USDA is forecasting an 8.5% increase in barley prices here by the end of the 2022 year. I'm sure corn in the US will be more insulated (I would think). Russia and Ukraine combine for 19% of global barley production (obligatory f*** Putin). Unless Scotland grows a lot of theirs domestically, I don't see how commodity prices don't affect the whisky industry. Prices are already really high. I can't imagine prices for a basic 12yo approaching $70USD but at this point I wouldn't be surprised. Granted, whisky distilled now will be waiting for a few years before it's sold, but would distillers try to price that in to whisky being sold now to make up for input costs?
USDA is forecasting an 8.5% increase in barley prices here by the end of the 2022 year. I'm sure corn in the US will be more insulated (I would think). Russia and Ukraine combine for 19% of global barley production (obligatory f*** Putin). Unless Scotland grows a lot of theirs domestically, I don't see how commodity prices don't affect the whisky industry. Prices are already really high. I can't imagine prices for a basic 12yo approaching $70USD but at this point I wouldn't be surprised. Granted, whisky distilled now will be waiting for a few years before it's sold, but would distillers try to price that in to whisky being sold now to make up for input costs?
Neat graphic: ipad.fas.usda.gov/cropexplorer/cropview/…