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Newsletter Summary
Currency rates
Equities of largest breweries
Market prices change trend
Top industry news
Brewery news
Barley news
More news
Theoretical malt prices
Malting barley prices
Table of the week
Graph of the week
On These Days
Agenda
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Average market prices
Change trend
July 02 - July 04, 2007
Crop 2006
2rs Barley €197.0-199.0
6rw Barley €170.0-172.0
2rs Malt €417.5-419.5 0.12%
6rw Malt €383.0-385.0 0.13%
Crop 2007
2rs Barley €239.0-241.0 3.45%
6rw Barley €211.0-213.0 1.92%
2rs Malt €450.0-452.0 2.27%
6rw Malt €414.5-416.5 1.22%

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. Average Malt Prices are theoretical and based FOB Antwerp being estimated on French malting . The changes are compared to last Newsletter's prices. Arrows indicate the direction of the change.

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Newsletter 26a, 2007
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Newsletter 25a, 2006
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Newsletter 24a, 2007

Market price evolutions

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E-malt.com Newsletter 27a
July 02 - July 04, 2007
Quote of the week

"Seek first to understand, then to be understood."
Stephen Covey


Currency Rates
Base Currency: Euro, EUR
on 04-July-2007

1 EUR = 1.3616 USD
1 EUR = 0.6752 GBP
1 EUR = 1.4402 CAD
1 EUR = 1.5901 AUD
1 EUR = 166.655 JPY
1 EUR = 2.6104 BRL
1 EUR = 34.962 RUB
1 EUR = 10.3545 CNY
 Base Currency: US Dollar
on 04-July-2007

1 USD = 0.7345 EUR
1 USD = 0.4959 GBP
1 USD = 1.0577 CAD
1 USD = 1.1678 AUD
1 USD = 122.4 JPY
1 USD = 1.9171 BRL
1 USD = 25.6764 RUB
1 USD = 7.6045 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
Ireland: Diageo could sell Guinness brand to Heineken... Click here

Denmark: Royal Unibrew buys 52% stake in St Vincent Brewery for $9.3 mil... Click here

UK: Scottish & Newcastle issues pre-close trading update... Click here

USA: Capital Brewery says it's No. 1, but Anheuser-Busch protests trademark... Click here

UK: Greene King plc announces record results growth for the 52 weeks ended 29 April 2007... Click here

France: SABMiller to launch Peroni Nastro Azzurro in France... Click here

Russia: Sotchi could be the host of 2014 Olympics, brewers not very excited... Click here

USA: Barley stocks down 36%, sown areas up 17%... Click here

Russia: Barley export reduced by 21%... Click here

More News
USA: Beer prices higher ... More Info

USA: Anheuser-Busch’s aluminium lawsuit going to settlement conference ... More Info

USA: Heineken Premium Light’s new package design resembles Red Bull’s can ... More Info

UK: SABMiller’s rating "add," target price raised ... More Info

UK & USA: Magic Lagyr hopes to hit U.S beer market ... More Info

USA: Beer makers say more kegs disappearing as metal prices rise ... More Info

Europe: Baltika plans to overtake Heineken as Europe's No. 1 brew ... More Info

Kenya: Dreaded diseases hit barley farms ... More Info

China & India: SABMiller set to raise China, India stakes ... More Info

Russia: Baltika is the leader among producers of food products in Eastern Europe in terms of market capitalisation ... More Info

Australia: Weaker beer to save Foster’s millions in tax ... More Info

Czech Republic: Budweiser Budvar has put in operation a new unique system for the non-pasteurised beer distribution ... More Info

USA: Barley shortage causing higher beer prices ... More Info

Denmark: Danish shares close higher, led by Carlsberg ... More Info

USA: Disappearing beer kegs costing breweries ... More Info

Canada: Steelback Brewery president drops $2 mil libel lawsuit against blogger ... More Info



Brewery News
Ireland: Diageo could sell Guinness brand to Heineken

Diageo, the world's biggest alcoholic drinks group, could be set to sell off its Guinness beer brand with Dutch brewer Heineken among the possible contenders, Ireland's Sunday Business Post newspaper said, according to Reuters, July 2.

The newspaper, citing market speculation in Britain, said Diageo may decide to sell the brand and that some analysts believed Guinness did not fit in well with the firm's larger portfolio.

But Diageo has always said Guinness is an integral part of its business.

Diageo was formed in 1997, following the merger of GrandMet and Guinness, and is headquartered in London.

But Ireland's booming economy has dented sales in the famous stout with Irish consumer appetites growing for wine, spirits, cider and imported beer.

Sales of Guinness, which gets its trademark dark colour from roasted barley, fell about 7 per cent in Ireland in the final six months of last year.

Last month Diageo said it was reviewing brewing operations in Ireland after local media reported the drinks giant may move from the Dublin city centre site where Guinness has been brewed for almost 250 years.

The firm said its review was at a "very early stage", adding that it would be 2008 at least before the assessment was completed.

Diageo said ... More Info

Denmark: Royal Unibrew buys 52% stake in St Vincent Brewery for $9.3 mil

Danish brewery Royal Unibrew AS said it has agreed to acquire 52 pct of the share capital in Caribbean brewer St Vincent Brewery Ltd for 9.3 mil USD, AFX News Limited reported July 2.

Following the acquisition, the Danish brewery controls 76 pct of the shares in St Vincent Brewery.

Royal Unibrew said it expects its total 2007 sales to be at the same level as in 2006, while earnings are seen to be lower due to integration costs following the acquisition and the introduction of VAT in the first half of 2007.

Within 2008/09, the group expects to meet its target of ROIC and EBIT margins of at least 10 pct and a free cash flow of at least 7 pct of net sales.

The acquisition is an integrated part of Royal Unibrew's strategy platform 'MACH II', according to which the Caribbean and African malt drink markets constitute focus areas.

'The acquisition of St Vincent Brewery will win Royal Unibrew the leading position in the market thus strengthening the Group's overall position in the region,' the brewery said.

'The access to new, strong local brands and attractive product portfolios provides an opportunity of increased profitability through the expected synergies within purchases, sales, marketing, distribution and ... More Info

UK: Scottish & Newcastle issues pre-close trading update

Scottish & Newcastle has issued the following trading update ahead of the close period prior to its interim results announcement on August 7, in a press release, July 3.

Branded beer growth continues its momentum right across the group, with our brands outperforming in their respective markets. Our strategy of delivering value growth in mature markets and volume growth in developing markets continues to deliver.

While in some markets there are particular challenges, we remain confident that performance for the full year will meet expectations for the group as a whole.

UK

S&N UK continues to extend its leadership and build value in one of the most competitive markets in Europe. In the first five months of 2007, our Beer and Cider market share growth has accelerated, driven by increases in investment in marketing, and a portfolio approach that is unmatched by our competitors.

In Beer, we expected a relative decline in sales for the UK market in the first half, with a corresponding benefit in the second due to the timing of last year's World Cup sales. This has been accentuated by poor weather in the first half, resulting in a market decline of 5%. Despite this, all our key brands – John Smith's, ... More Info

USA: Capital Brewery says it's No. 1, but Anheuser-Busch protests trademark

Capital Brewery in Middleton has called itself "America's Number One Rated Brewery" for almost ten years – and now it wants to make the title official by trademarking the phrase, Associated Press reported June 30.

But Saint-Louis-based Anheuser-Busch is protesting that effort. The brewing giant says the term should be untrademarked so every brewer could use it.

Capital president Carl Nolen says the brewery has used the phrase since 1998 when it was ranked first among US breweries at the Beverage Testing Institute's World Beer Championships.

The brewery - which brews about 17,000 barrels per year - applied for a trademark in 2005. But Anheuser-Busch submitted a challenge this month saying it's protesting the trademark effort, not Capital's right to use the phrase.

On Monday Capital will submit to Anheuser-Busch its justification for trademarking the phrase. Nolen says the company will have 30 days to review it before a federal court decides whether Anheuser-Busch's challenge has merit.

UK: Greene King plc announces record results growth for the 52 weeks ended 29 April 2007

Greene King plc announces record results growth for the 52 weeks ended 29 April 2007, in a press release, July 3.

Financial Highlights

- Revenue £917.5m, +12%
- Operating profit* £218.1m, +14%
- Operating profit margin* 23.8%, +0.5 %pts
- Profit before tax* £139.8 m, +17%
- Adjusted earnings per share* 64.8p, +16%
- Dividends per share 22.9p, +14%
- Increased capital structure efficiency

Business Highlights

- Pub Company like-for-like sales up 3.4%
- Pub Partners operating profit per pub up 6%; like-for-like sales up 1.7%
- Brewing Company operating profit up 12%; own-brewed volume up 2.1%
- Belhaven operating profit up 4%**; managed house food sales up over 25%
- Hardys & Hansons integration complete and synergy capture on track
- Estate average quality further improved through disposals
- Well-positioned for smoking ban

“These record results are another step in over four decades of uninterrupted profit growth”, Rooney Anand, Greene King chief executive, comments. “I am particularly pleased that they were achieved by strong performances in all our divisions combined with the benefits from effectively integrated acquisitions.
Our unique experience across the whole of the Scottish pub and beer industry has stood us in good stead for the English smoking ban. We are well prepared and in a good position to grasp the opportunities afforded by the ... More Info

France: SABMiller to launch Peroni Nastro Azzurro in France

SABMiller plc, one of the world’s leading brewers, announces the launch of its premium Italian beer, Peroni Nastro Azzurro, in France, in a press release, July 4. To mark the occasion an exclusive party with celebrity attendance will be held at Zebra Square, the style bar in the heart of Monte Carlo.

Globally recognised as one of the most exclusive and stylish locations, Monaco is the perfect place to introduce the brand in France. Whilst overall beer consumption in the country is lower than some parts of Europe, research shows that there is certainly potential for growth in the international premium brands sector. This grew by 3% between 2004 and 2005 and is anticipated to accelerate in the next five years.*

Back in the UK, according to ACNielsen, Peroni Nastro Azzurro has entered the top 10 premium lager brands by volume and in the past 3 months it was one of only two beer brands to register an increase.

Chris Taylor, SABMiller International Brand Director for Peroni Nastro Azzurro, commented:

“We are very excited about the launch of the brand in France and the opportunities it presents. Whilst traditionally the country is better known for its ... More Info

Russia: Sotchi could be the host of 2014 Olympics, brewers not very excited

In the morning of 5 July the World will know the 2014 Olympic Games host, Ria Novosti reported July 3. Sotchi, is one of three candidate cities and one of the favourites in this competition. Although the Games could bring huge investments in the region, brewers are not very excited because of the beer advertising ban on sport arenas.

Analyst’s optimism is not shared by Russian Beer Union. “All over the world the important sport competitions, like Olympic Games and Football World Cup, have positive influence on beer marketing”, according to Union’s press secretary, Vladimir Kuznetsov. “In Russia, local and foreign beer producers could face serious problems”, he added.

The advertising law interdicts beer advertising on sport arenas, therefore beer companies were forced to stop their sport sponsorship projects.

“For foreign beer producers this law could be also a bad news”, said Kuznetsov. “For example, International Olympic Committee’s (IOC) general partner is Budweiser, and the contract provides beer advertising on sport arenas”.

The possible Budweiser’s refusal to sponsor the Games doesn’t worry the organizers. Russian Concern Gazprom is negotiating a general sponsorship agreement with ISO.

Barley News
USA: Barley stocks down 36%, sown areas up 17%

Barley stocks in all positions on June 1, 2007 totalled 68.9 million bushels, down 36% from June 1, 2006, according to the USDA's latest stocks in all positions estimates for the United States, SNS reported June 29.

On-farm stocks are estimated at 14.6 million bushels, 53% below a year ago. Off-farm stocks, at 54.4 million bushels, are 30% below June 1, 2006. The March - May 2007 indicated disappearance is 48.1 million bushels, 18% below the same period a year earlier.

U.S. barley growers seeded 4.04 million acres for 2007, up 17% from the 3.45 million acres seeded last year, according to the USDA's seeded area estimates for 2007.

Acres for harvest, at 3.54 million, are up 20% from 2006. Planted acres increased from the previous year in each of the top six barley growing States. North Dakota growers increased planted acres 32%, from 1.10 million acres in 2006 to 1.45 million acres this year, and expect to harvest 1.35 million acres. Montana, Idaho, Washington, Minnesota, and California planted acres are up 17%, 9%, 15%, 24%, and 22%, respectively, from 2006. Acres intended for harvest in all these States, except California, also increased from last year.

Barley planting started out slow in the northern ... More Info

Russia: Barley export reduced by 21%

According to the Russian Federation official data, in May 2007, barley export totalled 128.500 tons, down 20.9% from April and down 2.1% comparing to May 2006, AgriMarket reported July 3.

According to the report month, the main importer was Japan with 57.400 tons, firstly exported Russian barley. In May, the largest buyers were also Saudi Arabia with 40.700 tons, Morocco with 12.700 tons, Israel with 7.300 tons, Lebanon with 3.100 tons and other countries.

In total, during the season, Russia has exported 1.47 mil tons of barley, down 11.5% comparing to analogous period of last season.


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.3616 July 04, 2007 
 Crop year   2006   2007 
 Parity   FOB Creil   FOB Creil 
 Position   July 2006   July 2007 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  200.00  272.50  242.00  329.50 
2RS  Prestige  199.00  271.00  241.00  328.50 
2RS  Cellar  198.00  269.50  240.00  327.00 
2RS  Sebastien  197.00  268.50  239.00  325.50 
2RS  Astoria  197.00  268.50  239.00  325.50 
2RS  Cork   197.00  268.50  239.00  325.50 
6RW  Esterel   171.00  233.00  212.00  289.00 

Prices for Danish malting barley are available on site www.e-malt.com/MarketPrices
Theoretical malt prices.
  EURO = USD 1.3616 July 04, 2007 
Crop year  2006 
Parity  FOB Antwerp 
Position  July 2007-Sept 2007 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  421.00  573.00  443.50  604.00  437.50  595.50  448.00  610.00 
2RS  Prestige  419.50  571.50  442.50  602.50  436.00  593.50  446.50  608.00 
2RS  Cellar  418.50  569.50  441.00  600.50  435.00  592.00  445.50  606.50 
2RS  Sebastien  417.00  568.00  440.00  599.00  433.50  590.50  444.50  605.00 
2RS  Astoria  417.00  568.00  440.00  599.00  433.50  590.50  444.50  605.00 
2RS  Cork   417.00  568.00  440.00  599.00  433.50  590.50  444.50  605.00 
2RS   Average price  418.50  569.50  441.00  600.50  435.00  592.00  445.50  606.50 
6RW  Esterel   384.00  524.50  408.00  555.50  401.50  547.00  412.50  561.50 
*  Asia Malt 70/30  408.50  556.00  431.00  587.00  425.00  578.50  435.50  593.00 
**  Asia Malt 50/50  401.50  547.00  424.50  578.00  418.50  569.50  429.00  584.00 


  EURO = USD 1.3616 July 04, 2007 
Crop year  2007 
Parity  FOB Antwerp 
Position  Oct 2007-Sept 2008 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  453.50  617.00  476.00  648.50  470.00  639.50  480.50  654.00 
2RS  Prestige  452.00  615.50  475.00  646.50  468.50  638.00  479.50  652.50 
2RS  Cellar  451.00  614.00  473.50  645.00  467.50  636.50  478.00  650.50 
2RS  Sebastien  449.50  612.00  472.50  643.00  466.50  634.50  476.50  649.00 
2RS  Astoria  449.50  612.00  472.50  643.00  466.50  634.50  476.50  649.00 
2RS  Cork   449.50  612.00  472.50  643.00  466.50  634.50  476.50  649.00 
2RS   Average price  451.00  614.00  473.50  645.00  467.50  636.50  478.00  650.50 
6RW  Esterel   415.50  567.00  439.50  598.00  433.00  589.50  443.50  604.00 
*  Asia Malt 70/30  440.50  599.50  197.50  630.50  191.50  622.50  202.00  636.50 
**  Asia Malt 50/50  433.50  590.50  197.50  621.50  191.50  613.00  202.00  627.50 

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

Table of the week

Malting Barley Variety Planting in the USA

  2002   2003   2004   2005   2006  
  (% of AMBA recommended Six-row Malting Varieties) 
Six-row Variety % % % % %
Tradition  *  *  3.90  8.80  30.80 
Robust  69.60  64.80  51.70  43.70  24.80 
Lacey  16.90  19.50  15.90  22.30  20.00 
Legacy  4.40  9.30  17.90  17.80  13.80 
Stellar-ND  *  *  *  *  4.50 
Drummond  1.80  1.40  5.80  5.60  3.80 
Stander  4.40  1.60  1.70  1.40  1.80 
Excel  2.40  2.80  2.20  0.40  0.60 
Foster  0.90  0.50  1.00  0.50  * 
  (% of AMBA recommended Two-row Malting Varieties) 
Two-row Variety  %  %  %  %  % 
Harrington  65.70  59.50  56.90  47.10  42.90 
AC Metcalfe  0.20  2.00  11.50  18.10  23.30 
Conon  14.30  19.40  11.90  10.30  13.20 
Merit  6.10  7.90  8.40  9.70  9.40 
Conrad  *  *  *  2.70  7.40 
CDC Copeland  *  *  *  *  3.00 
Source: USDA/NASS Barley Variety Surveys; * - Numbers less tan 0.1%.
Newsletter SummaryTop

Graph of the week

Source: Centraal Brouwerij Kantoor.
These Days in Business History
02 July
1889 - To regulate commercial trusts and monopolies, Congress passes the Sherman Antitrust Act, which outlaws any "combination or conspiracy in restraint of trade."
1921 - 1st million dollar gate ($1.7m) boxing match (Dempsey KOs Carpentier).
1957 - 1st submarine designed to fire guided missiles launched, Grayback.

03 July
1790 - In Paris, the marquis of Condorcet proposed granting civil rights to women.
1878 - John Wise flew the first dirigible in Lancaster, PA.
1886 - 1st New York Tribune printing using 1st commercial linotype machine.
1886 - In Germany, Karl Benz drives 1st automobile.
1903 - The first cable across the Pacific Ocean was spliced between Honolulu, Midway, Guam and Manila.
1928 - 1st color TV broadcast in London (John Logic Baird).

04 July
1776 - The U.S. declared independence from Great Britain.
1876 - 1st public exhibition of electric light in SF.
1884 - The Statue of Liberty was presented to the United States in Paris.
1886 - 1st scheduled transcontinental passenger train reaches Pt Moody, BC.
1952 - Canadain Currency, Mint and Exchange Fund Act allows gold coins of $5, $10, and $20 to be minted.
Agenda
July 2007:
Olesummer Festival 2007
Portland International Beer Festival
51 Congress of The International Hop Growers Convention

August 2007:
Qingdao International Beer Festival, China
International Berlin Beer Festival
Great British Beer Festival
1st International Brewers Symposium Hop Flavor and Aroma
Great Japan Beer Festival 2007 in Osaka
Brew Drinks China 2007
The 13th Australian Barley Technical Symposium, Australia

September 2007:
Belgian Beer Weekend
Great Canadian Beer Festival
Great British Beer Festival
WBA Associate in Brewing Technology Program in Chicago
WBA International Diploma in Brewing Technology Program Chicago & Munich Campuses
WorldFood Moscow

October 2007:
The International Brewing Convention 2007 , UK
Newport International Oktoberfest, USA
World Beer Festival Durham , USA
Tasting Australia
2007 Master Brewers Association of the Americas Convention

November 2007:
The International Hop Growers' Convention (IHGC) Meetings, Germany
International convention for the drink technology and PET industry, India
More events are available on site e-malt.com

Copyright © E-Malt s.a. 2007