EU & UK: Malting barley prices up on concerns about late seeding and poorer crop 2024 ratings
Concerns about the late seeding and poorer crop 2024 ratings has led to higher malting barley prices, RMI Analytics said in their early May report.
Further wheat prices are adding to the bullishness, with Russia’s crop being negatively impacted by dry conditions and most recently by reports of widespread frost where the impact could reduce yield potential further. Russian barley exports so far this crop year are nearly 7 mln tonnes, with nearly two months left in the crop 2023 period and Saudi Arabia and Iran as the top two destinations. Russia’s strong export program has kept a lid on feed barley values, but now crop challenges may reduce the nation’s influence going forward.
In step with French prices, Denmark and the UK malting prices are higher, with some new trades reported and attributed to buyers looking for coverage in light of the strong wheat (and barley) prices.
In both Denmark and the UK, as well as in France the slow progress of crop 2024 seeding is pushing later the likely harvest period. As a consequence, crop changeover (crop 2023 to 2024) will be at least 2-3 weeks delayed. Farmer selling is slow, due in part to the late seeding and slow early crop development.
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