Canadian barley stocks on March 31 2003 were 3.27 million tons against 6.175 a year ago. U.S./Canadian maltsters resold at least 50.000 tons of EU malting barley and tried to sell more. It was bought last fall as a hedge against the poor outcome of the Canadian crop, but it turns out now that the North American maltsters can find enough local barley of adequate quality to carry them through to the next crop. Moisture conditions have improved, planting is slow and there had been local frost damage in the middle of the month, but crop prospects are, of course, much better than in 2002.

03 June, 2003