EU & UK: Barley production forecast unchanged at 58.2 mln tonnes
The EU27+UK barley production forecast is unchanged at 58.2 mln tonnes which has provided brewers and maltsters with an opportunity to gain coverage. However, demand remains in the market for October-December 2022, RMI Analytics said in their late October report.
Dry conditions are allowing winter seeding to progress: France 40%+ complete and 15% ahead versus last year. The UK winter wheat looks to gain area at the expense of winter barley (non-malting).
UK higher protein malting barley is moving to the continent, to help offset lower Danish proteins, the analysts reported.
Barley prices movement remains more pronounced in crop 2023 but, as noted, crop 2022 is still trading.
Paris Milling Wheat has drifted higher as the conflict in Ukraine keeps markets on edge.
Malting premiums remain good, GBP40 in the UK and EUR67-70 in France.
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