Australia: Hopes the malt barley crop could be rescued had faded and prices jumped to AU$244/t

Malt barley prices jumped by $20/t to $244/t late last month, and have held that price into October (figures in AU$), The West Australian posted October 07.

ABB Grain WA grain accumulation manager Anthony Fitzgerald said hopes the malt barley crop could be rescued had faded, prompting the rise in rates.

Grain buyers were trying to find a level at which farmers were prepared to sell grain, he said, and the price had jumped. “But people need to be mindful of how thin the market is,” he said. “They need to think about volume as well as price.”

The hike in malt barley prices has carted feed barley prices towards $200/t.

The jump in barley price prompted the Grain Pool to lift its 2006-07 malting and feed barley pools by $10/t to $215-$225/t and $175-$185/t respectively.

But in his weekly column, Grain Pool senior trading manager Josh Roberts warned the recent price rises were causing some customers to reduce their buying interest and look for alternatives.