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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
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 16 - July 18, 2007
Crop 2006
2rs Barley €197.0-199.0
6rw Barley €170.0-172.0
2rs Malt €417.5-419.5
6rw Malt €383.0-385.0
Crop 2007
2rs Barley €242.0-244.0 1.62%
6rw Barley €213.0-215.0 1.83%
2rs Malt €453.5-465.5 1.09%
6rw Malt €417.0-419.0 1.18%

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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Market price evolutions

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USA Malt Exports by country of destination 2006 & 2005
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Netherlands Beer Production and Export (1990 - 2006)
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World Beer Production
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EU 2 row Spring Malting Barley production (crop year 2006/07)

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E-malt.com Newsletter 29a
July 16 - July 18, 2007
Quote of the week

"Crises are challenges, not calamities."
Guy Verhofstadt


Currency Rates
Base Currency: Euro, EUR
on 18-July-2007

1 EUR = 1.3781 USD
1 EUR = 0.6753 GBP
1 EUR = 1.4385 CAD
1 EUR = 1.5787 AUD
1 EUR = 168.171 JPY
1 EUR = 2.5766 BRL
1 EUR = 35.0914 RUB
1 EUR = 10.4354 CNY
 Base Currency: US Dollar
on 18-July-2007

1 USD = 0.7257 EUR
1 USD = 0.49 GBP
1 USD = 1.0438 CAD
1 USD = 1.1455 AUD
1 USD = 122.037 JPY
1 USD = 1.8697 BRL
1 USD = 25.4644 RUB
1 USD = 7.5726 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
Netherlands: Heineken Holding N.V. organic net profit growth... Click here

UK: SABMiller announces a Rand 1.6 billion bond issue and debt refinancing... Click here

USA: Budvar sales of Czechvar beer soar 58% in USA in H1 2007... Click here

Denmark: Micro-breweries, imported beer, gain ground in Denmark... Click here

Turkey: Anadolu Efes announces capital increase... Click here

Czech Republic: Nonalcoholic beer consumption on rise... Click here

World: Malt business in June limited by offers lack and major players absence... Click here

Australia: GrainCorp given green light to export barley in South Australia... Click here

Europe: Barley prices driven up... Click here

Europe: Farmers reduced the production of spring barley, considered unrewarding... Click here

More News
Belarus: Alivariya Brewery scoops three international certificates in June ... More Info

UK: Harvest begins as barley prices improve ... More Info

Luxembourg: Quilmes Industrial announces outcome of its ordinary general meeting ... More Info

Vietnam: Vietnam brewery admits to bottling fake beer ... More Info

Russia: Ochakovo brewery accused of pollution says water test flawed ... More Info

Romania: Drought boosts beer price ... More Info

USA: BrewR.net Goes LIVE Jump to www.BrewR.org ... More Info

UK: One-off brew created for Kent Beer Festival ... More Info

UK: SIBA reacts to Ringwood Brewery sale ... More Info

USA: Diageo appoints new National Accounts boss in the US ... More Info

Denmark: Carlsberg chairman expects new CEO to step up in August ... More Info

Russia: Baltika appoints new marketing and communication director ... More Info



Brewery News
Netherlands: Heineken Holding N.V. organic net profit growth

Heineken N.V. announced that it has raised its forecast for organic1 net profit growth for the full-year ending 31 December 2007, in a press release, July 18. Heineken now expects that organic net profit growth for the full-year will be in the range of 20-25%. The increase in the organic net profit growth forecast is being driven by strong volume growth in several regions of the world. Earlier this year Heineken announced that organic net profit growth in 2007 was expected to be in the range of 10-13%.
In the first six months of 2007, consolidated beer volume2 grew from 53.3 to 58.2 million hectolitres (+9.3%). Organic growth in consolidated beer volume was 8.3% whilst first-time consolidations contributed 1.0 % to the volume increase, the latter mainly relating to the breweries acquired in Vietnam. Group beer volume3 in the first six months of 2007 totalled 68.1 million hectolitres (+8.5%). The Heineken® brand continued to gain share in the international premium segment, growing from 11.0 million hectolitres to 12.1 million hectolitres (+10.8%) in the segment.

Consolidated beer volume 2007 2006 Change

Western Europe 15,957 15,806 1.0%
Central and Eastern Europe 24,547 21,946 11.9%
Americas ... More Info

UK: SABMiller announces a Rand 1.6 billion bond issue and debt refinancing

SABMiller plc, the world’s second largest brewer by volume, announces that its wholly owned subsidiary, SABSA Holdings (Pty) Ltd, has successfully priced a 5-year Rand 1.6 billion note issue in South Africa, according to SABMiller’s press release, July 16. The notes, issued under a Rand 4 billion Domestic Medium Term Note Programme, are guaranteed by SABMiller plc and will be listed on BESA, the South African Bond Exchange. Moody’s Investors Service and Standard & Poor’s Ratings Services have assigned the programme long-term ratings for South Africa of ‘Aa3za’ and ‘zaAA’ respectively.

The notes will be issued in one tranche of Rand 1.6 billion of 5-year notes with a coupon of 9.935%.

The net proceeds of the notes will be used to repay part of existing loan facilities that were utilised to fund The South African Breweries Ltd. The settlement of the issue will be on 19 July 2007.

In due course, short term commercial paper will be issued under the Rand 4 billion Domestic Medium Term Note Programme. Moody’s Investors Service and Standard & Poor’s Ratings Services have assigned the programme short-term ratings for South Africa of ‘P-1za’ and ‘zaA-1’ respectively.

Malcolm Wyman, Chief Financial Officer, SABMiller plc, said “We are very pleased by ... More Info

USA: Budvar sales of Czechvar beer soar 58% in USA in H1 2007

Czech brewer Budejovicky Budvar saw sales of its beer Czechvar soar 58 percent in the USA in Jan-June this year, Budvar's PR agency said, according to CTK, July 16.

Czechvar is distributed in the USA by Budvar's rival Anheuser-Busch. Budvar management would not disclose the amount of Czechvar sold on the US market but the company believes beer sales in the USA will set a record this year. According to available information, up to 8,000 hl were sold in the USA a year, and the figure might grow up to 12,000 hl this year.

Beer sales in the USA in the second half of the year will be discussed with Budvar's partner in August, Budvar head Jiri Bocek has told CTK. Growth in beer sales is projected at some 50 percent in the USA this year, said Bocek. Budvar and Anheuser-Busch signed a contract for Czechvar sales in January this year. The two brewers have wrangled over the Budweiser trademark for more than 100 years. Disputes have been settled gradually, some of them won by the US company and others by the Czech brewer.

In 2000 to 2006, Budvar was leading 86 disputes with Anheuser, winning 69 and losing 12 ... More Info

Denmark: Micro-breweries, imported beer, gain ground in Denmark

Micro-breweries and imported brews gained ground in Denmark last year, helping to slow the decline in beer consumption there, the Danish association of brewers announced July 16.

Beer consumption in Denmark totalled 460 million litres (121.5 million US gallons) in 2006, down by just 1.9 percent from 2005 after several years of decline.

In 2005, the fall was 3.5 percent as Danish drinkers had turned increasingly to wine.

The Scandinavian country, which is home to Carlsberg, the world's fifth-largest brewer, "has experienced a beer renaissance," Nils Hald, head of the Danish association of brewers, said.

Special beers from micro-breweries are increasingly requested by consumers who are "curious and willing to pay more for new sensations," he said.

Sales from Danish micro-breweries increased by 44 percent in 2006, accounting for 2.6 percent of Denmark's beer market, while imported beers rose by 20 percent to represent 3.7 percent.

Turkey: Anadolu Efes announces capital increase

Anadolu Efes Biracılık ve Malt Sanayii A.Ş. (“Anadolu Efes” or the “Company”) announced that in its meeting dated 05.07.2007 the Board of Directors of the Company unanimously decided that:

1. Anadolu Efes to increase its share capital through bonus issue from YTL 112,876,818.27 to YTL 450,000,000.00 by YTL 337,123,181.73 within its authorised capital ceiling of YTL 900 million.

2. The bonus issue of YTL 337,123,181.73 to consist of: YTL 92,029,892.34 – gain resulting from the sale of subsidiary shares in 2005 YTL 245,093,289.39 –inflation adjustment on equity

3. The shares representing the bonus issue in the amount of YTL 337,123,181.73 to be distributed to the existing shareholders pro rata their shares in the Company’s share capital

4. The Company management to be authorized to conduct the related work with respect to the capital increase as per the Capital Markets Law, Capital Markets Board communiqués and other related laws and regulations.

Czech Republic: Nonalcoholic beer consumption on rise

For nonalcoholic beer drinkers in the former Czechoslovakia, Pito was the label of necessity—and from what observers remember, it wasn’t very tasty, Czech Business Weekly reported July 18. Now, there are 19 Czech brands of nonalcoholic beer on the local market in addition to two imported varieties.

The improved quality and taste of non-alcoholic beers as well as changes in people’s lifestyles are helping to boost production and consumption across the Czech Republic.

Although nonalcoholic beer accounts only for some 2 percent of the country’s overall beer output, its production has seen a double-digit growth over recent years and the trend is likely to continue, according to industry experts. In the first quarter of this year, local breweries produced some 78,000 hectoliters (hl) of nonalcoholic beer, nearly a 70 percent growth compared to the same period last year, the Czech Beer and Malt Association (ČSPS) said. In contrast, the overall beer production reached 4.18 million hl of beer in the same period, up 3.5 percent compared to the first quarter of 2006.

“Nonalcoholic beer is the fastest growing [beer] segment,” said Jan Veselý, ČSPS executive director. The growth is accelerating and such a trend can’t be seen in any other country, ... More Info

Malt News
World: Malt business in June limited by offers lack and major players absence

Malt business in June was limited by a lack of offers and the continued absence of major players in the market, according to analysts, July 2.

High prices slow down all negotiations, with the large brewing groups in Europe, but also with overseas customers viz. Japan, Brazil, Venezuela, some African countries. Enquiries come also from CIS countries, and cannot be satisfied in most cases. Prices have passed the mark of EUR 450,- FOB EU ports, for nearby demand fantasy prices are reported, above US$ 700,- FOB (above EUR 500,-).

Barley News
Australia: GrainCorp given green light to export barley in South Australia

GrainCorp has been given the green light to immediately begin bulk barley exports after being awarded the first of the new bulk barley export licences for South Australia, Farmonline reported July 16.

Under the State's Barley Export Act 2007, the Essential Services Commission is able to grant licences to companies that are financially secure and have strong experience in domestic and international trading.

GrainCorp is the first company to be granted a licence under the new arrangements, which were brought in as part of deregulating the SA barley single desk.

Managing director, Tom Keene, said the new licence presented an "exciting opportunity" for GrainCorp and promised to "compete strongly to buy export barley this year".

"Our international customers require a consistent supply of grain and we are now able to supply this from all the major barley regions of Australia," Mr Keene said.

"Opening the barley market in South Australia will benefit growers as a number of companies compete to buy their grain.

"Given the last few seasons, growers will be looking for strong prices and that's what contestable markets can provide."

GrainCorp has operated canola and wheat pools in South Australia since 2005, with this business growing rapidly since then.

With ... More Info

Europe: Barley prices driven up

Analysts presented some barley key prices, on July 2.

France, basis July, 2rs barley FOB Creil EUR 234,- FOB Moselle EUR 245,-; 6rw FOB Creil EUR 198,-, FOB Moselle 215,-.

Danish 2rs barley, basis October, FOB seaport EUR 232,-,

German 2rs barley, CPT malting industries, October EUR 255,-, January 260,-.

Europe: Farmers reduced the production of spring barley, considered unrewarding

Farmers had reduced production of spring barley since years, particularly in France, Germany and the U.K, analysts reported July 2. The reasons are well known: price pressure extending from brewers to maltsters to farmers made malting barley an unrewarding grain for most farmers, and they turned to other grains and oilseeds.

Meantime the bio-energy boom started, which gave still another and very rewarding alternative. This year spring barley acres shrunk most in Denmark and Germany. Price levels were expected to be much higher than in the past, but present levels exceed even those of last year.

Maltsters’ strategies have changed. Instead of selling malt early and waiting for the harvest for their barley purchases, they cover each malt sale immediately in the barley market. Obviously heavy losses of past years enforced the new pattern. Farmers and coops were happy at first to sell at apparently good prices, but constant purchases emptied markets and drove prices up. April was a very dry and hot month, damaging grain fields to a certain extent in France, England, Benelux, Germany, Czech, Slovakia, Hungary and mostly in Romania and Bulgaria. Ever since rains have improved crops, but become worrisome by now, as winter barley should ... More Info


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.3781 July 18, 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  276.00  245.00  338.00 
2RS  Prestige  199.00  274.50  244.00  336.50 
2RS  Cellar  198.00  273.00  243.00  335.00 
2RS  Sebastien  197.00  271.50  242.00  333.50 
2RS  Astoria  197.00  271.50  242.00  333.50 
2RS  Cork   197.00  271.50  242.00  333.50 
6RW  Esterel   171.00  236.00  214.00  295.00 

Prices for Danish malting barley are available on site www.e-malt.com/MarketPrices
Theoretical malt prices.
  EURO = USD 1.3781 July 18, 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  580.00  443.50  611.50  437.50  602.50  448.00  617.50 
2RS  Prestige  419.50  578.00  442.50  609.50  436.00  601.00  446.50  615.50 
2RS  Cellar  418.50  576.50  441.00  608.00  435.00  599.50  445.50  614.00 
2RS  Sebastien  417.00  574.50  440.00  606.00  433.50  597.50  444.50  612.00 
2RS  Astoria  417.00  574.50  440.00  606.00  433.50  597.50  444.50  612.00 
2RS  Cork   417.00  574.50  440.00  606.00  433.50  597.50  444.50  612.00 
2RS   Average price  418.50  576.50  441.00  608.00  435.00  599.50  445.50  614.00 
6RW  Esterel   384.00  530.50  408.00  562.00  401.50  553.50  412.50  568.00 
*  Asia Malt 70/30  408.50  562.50  431.00  594.00  425.00  585.50  435.50  600.00 
**  Asia Malt 50/50  401.50  553.50  424.50  585.00  418.50  576.50  429.00  591.00 


  EURO = USD 1.3781 July 18, 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  457.00  629.50  480.00  661.00  473.50  652.50  484.00  667.00 
2RS  Prestige  456.00  628.00  478.50  659.50  472.50  651.00  483.00  665.50 
2RS  Cellar  454.50  626.50  477.50  657.50  471.00  649.00  481.50  663.50 
2RS  Sebastien  453.50  624.50  476.00  656.00  470.00  647.50  480.50  662.00 
2RS  Astoria  453.50  624.50  476.00  656.00  470.00  647.50  480.50  662.00 
2RS  Cork   453.50  624.50  476.00  656.00  470.00  647.50  480.50  662.00 
2RS   Average price  454.50  626.50  477.50  657.50  471.00  649.00  481.50  663.50 
6RW  Esterel   418.00  577.50  441.50  608.50  435.50  600.00  446.00  614.50 
*  Asia Malt 70/30  444.00  611.50  197.50  643.00  191.50  634.50  202.00  649.00 
**  Asia Malt 50/50  436.50  601.50  197.50  633.00  191.50  624.50  202.00  639.00 

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


EU Malt Export Licence Fixations

(in tonnes) 2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 Jul 01, 2006 -
June 26, 2007  
 France   701,134  661,772  774,761  674,140  648,338  460,829 
 Germany   468,314  408,063  422,047  295,876  236,735  235,683 
 Belgium   296,368  287,850  317,292  418,344  551,396  551,255 
 Bulgaria   -  -  -  -  -  1,270 
 U.K. 350,621  294,995  443,501  201,892  190,862  144,044 
 Finland   91,890  100,758  114,165  64,986  79,357  59,783 
 Denmark    96,812  94,791  90,452  74,743  68,809  72,374 
 Sweden   101,000  76,916  78,369  88,840  96,100  90,550 
 Netherlands   51,310  66,219  80,703  49,128  92,383  78,754 
 Ireland   35,145  31,140  38,900  56,924  7,001  2,250 
 Austria   8,840  8,620  60,211  16,954  38,932  22,743 
 Spain   2,400  5,640  10,000  -  -  - 
 Greece   1,744  1,306  979  130  -  - 
 Portugal   221  85  695  850  1,088  992 
 Czech Republic       34,340  82,062  77,036  41,769 
 Poland       7,604  32,084  167  - 
 Hungary       2,830  85,792  16,865  5,468 
 Slovakia       1,000  76,916  75,863  23,007 
 Lithuania      -  -  54  172 
 Total EU   2,205,799  2,038,157  2,477,849  2,219,661  2,180,986  1,725,941 

  Total Wheat malt, tonnes  
Total 2001 - 2002    12,805 
Total 2002 - 2003    30,908 
Total 2003 - 2004    15,768 
Total 2004 - 2005    8,162 
Total 2005 - 2006   4,693 
July 01, 2006 - June 26, 2007   5,379 
   
  Total Roasted malt, tonnes  
Total 2001 - 2002    23,480 
Total 2002 - 2003    23,603 
Total 2003 - 2004    24,438 
Total 2004 - 2005    27,212 
Total 2005 - 2006   23,257 
July 01, 2005 - June 26, 2007   28,921 
Newsletter SummaryTop

Graph of the week


Source: USDA

These Days in Business History
16 July
1661 1st banknotes in Europe were issued by Bank of Stockholm
1935 1st automatic parking meter in US installed, Oklahoma City, Ok

July 17
1850 Harvard Observatory takes 1st photograph of a star (Vega)
1931 1st air-conditioned ship (Mariposa) launched
1955 Disneyland, Walt Disney's metropolis of nostalgia, fantasy, and futurism, opens

July 18
1743 1st half-page newspaper ad is published (New York Weekly Journal)
1955 1st electric power generated from atomic energy sold commercially
1968 Robert Noyce and Gordon Moore establish N.M. Electronics Corp. to miniaturize electronic circuitry onto silicon chips. It soon changes its name to Intel Corp.
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