EU: Malting barley prices declined on more plentiful supplies than expected
Since end November 2018 malting barley prices have strongly declined: French and Danish barley by around EUR45,- per tonne, H. M. Gauger GmbH said in their March report.
Supplies are more plentiful than expected at harvest time. Of course, the acceptance of higher protein barley has been the prime factor for the adjusted supplies figure. For instance, Germany had been expected to import 1.2 mln tonnes of 6- and 2-row malting barley, but in July/Dec imports of barley from France, Denmark, Sweden and the UK were only 360 thousand tonnes.
Feed barley had been a premium market till the end of 2018, but since then dropped by EUR33,- in the Rouen and by EUR29,- in the Hamburg markets.
Large quantities of malting barley have been downgraded and sold for feed. The remaining offer of old crop malting barley looks fairly small, a number of traders/maltsters deem a recovery of price levels likely, because the industry is not fully covered till late summer, when new crop barley becomes maltable.
The beginning of the new season is favoured by warm temperatures in the important areas of France, South England and Southwest Germany. Only Spain is really concerned about the lack of precipitation.
Spring planting has commenced on February 20 and nears completion fast in Central France und
the Rhine valley. Northern Europe may start planting in March, if the present weather continues.
The spring barley acreage projections are not final yet, predictions are for lower numbers for Denmark, Germany and Sweden, but are especially optimistic for France.
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