EU: Malting barley prices react to frosts in France

Malting barley prices went up the last days as a reaction to frosts in France (some regions had temperatures of -8/9 degrees Celsius which may have an impact especially on the winter barley) and lack of moisture (this is also true for the UK), GrainCom reported on April 28.

Today it seems that the up move has stopped and the market is taking a breath. More selling interest came up at current levels – at least from the trade, not really from the first hand. Needed rains are in the forecast for May 1st onwards. Further upside potential is given in case the rain does not materialize. Crop ratings from France Agrimer dropped on April 28.

Premiums above feed barley are already comfortable with winter barley at around 20 EUR/tonne and 45-50 EUR/tonne for spring barley depending on the variety. These premiums may be justified by low ending stocks, weather scares and good demand. However, third country business basis current price levels and EUR/USD parity third country business looks difficult. The euro will remain strong as long as we do not break below 1.0825.

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