EU & UK: Malting barley values lower but France remains in need of moisture

The improved crop conditions across much of Europe have pressed wheat futures and, with that, French malting barley values lower, RMI Analytics said in their latest report.

France remains in need of moisture, and therefore this weakness in prices does not fully reflect the current crop situation, but the market appears to be banking next week�s moisture. Crop�24 values are only indicative, and mainly to illustrate the spread from old crop to new crop. Maltsters� crop�24 coverage is reportedly quite comfortable and crop carry-over is believed to be higher than normal, reducing slightly crop�25 barley demand.

Earlier UK weather concerns, due to the severe dryness, had built-in a sizeable weather premium, but with the arrival of rain the tone quickly turned bearish, with prices moving downward.

Denmark and Sweden crops look good, with some trade reported. The UK market is quieter with a small premium over Danish, mainly due to limited farmer selling following a very dry start.