IFA Deputy President Richard Kennedy said that IFA has concluded a two-year malting barley deal with Boortmalt for crop 2017 and 2018. Growers, this Tuesday (18 April), can sell up to 15% of this year’s crop at the fixed price offer of €164/t.
Mr Kennedy said, “This week’s fixed price offer of €164/t represents a premium of €38/t over recent offers for spring feeding barley. Under the new deal, growers from this Wednesday and every Wednesday until mid-July, have an opportunity to participate in price hedging for both the 2017 and 2018 crop. The two-year window for hedging will give growers greater exposure to better price opportunities.
“Very significant progress has been made over the last seven years in rebuilding Ireland’s malting barley industry. The focus by growers and Boortmalt on supplying quality Irish malting barley and malt has successfully displaced imports of brewing malt onto the island and seen the demand for malting barley grow by 250%. Separate contracts are now being offered for brewing and distilling. The aim of both parties is to significantly build the tonnage of Irish malting barley and resulting malt used in the rapidly expanding distilling business,” Richard Kennedy said.