Australia: Barley prices re-surge as fear of poor harvest intensifies
Old and new-crop barley prices are surging as fears of a poor harvest grow. Dry weather is expected to cut the national crop from an average of 7.5-8.5 million tonnes to as little as 5.5 million tonnes, World-Grain released August 30. Prices for old-crop malt barley are also being driven by China which is buying to ensure it is not left high and dry by a small harvest. It imports up to three million tonnes of malt barley and is buying in Australia for the container trade at up to AU$246 a tonne, delivered to terminals. Growers can achieve up to AU$210 delivered to Melbourne.
Malt barley production is down in the northern hemisphere. Europe has a limited surplus for export with late rain hitting quality. Canada has a smaller crop with only about 500,000 tonnes available for export.
New crop Feed I barley traded at a track price of $214 a tonne into Melbourne August 25. Old crop Feed I values followed, to be AU$188-AU$190 in Melbourne. Up-country delivered values also average AU$190.
Old-crop Feed I grade barley is expected to top AU$200 delivered to regional and Melbourne processors. Southern NSW feedlots are paying to AU$192 delivered for Feed I barley.
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