Barley Outlook Tighter; Oats, Wheat Mixed

The supply-demand balance for old- and new-crop Canadian barley has tightened this month, while the outlook for wheat and oats is mixed compared to April. 

In updated monthly supply-demand estimates Tuesday, Agriculture Canada lowered its 2022-23 and 2023-24 barley ending stocks estimates, dropping them to 730,000 and 800,000 tonnes, respectively, from 900,000 and 1 million in April. 

Much of the reduction in the old-crop barley ending stocks estimate can be attributed to heavier export forecast, which rises to 3.72 million tonnes from last month's 3.67 million. Total estimated domestic use is up about 100,000 tonnes this month as well, to 6.109 million tonnes. On the new-crop side, Ag Canada trimmed its barley production estimate to 9.54 million tonnes from 9.974 million, based on StatsCan’s May 9 acreage report and a smaller seeded area.