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The syrup is best stored in the fridge, though a spot on the doors will suffice. It doesn't need to stay really cold to keep from molding, and will keep pretty much indefinitely if you don't accidentally introduce bacteria.
I've used it in place of corn syrup, though the color and the flavor and sweetness level are all quite different. (I wouldn't use it as a sub for corn syrup in candy making, probably.) But, it works well for say, Korean food like galbi jjim, short ribs, and other such dishes.
You can also use the syrup as a replacement for sugar in a number of different bread recipes, especially those with whole or multiple grain flours, where the added flavor is welcome. If you bake bread regularly, you'll use the jar up easily.
You can also make peanut butter rice crispy treats with barley malt syrup, though I don't know if kids accustomed to the marshmallow variety would go for them. I make them with raisins, but you could sub chocolate chips for added sweetness.
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The BBC Food Programme had a show recently on malt, http://www.bbc.co.uk/programmes/b00yw6kh , interesting info and a few ideas... as to lasting I'd imagine you've got quite a while...
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Not sure how long it will last, but you can use some up in these delicious-looking rolls:
http://www.saveur.com/article/Recipes/Colicchio-Sons-Parker-House-Rolls
You'll probably also find the detailed description (gives general ideas for how to use it) and related (detailed) recipes linked on this page helpful- sorry to say I can't speak from personal experience!
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