The Boortmalt harvest price took a significant drop last week.

The Free-On-Board (FOB) Creil French malting barley price used to develop the Boortmalt harvest price here in Ireland dropped by €20/t from 11 August to 18 August.

The Boortmalt harvest price is developed by taking the average FOB Creil Planet malting barley price at close of business every Wednesday from mid-April to mid-September.

The current average price stands at €411.37/t, with five weeks to go in the averaging mechanism.

The price had opened and closed the month of July at €385/t, dropping in the middle of the month, but has now dropped since the end of July.

The prices are detailed in the graph below, but since 28 July, the FOB Creil price has dropped by €47/t, which is being reflected in the average price.

This price, of course, does not take into account a new energy charge, moisture and KPH bonuses and deductions agreed between the Irish Farmers' Association and Boortmalt, which emerged at harvest time.

Taking the energy charge from the base price as it currently stands brings the price to €398.87/t.

An energy charge of €12.50/t is being applied to this price and while the moisture bonus has risen to €3/t, farmers will not see this in their end price, as the energy charge will take in most of this bonus.