Farmers will not be happy at all, if prices fall back from top to normal levels in the crop year 2003/2004. However, maltsters should really appreciate lower barley and malt prices after the experiences of the present campaign. After all, malting barley is not a grain in itself, but only the highest class of the barley qualities. When malting barley premiums were US $ 60,- / 70,- per ton above feed barley prices instead of the usual US $ 25,- / 35,-, markets like Russia and China purchased much more low-class (feed type) barley than normal, and especially from their own crops. We do not know how much more adjuncts – maize, barley, rice, sugar – were used for brewing, but that percentage must have gone up as well. Obviously maltsters all over the world must be interested to correct such developments as much as possible.

15 April, 2003