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Newsletter Summary
Currency rates
Equities of largest breweries
Market prices change trend
Top industry news
Brewery news
Malt news
Barley news
Hops news
More news
Scientific Digest
Theoretical malt prices
Malting barley prices
Table of the week
Graph of the week
Agenda
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Average market prices
Change trend
01 May - 03 May 2006
Crop 2005
2rs Barley €117.00-119.00   
6rw Barley €104.00-106.00   
2rs Malt €247.50-249.50  0.20%
6rw Malt €231.00-233.00  0.22%
Crop 2006
2rs Barley €115.50-117.50  0.87%
6rw Barley €105.00-107.00   
2rs Malt €241.50-243.50  0.62%
6rw Malt €227.50-229.50   

Note: Just click on the price link and you will be led to our Market Price History. Average barley market prices are French and are estimated on FOB Creil basis.
The changes are compared to last Newsletter's prices. Arrows indicate the direction of the change.

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E-malt.com Newsletter 18a
May 01 - May 03, 2006
Quote of the week

"Beer makes secrets float to the surface."
German Proverb

Currency Rates
Base Currency: Euro, EUR
on 03-May-2006

1 EUR = 1.2606 USD
1 EUR = 0.6887 GBP
1 EUR = 1.4015 CAD
1 EUR = 1.6607 AUD
1 EUR = 143.179 JPY
1 EUR = 2.6258 BRL
1 EUR = 34.2743 RUB
1 EUR = 10.1148 CNY
 Base Currency: US Dollar
on 03- May-2006

1 USD = 0.7934 EUR
1 USD = 0.5463 GBP
1 USD = 1.1118 CAD
1 USD = 1.3173 AUD
1 USD = 113.554 JPY
1 USD = 2.083 BRL
1 USD = 27.1891 RUB
1 USD = 8.0239 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
USA: Molson Coors reports 2006 first quarter results... Click here

Russia: EBI signs licence agreement to brew and sell Bavaria products in Russia... Click here

Georgia: Georgian Defence Minister comes out for a ban on Russian beer imports... Click here

Chile: CCU reports consolidated first quarter 2006 results... Click here

Japan: Liquor taxes raised on ‘3rd-category’ beer... Click here

India: Asia Pacific Breweries acquires Aurangabad Breweries... Click here

Canada: Barley production is forecast by AAFC to decrease by 10% in 2006-07... Click here

Australia: Barley pools remain unchanged... Click here

New Zealand: Researcher says NZ is attracting overseas interest with organic beer... Click here

More News
Denmark: The leading beer exporting country in Europe ... More Info

Australia: Yarra feed barley seed available for 06/07 planting ... More Info

Chile & Argentina: CCU is planning to invest US$ 130 million ... More Info

USA: Brewers must be more romantic to compete with other alcoholic drinks ... More Info

USA: Miller blasts Anheuser-Busch for altering Bud Light ... More Info

UK: Brewhouse control system upgrade at Coors Brewers' Alton Brewery ... More Info

Canada: Coors Light unveils revolutionary packaging innovations allowing consumers to 'Taste the Cold' ... More Info

USA: Molson Coors shares fall on downgrade ... More Info

Australia: Fertiliser deals to ease grower cash flow burden ... More Info

Russia: Russian beer market increased by 4.5% during the first quarter ... More Info

UK: Greene King 51-week sales rise on Old Speckled Hen and Abbott Ale ... More Info

Germany: German brewers brew World Cup beer ... More Info

USA: Plan speeds malting plant turnoff ... More Info

Asia: Asia Pacific Breweries heads race for Foster's ... More Info

India: United Breweries announces a 1:10 stock split ... More Info

Turkey: Efes Beverage Group announces the Board of Directors’ dividend ... More Info

USA: Anheuser-Busch to continue to sponsor FIFA World Cup ... More Info

Estonia: Important breweries experience capacity limits ... More Info

USA: Ex-worker settles a discrimination lawsuit against brewery ... More Info

Uganda: Nile Breweries lays off 28 employees ... More Info

USA: Flying Dog Brewery buys Maryland brewery ... More Info

Australia: ABB proposes new structure for greater independence ... More Info



Brewery News
USA: Molson Coors reports 2006 first quarter results

Molson Coors Brewing Company reported a small net loss from continuing operations in the first quarter 2006 and lower consolidated net sales from continuing operations on higher sales volume compared to pro forma first quarter 2005, The Washington Post released on April 28.

For the 13-week first quarter ended March 26, 2006, the company reported net sales of $1.2 billion, down 0.1 percent from the pro forma net sales in the first quarter 2005. Sales volume of 8.6 million barrels, or 10.1 million hectoliters (hl), from continuing operations (Canada, U.S. and Europe), was up 2.0 percent from the pro forma first quarter a year ago. The first quarter 2006 consolidated net loss from continuing operations was $18.6 million, or a loss of $0.22 per share. Excluding special items, the after-tax loss from continuing operations was $0.4 million, or a loss of $0.01 per share, down from after-tax income of $14.7 million or $0.17 per share in pro forma first quarter 2005. The 2006 results include the impact of stock option expense and other long-term incentives, the combination of which reduced first quarter pretax income by $4.3 million, or $0.03 per share after tax.

Leo Kiely, Molson Coors president and chief ... More Info

Russia: EBI signs licence agreement to brew and sell Bavaria products in Russia

Efes Breweries International N.V. (“EBI” or “the Company”), our Holland based 70% subsidiary, today announced that its operating subsidiary in Russia, Moscow Efes Brewery (“MEB”), will brew, market and sell “Bavaria Premium”, a premium segment beer, and “Bavaria Malt”, a non-alcoholic beer, in Russia under licence from Bavaria N.V. effective April 26th, 2006.

“Bavaria Premium” had 3.6% volume share in the Russian premium segment, the fastest growing segment of the Russian beer market, as of December 2005 (AC Nielsen Research). “Bavaria Premium” will be sold in 50 cl and 30 cl bottles , 33cl cans and 30 lt kegs.

Under the license agreement, MEB will also produce and sell “Bavaria Malt”. Bavaria Malt, will be available in 50 cl and 33 cl bottles and 33 cl cans.

Bavaria is the second largest brewer in Holland with an annual production of 5 million hectoliters, and products sold in more than 100 countries.

Mr. Ahmet Boyacıoğlu, CEO of EBI, said “We continue to expand our product portfolio in line with our strategy to further solidify our competitive positions in our operating territories. Introducing “Bavaria Premium” to the dynamically growing Russian beer market will enable us to offer a wider and stronger international ... More Info

Georgia: Georgian Defence Minister comes out for a ban on Russian beer imports

Georgian Defence Minister Irakly Okruashvili came out for a ban on the Russian beer imports, Itar-Tass communicated on May 02.

“Beer imported from Russia makes about 15 percent of the Georgian beer market. I would personally welcome a ban on the Russian beer imports in our country that would bring big profit to Georgian companies produce of which does not cede to Russian produce,” Okruashvili who is in charge of foreign Georgian wine supplies told journalists on May 02.. Last week, Okruashvili dismissed Russia's consumer market as a "bazaar of very low consumer quality." Earlier, Russian officials were outraged by his comment that Russian standards were so low that "one can sell, I beg your pardon for this expression, even fecal matter."

Meanwhile, representatives of the Georgian Agriculture Ministry said that “a possible ban on the Russian beer imports in the country is not considered now.” According to State Minister for Structural and Economic Reforms Kakha Bendukidze, “the ban on the Russian beer imports in Georgia will be imposed, only if it is found out that Russian beer is harmful for health. For now, no such incidents have been recorded," he said.

Imports of wine from Georgia and Moldova were ... More Info

Chile: CCU reports consolidated first quarter 2006 results

Compañía Cervecerías Unidas S.A. (CCU) announced on April 28 its consolidated financial results, stated in Chilean GAAP for the first quarter 2006. All US$ figures are based on the exchange rate effective March 31, 2006 (US$1.00 = Ch$526.18). Revenues Up 7.5%, Operating Income Increased 4.3%, EBITDA(1) Up 2.8%, Net Income Increased 3.1% to US$0.61 per ADR.

During the first quarter of 2006, revenues continued their positive trend, growing by 7.5% in comparison to the first quarter of 2005, reaching Ch$139,282 millions (US$264.7 million). These satisfactory results are explained by the growth of consolidated volumes of 5.6% and 2.0% higher average prices.

The volume growth, just like the second half of last year, was supported by a higher investment in marketing in the different business segments, reflecting CCU's commitment to compete through the creation of brand value to ensure the Company's sustainability in the long-term.

During the first quarter of 2006 all business segments improved their performance, with the exception of wine. Without considering Viña San Pedro (VSP), which has been affected by the appreciation of the Chilean peso and volume decreases in the domestic market, CCU's operating profit would have grown by 9.5% instead of the 4.3% effectively reached.

The Chilean beer segment ... More Info

Japan: Liquor taxes raised on ‘3rd-category’ beer

The Japanese government raised liquor taxes on so-called "third-category" beer products on May 02, but retailers are still divided on whether to hike the prices of the beer-like sparkling drinks that have been enjoying strong sales due to their lower prices compared to the two other types of beer products, Kyodo News released on May 02.

Under the revised Liquor Tax Law, the taxes on third-category brew increased by 3.8 yen to 28 yen per 350-milliliter can. In contrast, the taxes on regular beer were lowered by 0.7 yen to 77 yen. The taxes on "happoshu" low-malt beer were left unchanged at 46.99 yen.

While major brewers have set new prices reflecting the revisions, major retailer Aeon Co. and supermarket chain Izumiya Co. said they will not raise the prices of third-category beer.

Other supermarket chains including Daiei Inc. and leading convenience store operators such as Seven-Eleven Japan Co., Lawson Inc. and FamilyMart Co. said they would pass on the increase in taxes to consumers.

Beverages classified as third-category beer are made from non-malt ingredients such as soy protein and thus had been subject to lower liquor taxes than regular beer and happoshu by more than 50 yen and 20 ... More Info

India: Asia Pacific Breweries acquires Aurangabad Breweries

Heineken N.V. announced on the 2nd of May, 2006 that Asia Pacific Breweries (APB) has acquired an initial 76% stake in Aurangabad Breweries Ltd (AUBL) in India. Heineken holds approximately 42% stake in Singapore listed APB.

The deal includes an entitlement for APB to increase its stake in AUBL to 100% by the end of 2008. The total transaction value is approximately USD 18 million and debt free.

AUBL operates 2 breweries in the states of Maharashtra and Goa, with a combined annual production capacity of approximately 250,000 hectolitres. AUBL brews and markets local lager beer brands including Cannon-10000 and Arlem.

Marc Bolland, Member of the Executive Board and Chief Operating Officer of Heineken N.V. commented: “South Asia is an attractive emerging market with favourable demographics. With this acquisition, APB is expanding its brewery network to the Indian beer market, which is currently growing by more than 7% annually. We will further build on AUBL’s strong existing market positions in Maharashtra and Goa and we see future earnings potential for the Heineken brand by leveraging the strength of AUBL’s distribution system.”

The total beer market in India is approximately 8 million hectolitres per annum. This translates into a per ... More Info

Barley News
Canada: Barley production is forecast by AAFC to decrease by 10% in 2006-07

Canada’s barley production is forecast by Agriculture and Agri-Food Canada (AAFC) to decrease by 10% in 2006-2007 due to lower area and yields. Supply is expected to be further reduced by low carry-in stocks. Exports are forecast to decrease by 15% to a normal level as the decrease in feed barley exports is only partially offset by higher exports of malting barley.

Despite lower exports and domestic feed use, carry-out stocks are expected to fall significantly as a result of lower supply. The average off-Board feed barley price is forecast to increase by C$20/t from 2005-06 to C$130/t, for No.1 CW I/S Lethbridge. The CWB PRO for feed barley Pool A is C$113/t vs. $117/t for Pool B in 2005-06. The CWB PRO for SS2R malting barley decreased to C$161/t, pressured mainly by strong export competition from Australia.

Australia: Barley pools remain unchanged

ABB Grain Ltd has reviewed its gross barley pool indicators for 2005/2006 and has left its price estimates unchanged, ABB released on May 03.

ABB Grain’s General Manager Marketing, Nigel Officer, said the estimates remained steady despite recent upward currency movements in the Australian dollar which has seen the Aussie climb to around 76 cents against the greenback.

“Chinese demand for malting barley is starting to come to the fore, while feed barley is fully committed with most of it expected to be shipped by the end of June,” Mr Officer said.

“The prospects for 2006/2007 are also looking promising and while it’s still early days yet, favourable rains in the past week in most regions bode well for planting about to begin, or in some cases already underway.

“We will continue to review our estimates for 2006/2007 on a regular basis in light of developments in the northern hemisphere harvest and currency movements in particular.”

The current estimate for the 2005/2006 No.1 Victorian pool, which closed on October 31, is $191/tonne for malting barley and A$168/t for feed barley in the No.1 pool.

In the east coast pool (Victoria, NSW and Queensland) the gross barley pool indicators for the No.2 pools (which closed on January ... More Info

Hops News
New Zealand: Researcher says NZ is attracting overseas interest with organic beer

A New Zealand hop researcher says Nelson hop farmers are attracting world-wide attention because of their ability to produce unique tasting and organically-grown hops, according to Radio New Zeeland reports on May 03.

Ron Beatson, a hop breeder for HortResearch, says because New Zealand's environment is relatively free of pests, hops are able to be grown without pesticides.

Dr. Beatson says there has also been a worldwide increase in demand for boutique or craft beers, which the local industry has responded to by investing in research for new hop varieties.

He says the unique attributes of New Zealand hops have attracted the attention of big overseas beer companies such as Anheuser Busch, which owns the Budweiser brand.

He says the company is looking at buying New Zealand hops which could be used in specialised craft beers.

Scientific Digest
Measuring barley kernel colour and size to predict end use malt quality
M. J. Edney, Marta S. Izydorczyk1, S. J. Symons and N. Woodbeck (Industry Services/Grain Research Laboratory collaborative study on valuing barley)

Abstract: The effectiveness of the grading system of the Canadian Grain Commission (CGC) in predicting end use quality of malting barley was compared to machine-based methods. A series of malting barley samples from the 2003 harvest were analysed for grade, colour and size. The barley was malted and the malt analysed for quality. Results supported the grading system with barley grading Special Select showing the best overall malting quality. Statistically, the grades, based on one inspector’s observations, showed the same ability as colour measurement by imaging to predict several barley and malt quality parameters. However, the machine-based method was better at several parameters. The imaging system also offered the potential of more objectivity over time compared to grades determined by different inspectors on different days. These findings were based on the quality of a limited number of samples from one harvest and need to be repeated using additional samples with varying degrading factors. Plump barley was found to produce, under standard processing conditions, adequately modified malt with good levels of malt extract. In contrast, intermediate sized kernels had significantly lower malt extract and the malts were over modified using standard processing conditions. Thousand kernel weight, a specification frequently used to indicate malt barley quality, gave a good indication of potential malt extract of plump barley but with intermediatesized barley, it only gave an indication of processing requirements. Thousand kernel results were compared to those from the Single Kernel Characterization System (SKCS), which measures and calculates the mean weight, diameter, hardness and moisture of 300 kernels per barley sample. Both methods correlated similarly with malt quality Variability of size among 300 kernels of sample, as indicated by SKCS’s standard deviation of Degrading factors and malt barley kernel diameter and weight, explained additional variability in final malt quality, in particular malt modification.
... Load full article, 15 pages, 97.5 Kb, PDF file


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.2606 May 03, 2006 
 Crop year   2005   2006 
 Parity   FOB Creil   FOB Creil 
 Position   July 2005   July 2006 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  122.00  154.00  119.00  150.50 
2RS  Prestige  119.00  150.50  118.00  149.00 
2RS  Cellar  117.50  148.50  116.00  146.50 
2RS  Sebastien  117.00  147.50  115.50  145.50 
2RS  Astoria  116.00  146.50  115.50  145.50 
2RS  Cork   115.00  145.00  115.00  145.00 
6RW  Esterel   105.00  132.50  106.00  134.00 
Theoretical malt prices.
  EURO = USD 1.2606 May 03, 2006 
Crop year  2005 
Parity  FOB Antwerp 
Position  May 2006-Sept 2006 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  253.50  320.00  268.00  338.00  268.00  338.00  282.50  356.00 
2RS  Prestige  250.00  315.00  264.50  333.00  264.50  333.50  279.00  351.50 
2RS  Cellar  248.00  313.00  262.50  331.00  262.50  331.00  277.00  349.00 
2RS  Sebastien  247.50  312.00  262.00  330.00  262.00  330.00  276.50  348.50 
2RS  Astoria  246.50  310.50  260.50  328.50  260.50  328.50  275.00  347.00 
2RS  Cork   245.00  309.00  259.50  327.00  259.50  327.00  274.00  345.50 
2RS   Average price  248.50  313.50  262.50  331.50  263.00  331.50  277.50  349.50 
6RW  Esterel   232.00  293.50  247.00  311.50  247.00  311.50  261.50  329.50 
*  Asia Malt 70/30  243.50  307.50  258.00  325.50  258.00  325.50  272.50  343.50 
**  Asia Malt 50/50  240.50  303.50  255.00  321.50  255.00  321.50  269.50  339.50 

NB: Prices published are theoretical malt prices including financial cost, THC (for bulk and bags container) and all administrative costs. This prices may fluctuate according to the quantity per delivery and technical specifications.

* - 70/30 = 70% Average two Rows Spring and 30% Six Rows Winter
** - 50/50 = 50% Average two Rows Spring and 50% Six Rows Winter

Theoretical malt prices for crop 2006 are available on site www.e-malt.com/MarketPrices

Table of the week

Canada: Barley Supply and Disposition

  2004-2005   2005-2006 f  2006-2007 f 
  Seaded area, '000 ha 4,678  4,440  4,204 
  Harvested area, '000 ha 4,050  3,889  3,675 
  Yield, tonne/ha  3.26  3.21  3.07 
  Production, '000  metric tonnes 13,186  12,481  11,295 
  Imports, '000 metric tonnes 83  35  30 
  Total Supply, '000 metric tonnes 15,371  16,005  14,225 
  Exports, '000 metric tonnes  1,863  2,700  2,300 
  Food & Industry Use, '000 metric tonnes 268  260  270 
  Feed, Waste, Dockage, '000 metric tonnes 9,358  9,740  9,350 
  Total Domestic Use, '000 metric tonnes 10,019  10,405  10,025 
  Carry-out Stocks, '000 metric tonnes 3,489  2,900  1,900 
  Average Price, CA$/tonne 112  100-120  120-140 

f: forecast, Agriculture and Agri-Food Canada, April 28, 2006

Newsletter SummaryTop
Graph of the week


Agenda
May 2006:
THE 4 th EUROPEAN BEER AND HEALTH SYMPOSIUM
10th Annual Boonville Beer Festival
BIG BREW National Homebrew Day website
Great Japan Beer Festival
Beer Baron's World of Beer
TwinTrack Brewing Microbiology Program
Rugby Beer Festival
Australian International Beer Awards Beer Festival
Long Island Beer Festival Hundreds of beers from nearly 70 breweries
Calgary Brewfest 2006 Beer from Calgary
ALCO + SOFT International Specialized Exhibition of Drinks
Beer International Brewing Technology Exhibition
Iran food and drink tec International Food, Drink and Packaging Technology Trade
Mondial de la Biere Windsor Station & Courtyard


June 2006:
ProPak Asia International Food and Drink Processing and Packaging Technology Exhibition
BevTech / BrewTech International Exhibition of Beverage and Brewary Processing and Packaging
IGC GRAINS CONFERENCE 2006
For conference sponsorship opportunities
National Homebrewers Conference
Beer festival - 2006 St.Petersburg
Seattle International Beerfest , USA


July 2006:
American Beer Month July, 2006 What is American Beer Month
Portland International Beerfest , USA. Taste the greatest beers
Witton Castle country and western festival
Brew at the Zoo Beer Tasting and Free Food.


More events are available on site e-malt.com
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