UK: Malting barley premiums over feed still historically high
UK average spot ex-farm prices show the premium for bread milling wheat over feed wheat, and the premium for premium malting barley over feed barley are still historically high, AHDB said on October 10.
In September 2023, the gap between the UK average spot ex-farm prices for total malting barley and feed barley was £67.50/t. This is the largest gap (malting premium) in September on electronic records (back to 1976). It is also the third-highest monthly gap recorded over that time frame. September 2023 is only beaten by the premiums in January 2022 (£71.80/t) and February 2022 (£68.10/t).
The gap between spot premium malting barley (included in total malting barley price) and feed barley prices averaged £71.30/t across the UK in the week ending 5 October.
The wide gap reflects the challenging weather during harvest, both in the UK and across Europe. With global barley supplies tight and European quality down, UK prices need to be elevated to prevent excess exports. Meanwhile, demand from brewers, maltsters and distillers in the UK got off to a strong start this season.
The gap between spot ex-farm bread milling wheat and feed wheat prices also remains large. The average UK ex-farm price in September 2023 also set a record for the month of September. But the levels are down from earlier this year.
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