Australia: Malting barley prices on par or below feed values and will hardly pick up again until next harvest
Malting barley prices have slumped to be on par or below feed barley values, after a short window to sell the premium grain this season, the Weekly Times Now reported on April 26.
Grain market analyst Malcolm Bartholomaeus said there was currently little to no premium for malt over feed barley.
“But that is quite normal for this time of year,” he said. “Malt premiums peak during harvest — they can be around A$60-A$70 a tonne — but then they wane.
“Malt probably won’t pick up again until next harvest. There was a lot of malt around this year; the premium disappeared fast in December.”
He said premiums for malting varieties were seen throughout the year only when there were extreme supply shortages.
Mr Bartholomaeus said maltsters and exporters tended to “buy when malt is available” and farmers were unlikely to store malt barley on farm due to the risk this posed to quality.
Profarmer chief analyst Hannah Janson said the demand for malting barley was generally fixed and didn’t fluctuate too much.
“When crop is coming off (the maltsters) know exactly what they need, so they get as much as they require and pull out of the market,” she said
“We always tell growers to engage with the market just before harvest.”
There were good supplies of malt barley following last harvest, while feed barley prices had “gotten far too low” and “hit rock bottom” around A$113/tonne in January.
Feed barley prices in Victoria and NSW have since recovered by around A$20/tonne, Mr Bartholomaeus said.
This was partly due to disappointing sorghum crops, he said, and a lift in exports to countries such as Saudi Arabia.
Feed barley grain last week was trading around A$170/tonne delivered Melbourne, Geelong and Portland, A$142/tonne at Warracknabeal and A$131/tonne at Ouyen.
“Many varieties of malt barley have no premium at the moment, for example at Ouyen latrobe is A$131/tonne, so is scope and commander is A$155/tonne,” Mr Bartholomaeus said
“At Westmere feed (barley) is around A$156/tonne or A$175/tonne port and malt is at the same level, so this is all just a function of seasonality.”
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