretariat, based in London since 1949, also services the Food Aid Committee, established under the Food Aid Convention 1999.
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