Australia: ABB Grain Ltd announced on December 31, 2004 it has lifted its Victorian and South Australian gross malting barley pool indicators by A$10 a tonne taking estimates to A$200-210/t for Grade 1 malting barley delivered to the No. 1 pool and A$198-208/t for deliveries into the No. 2 pool (A$5/t premium for Sloop and Baudin). ABB managing director, Michael Iwaniw, said malting barley was in short supply in Australia, leading to an increase in the pool’s prospects.
“The combination of a dry spell in October which produced high screening levels and the late wet weather in December which caused widespread downgrading has had significant impacts on the market. “Only small quantities have been sold internationally as buyers are waiting to see the quality and quantity of this year’s harvest,” he said.
Mr Iwaniw suggested further upside in the pool was possible if world supplies remained tight. ABB’s feed barley pool estimates remain unchanged at A$165-175/t for feed 1 barley.
“The international market is quiet as investors are using existing stocks before re-entering the market. Currently, international prices are below those being realised locally and any pool upside will be driven by domestic sales.”
The revised pool indicators equate to an estimated delivered Geelong price of A$172-182/t for malting 1 barley delivered into the No. 1 pool and A$170-$180/t for the No. 2 pool. Pools for other grades of malting barley such as Malt 3 (which is the M1 pool with sliding scale adjustments), Industrial Malt and Gairdner no retention Malt will also increase by A$10/t.
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