OFFERS of barley into intervention now total more than 710,000 tonnes, according to Intervention Board officials this morning.
More than 80,000 tonnes were submitted during the week ended Friday, 27 February, IB officials said. The amount of barley offered so far this season now stands at 711,277 tonnes.
Grain merchants and farmers are worried the physical movement of barley into store is failing to keep pace with intervention offers.
If the current rate of submissions continues, offers could reach one million tonnes by the end of this month. But as of today, less than 150,000 tonnes of barley have actually been delivered.
The Intervention Board has opened more stores and say that the situation is under control.
Open market barley continues to trade at about £70/ tonne. But trade is slow – despite UK barley export prices being the most competitive in Europe.
According to the Home-Grown Cereals Authority, no significant amounts of barley have been exported recently other than default trade from February which has carried over into this month.
New crop barley is worth about £73 (July), £74 (August) and £79 (November).