Global barley harvest in 2023/24 MY was the third lowest in 10 years

RMI Analytics analysts estimate that the barley harvest in 2023-2024 season will be the third lowest in the last ten years. Thus, the ending stocks of barley fell to a ten-year low. In addition, in Northern Europe and Eastern Australia, the volume of malting barley decreased. In the coming months, analysts will closely monitor barley quality problems in Europe, including Denmark and Germany.

According to analysts, the development of winter barley in Europe is going well, despite the onset of low temperatures. RMI forecasts the harvest volume in Europe to be 54.45 mln tonnes, which makes the supply situation comfortable at the moment, but the malt barley supply should be monitored.

The reduction of malt barley stocks due to weather conditions increases the importance of increasing the planted area and good development of the 2024 crop at an early stage.

At the same time, barley prices in all regions are declining due to lower demand, and this trend is not even affected by the reduction in malt barley supply. China is importing barley twice as fast as in 2022 (1 mln tons per month in the last four months), and Australia has become a major supplier again. At the same time, logistics prices are rising and transportation times are increasing due to difficulties in the Red Sea.

At the same time, the global grain harvest in 2023-2024 is expected to reach a record high of 2.3 billion tons due to the recovery of the corn crop. This is the data provided by the International Grains Council. The grain harvest increased by 2% compared to the previous year.

Tags: barley, prices, crop forecast, China