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Intent-to-grow contracts for malting barley are priced below feed barley in Western Canada, eroding the usual malting premium. Maltsters are buying more selectively because COVID-19 has cut brewing demand, with draft sales down 25 to 30 percent in North America.
Feed barley reached $6 per bushel or higher in late 2020.
A narrowing malt premium could lead farmers to shift acres toward feed barley, adding supply to the feed market. Lower malt demand also weakens the barley price structure.
grainswest.comtommy wilsonMar 19, 2021Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
