EU: No activity on domestic malt markets in last two months, industry cover for barley and malt of crop 2021 mostly done for minimum supply
There was almost no activity in domestic EU malt markets during the past two months, due to holidays and high price levels. Brewers abstained from purchases, and maltsters could not offer new contracts without barley cover. And barley cover did not exist, H. M. Gauger GmbH said in their February report.
The price rise from levels around €350,- to present prices for 2 row spring malt caused bad losses in the industry. Now the basic barley and malt cover of crop 2021 is done, but in many cases for a minimum supply. Brewers have hardly begun to look for malt of crop 2022. They count on an early and good crop with new crop malt deliveries starting latest in September, at prices well below present levels. They could only be right in the best of possible cases, a super crop and harvest pressure from all grains at once. The climate change poses a risk to such an ideal situation.
A few negative points will hardly change, the analysts believe: by summer stocks of malt and malting barley will be zero, the industry will be looking for a 13 to 14 months’ supply to rebuild safer stocks. The crisis in energy markets has sharply driven up the cost of energy and freight for maltsters. On top of it national taxes have been increased.
Last, not least, barley prices can hardly return to former low levels, farming restrictions of the EU “farm to fork“ policies plus the higher cost of all inputs will be reflected in malting barley prices. Provided the return of normal public life and normal beer sales, the fact of a short malting capacity in Europe will become obvious. With a larger and wealthier world population more beer and whisky will be drunk, and malt exports, already large, will rise further.
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