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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
August 13 - August 15, 2007
Crop 2006
2rs Barley €197.0-199.0
6rw Barley €170.0-172.0
2rs Malt €418.0-420.0
6rw Malt €383.5-385.5
Crop 2007
2rs Barley €273.0-276.0 +0.73%
6rw Barley €241.0-243.0
2rs Malt €493.0-495.0 +0.51%
6rw Malt €452.0-453.0

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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World Leading Beer Companies by Production Volume in 2006
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E-malt.com Newsletter 33a
August 13 - August 15, 2007
Quote of the week

"Failures are but mile-posts on the road to success. "
Italian Proverb


Currency Rates
Base Currency: Euro, EUR
on 15-August-2007

1 EUR = 1.3592 USD
1 EUR = 0.6777 GBP
1 EUR = 1.439 CAD
1 EUR = 1.6208 AUD
1 EUR = 160.487 JPY
1 EUR = 2.6617 BRL
1 EUR = 34.7382 RUB
1 EUR = 10.3119 CNY
 Base Currency: US Dollar
on 15-August-2007

1 USD = 0.7358 EUR
1 USD = 0.4986 GBP
1 USD = 1.0587 CAD
1 USD = 1.1924 AUD
1 USD = 118.083 JPY
1 USD = 1.9583 BRL
1 USD = 25.5586 RUB
1 USD = 7.587 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
Finland: Finland will again have the EU’s highest beer tax... Click here

World: SABMiller plc announces creation of independent Asia and Africa business regions... Click here

Brazil: Quilmes Industrial (Quinsa) S.A. announces 1H 2007 results... Click here

Russia: Baltika Samara triples its capacity... Click here

China: Tsingtao predicts 20% growth... Click here

Vietnam: Brewery sector in the context of WTO membership were discussed... Click here

USA: Barley forecast shrinks 3% from July but up 24% y/y... Click here

Scandinavia: Barley crop all in all better than feared... Click here

Canada: CWB issues barley return forecast... Click here

More News
Tunisia: Heineken to invest 15.5 mil Euro in a brewery ... More Info

Ireland: Weather fails to dampen harvest yields ... More Info

UK: Carlsberg seen buying S&N shares in market-traders ... More Info

Belgium: Inbev falls in opening deals following Ambev Results ... More Info

Australia: Coca-Cola Amatil seeks SABMiller growth ... More Info

USA: Feed barley gains ground ... More Info

Canada: New Canada agriculture minister also opposes grain monopoly ... More Info

World: From 9 to 369 minutes of work to buy a beer ... More Info

UK: Barley harvest progress ... More Info

Australia: Grolsch, Premium Beverages Australia in distribution venture in Australia ... More Info

Zimbabwe: Zimbabwe backs down on beer price freeze ... More Info

Germany: German Kosher Beer proves popular ... More Info

Ukraine: Ukraine uses barley export quotas in full ... More Info

Australia: ABB announces adjustment to grower indicator rate ... More Info

Uganda: Beer prices go up ... More Info

USA: Heineken announces national roll-out of its cutting edge Heineken Premium Light Draughtkeg ... More Info

UK: Scottish & Newcastle UK Limited joins ICM’s learning partnership initiative ... More Info



Brewery News
Finland: Finland will again have the EU’s highest beer tax

Finland will once again have the EU’s highest beer tax, Sinebrychoff reported August 13.

“There’s good reason for the government to reconsider the weighting and timing of tax increases during its budgetary process. The beer tax increase should be completely abandoned, or at the very least the proposed rise should be implemented in stages over the government’s entire term,” says Timo Jaatinen, Managing Director of the Federation of the Brewing and Soft Drinks Industry. “It’s also puzzling that Finland places a lighter tax on wine than on beer, even though beer is a domestic product and a milder alcoholic beverage.”

The Ministry of Finance’s 2008 Budget proposes increases in alcohol taxation. Tax on beer, wine and intermediate products would rise by 10%, and that on spirits by 15%. Although the 2004 tax reduction was not at all balanced – it was weighted towards spirits – the current increases will affect all beverages more equally. The proposed increases will therefore barely change the relative taxation between different alcoholic beverages.

After the 2004 tax reduction, Finland’s beer tax fell to the third highest in the EU behind Ireland and Great Britain. However, it remained notably higher than Sweden’s and five times that of Estonia’s. The ... More Info

World: SABMiller plc announces creation of independent Asia and Africa business regions

In a strategic decision that reflects the company’s view on the ‘current strength and future growth potential’ of its key markets, SABMiller plc announced the creation of independent Asia and Africa business regions, according to Moneycontrol, August 8. This move follows the company’s recognition of the future growth potential of the group in these regions. Asia and Africa will function as two separate independent management units, effective, 1st October 2007. Ari Mervis, currently Managing Director Australia, has been appointed Managing Director, SABMiller Asia and will be based out of the region’s hub at Hong Kong.

The Asia hub office will support SABMiller’s partnerships in China, Vietnam, Australia, and the wholly owned business in India, and continue to grow SABMiller’s interests in the region.

Commenting on the development, Jean-Marc Delpon de Vaux, Managing Director, SABMiller India said: “This is a significant development and reflects the company’s recognition of the scale and the uniqueness of the Asian market. India has the potential to become a key business driver for the Asia region. SABMiller India has already earmarked an investment of USD 100 million per year to back its plans for the Indian market. The company has witnessed unprecedented growth in the last years, ... More Info

Brazil: Quilmes Industrial (Quinsa) S.A. announces 1H 2007 results

Quilmes Industrial (Quinsa) S.A. announced its results for the six months ended June 30, 2007, in a press release, August 14.

Financial review - First half 2007:

Beer volume sales increased to 8,496,000 hectoliters from 8,249,000 hectoliters a year earlier, due to improvements in Argentina, Bolivia and Uruguay; partially offset by volume declines in Chile and Paraguay. Volumes for soft drinks increased 14.8% to 5,692,000 hectoliters, reflecting a strong performance in both Argentina and Uruguay.

Net sales increased approximately 19% to US$ 621.2 million, from US$ 520.4 million in the first half of 2006. This was principally the result of higher pricing in Argentina (for both beer and soft drinks) and in Paraguay. Also contributing significantly to the increase in sales were the higher volumes for soft drinks in Argentina and for beer in Bolivia.

Gross profit increased to US$ 365.3 million from US$ 304.4 million a year earlier. This was largely the result of price increases in all of the Company's markets and also of higher sales volumes in Argentina (particularly soft drinks) and Bolivia. These improvements allowed the Company to absorb increases in the cost of certain raw materials and inputs such as malt, cans and energy, as well as increases ... More Info

Russia: Baltika Samara triples its capacity

A commissioning ceremony was held for new production equipment at the Samara subsidiary of Baltika Breweries, according to company’s press release, August 10. The overall investments for the project amounted to 101 million Euros (per year).

Anton Artemiev, President of Baltika Breweries: ‘The tripling of the production capacity at Baltika Samara brewery is an unprecedented project in the industry. In several months we have increased the capacity of the brewery in more than three times from 2 to 6.5 million hectolitres per year. In this way, Baltika Samara has strengthened its position as one of the largest and most modern breweries in Russia.’

The brewery is equipped with two new brew houses, 20 bright beer tanks, 60 cylinder-conical tanks, three new filling lines (two PET lines and one can filling line). The construction work has also involved the entire infrastructure of the brewery: a new water treatment facility has been brought on line, as well as a refrigeration compressor station, boiler plant, waste water treatment plant, new silos and railways.

The brewery’s modern equipment has been provided by the world’s largest suppliers to the industry, including Huppmann, Ziemann, PALL SeitzSchenk, KHS, Kronos, GEA Tuchenhagen, Buhler, ELGO Berkefeld, Enviro-Chemi, etc. Special attention was devoted ... More Info

China: Tsingtao predicts 20% growth

Tsingtao Brewery Co, part-owned by Anheuser-Busch Cos, said its sales will grow by at least 20 percent annually in the next five years as it increases spending to build new plants, Bloomberg reported August 13.

The biggest Chinese brewer will focus on the construction of additional production lines in the next three to five years to sustain its revenue growth, chairman Li Guirong said in an interview yesterday in the Chinese port city of Qingdao.

Rising affluence in the world's biggest beer market spurred a 16 percent surge in sales last year, with consumption forecast by Anheuser-Busch to double within a decade. Tsingtao Brewery, responsible for more than half of China's beer exports, is increasing marketing of premium products, including a low-alcohol brand, through sponsoring next year's Beijing Olympic Games.

The company will add additional production capacity of more than 1 million tonnes by the start of next year by building new plants in Shandong, Sichuan and Shaanxi, Li said.

"We will depend primarily on the domestic market for our development due to the strong local demands," Li said.

Tsingtao Brewery now has 50 plants in 20 provinces across China. The company produced 4.5 million tonnes of beer last year, Li said.

Tsingtao aims to increase ... More Info

Vietnam: Brewery sector in the context of WTO membership were discussed

Measures to promote development of the brewery sector in Vietnam in the context of WTO membership were discussed at a seminar organised in Hanoi, Nhan Dan reported August 11.

Co-operating as strategic alliances and strong groups is one of the proposed measures. Others suggested include the building and implementing of a long-term business strategy as well as a strategy to develop their brands in a sustainable manner, increasing their competitiveness and learning experiences from other countries.

According to experts, Vietnam’s brewery sector is developing rapidly. High quality, strong beer brands are replacing low quality ones. In the early period of WTO integration, many leading beer brands have co-operated and set up big strategic alliances. Mergers and acquisition activities in the sector have also been quite common.

Vietnam is currently ranked seventh in Asia in beer production and second in ASEAN, after Thailand.

There are 300 brewery factories in 50 out of Vietnam’s 64 cities and provinces. This year, the sector targets a total production of 1.625 billion litres of beer.

Barley News
USA: Barley forecast shrinks 3% from July but up 24% y/y

Barley production for 2007 is forecast at 223 million bushels, 3% below last month but 24% above 2006, according to the USDA's latest crop production estimates, SNS reported August 10.

Based on conditions as of August 1, the average yield for the U.S. is forecast at 63.1 bushels per acre, down 2.1 bushels from July but up 2.1 bushels from last year. Expected area to be harvested as grain or seed, at 3.54 million acres, is up 20% from 2006. The top 3 producing States are expected to produce 72% of the Nation's barley crop.

Harvest across the northern United States, from Minnesota to Washington, progressed ahead of normal. As of the week ending July 29, barley was 14% harvested in these States, ahead of the 5-year average of 7%. Barley crop condition for the week ending July 29 was rated 62% good to excellent compared with 51% for the same week last year.

Scandinavia: Barley crop all in all better than feared

Wettest summer so far ever recorded. “nextwettest” July for 136 years.

Worries were increasing by the Scandinavian farmers, but in the end the weather improved, and in principle from 1st of August there have been reasonable harvesting conditions over the regions, according to H. Abildstrom & Co.ApS., August 10.

Thus South Sweden as per date about 85% done, Danish Islands about 65% and Jutland approaching 55%.

Quality wise it is beginning to look like a “NORMAL” – if that still exists – crop, certainly much better than last year and quite a lot better than Mid-European barley. While a lot of wheat and rye has been lodged already from end of June, the barley most places has withstood the tough rainstorms received in 3 “waves” over June- July. Finland might commence in 5-10 days thus having to report from there next time.

About 75% of the barley from these regions has been sold during 06-07, so - farmers and anyone in the chain/s can breathe rather freely again. Mid Sweden just about commencing after rain and many places in Denmark stopped by rain.

MARKET

Crop 2007

Rather quiet conditions with scattered conclusions. A small weakness seemed to develop during this week but after massive violent swings ... More Info

Canada: CWB issues barley return forecast

The CWB resumed publication of its Pool Return Outlook (PRO) for designated and feed barley in the 2007-08 crop years, in a press release, August 13. Barley markets have strengthened since spring 2007, with crop production problems in Europe, recent intense heat in Western Canada and the quality and quantity of the Australian barley crop still unknown. The strengthening Canadian dollar and record ocean freight rates are offsetting bullish markets.

 Mid-August PRO March PRO 
 2007-08 2007-08 
 - In store Vancouver or St. Lawrence - 
 Tonne Bushel Tonne Bushel 
Feed barley, CA$ 
1 CW - Pool A 206.00 4.49 182.00 3.96 
Designated barley, CA$ 
SS CW Two-Row 249.00 5.42 242.00 5.27 
Std Sel Two-Row 244.00 5.31 237.00 5.16 
SS CW Six-Row 224.00 4.88 224.00 4.88 
Std Sel Six-Row 219.00 4.77 219.00 4.77 

PRO Commentary
2007-08 crop year
Feed barley
Global feed barley prices have also jumped since spring 2007. Feed barley ... More Info


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.3592 August 15, 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  272.00  277.00  376.50 
2RS  Prestige  199.00  270.50  276.00  375.50 
2RS  Cellar  198.00  269.50  275.00  374.00 
2RS  Sebastien  197.00  268.00  274.00  372.50 
2RS  Astoria  197.00  268.00  274.00  372.50 
2RS  Cork   197.00  268.00  274.00  372.50 
6RW  Esterel   171.00  232.50  242.00  329.00 

Prices for Danish malting barley are available on site www.e-malt.com/MarketPrices
Theoretical malt prices.
  EURO = USD 1.3592 August 15, 2007 
Crop year  2006 
Parity  FOB Antwerp 
Position  Aug 2007-Sept 2007 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  421.50  572.50  444.00  603.50  438.00  595.50  448.50  609.50 
2RS  Prestige  420.00  571.00  443.00  602.00  436.50  593.50  447.50  608.00 
2RS  Cellar  419.00  569.50  441.50  600.50  435.50  592.00  446.00  606.50 
2RS  Sebastien  417.50  567.50  440.50  598.50  434.50  590.00  445.00  604.50 
2RS  Astoria  417.50  567.50  440.50  598.50  434.50  590.00  445.00  604.50 
2RS  Cork   417.50  567.50  440.50  598.50  434.50  590.00  445.00  604.50 
2RS   Average price  419.00  569.50  441.50  600.50  435.50  592.00  446.00  606.50 
6RW  Esterel   384.50  524.50  408.50  555.00  402.50  546.50  413.00  561.00 
*  Asia Malt 70/30  409.00  556.00  431.50  586.50  425.50  578.50  436.00  592.50 
**  Asia Malt 50/50  402.50  546.50  425.00  577.50  419.00  569.50  429.50  583.50 


  EURO = USD 1.3592 August 15, 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  496.50  674.50  519.00  705.50  513.00  697.00  523.50  711.50 
2RS  Prestige  495.00  673.00  518.00  704.00  511.50  695.50  522.50  710.00 
2RS  Cellar  494.00  671.50  516.50  702.50  510.50  693.50  521.00  708.00 
2RS  Sebastien  492.50  669.50  515.50  700.50  509.50  692.00  520.00  706.50 
2RS  Astoria  492.50  669.50  515.50  700.50  509.50  692.00  520.00  706.50 
2RS  Cork   492.50  669.50  515.50  700.50  509.50  692.00  520.00  706.50 
2RS   Average price  494.00  671.50  516.50  702.50  510.50  693.50  521.00  708.00 
6RW  Esterel   452.50  616.00  476.00  647.00  470.00  638.50  480.50  653.00 
*  Asia Malt 70/30  481.50  654.50  504.50  685.50  498.50  677.50  509.00  691.50 
**  Asia Malt 50/50  473.50  643.50  496.50  674.50  490.00  666.00  500.50  680.50 

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
Canada: Barley Supply and Disposition as of August 3, 2007

  2004-2005   2005-2006   2006-2007 f*)  2007-2008 f*) 
 Seaded area,
 '000 ha		 4,678  4,440  3,690  4,396 
 Harvested area,
 '000 ha		 4,050  3,889  3,292  3,924 
  Yield,
 tonne/ha 		 3.26  3.21  2.91  3.06 
 Production,
 '000 metric tonnes		 13,186  12,481  9,573  12,000 
 Imports,
 '000 metric tonnes		 83  46  45  35 
 Total Supply,
 '000 metric tonnes		 15,962  15,962  12,907  13,535 
 Exports,
 '000 metric tonnes 		 1,975  2,975  1,900  2,700 
 Food & Industry Use,
 '000 metric tonnes		 268  167  230  300 
 Feed, Waste, Dockage,
 '000 metric tonnes		 9,417  9,192  8,892  8,835 
 Total Domestic Use,
 '000 metric tonnes		 10,073  9,698  9,507  9,535 
 Carry-out Stocks,
 '000 metric tonnes		 3,435  3,289  1,500  1,300 
 Average Price,
 CA$/tonne		 112  110  165  150-170 

Source: Agriculture and Agri-Food Canada, August 3, 2007. f*) - forecast.
Newsletter SummaryTop

Graph of the week



These Days in Business History
August 13
1623 Cardinal Richelieu appointed Chief Minister of France by Louis XIII
1907 1st taxicab in New York
1961 Construction on Berlin Wall begins in East Germany (Dark day)

August 14
1893 France issues 1st driving licenses, included required test
1938 BBC's 1st feature film on TV (Student of Prague)
1967 Belgian embassy in Kinshasa, Congo, plundered

August 15
1769 Napoleon Bonaparte was born, resident of Elba (emperor 1804-13, 1814-15)
1911 Procter & Gamble unveils its Crisco shortening
1914 Panama Canal opens (under cost)
Agenda
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