Australia: Selection rates for malting barley dropping as a result of persistent rains in Victoria
Harvest delays in southern Victoria are the result of substantial and persistent rains and have led to a less than ideal result, RMI Analytics said in their latest report.
Selection rates for malting barley are dropping as a result, reported down to 25% or lower after being 50% at the beginning of harvest. Harvest in Victoria is essentially wrapped up (+95% completed) but now managing quality begins.
The drop in quality does not impact the overall crop size, which remains unchanged at 11.19 mln tonnes. Farmers were focused on finishing harvest, and are not selling, as prices are also being pushed lower by a stronger AUD and higher freight rates. The late rains in Victoria don’t diminish the earlier harvest in New South Wales and northern Victoria, South Australia and Western Australia. The early results have good malting barley secured in storage. One benefit of the rains is a much improved soil moisture profile for crop 2024.
As harvest wraps up under trying conditions, prices are drifting lower, with feed under a bit more pressure. The persistent rains in Victoria are dropping selection rates and creating more feed barley, which is being reflected in prices. Buyers (e.g. China) have lower price expectations which leaves quite a gap between bid and offer. The ‘Planet Premium’ remains in place, at USD10/tonne above the standard Malt 1 price and the less than ideal crop result has reduced Planet availability (for Malt 1).
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