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Mecardo's analysis of the USDA WASDE data shows global barley production forecast down 9.6% for 2023/24, with Australia accounting for about a 30% fall. Barley consumption is also projected to decline, and stock-to-use is expected to hit a long-term low of about 12%.
Canola follows the soybean-led oilseed complex.
A sharp Australian barley output drop combined with record-low stock-to-use ratios supports barley prices into the new season.
mecardo.com.auAngus BrownMay 23, 2023Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
