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E-Malt.com Newsletter 07b
February 14 - February 17, 2008
Open!
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Quote of the week

"Beer makes you feel the way you ought to feel without beer"

Currency Rates
Base Currency: Euro, EUR
on 15-February-2008

1 EUR = 1.4595 USD
1 EUR = 0.7422 GBP
1 EUR = 1.4557 CAD
1 EUR = 1.6186 AUD
1 EUR = 157.925 JPY
1 EUR = 2.5525 BRL
1 EUR = 35.9661 RUB
1 EUR = 10.5073 CNY
Base Currency: US Dollar
on 15-February-2008

1 USD = 0.6852 EUR
1 USD = 0.5085 GBP
1 USD = 0.9974 CAD
1 USD = 1.1089 AUD
1 USD = 108.203 JPY
1 USD = 1.7488 BRL
1 USD = 24.6419 RUB
1 USD = 7.199 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend
February 15, 2008
Type Crop 2007 Crop 2008
2rs Barley €295.0-297.0 3.58% €291.0-293.0 1.35%
6rw Barley €258.0-260.0 1.89% €252.0-254.0
2rs Malt €555.5-557.5 1.68% €535.5-537.5 0.92%
6rw Malt €509.0-511.0 0.49% €486.5-488.5
Feed Barley €197.0-199.0   nq  

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 barley. The changes are compared to last Newsletter's prices. Arrows indicate the direction of the change.


Top Industry News

Singapore: Asia Pacific Breweries reports a healthy profit growth for FY first quarter ended December 2007 ...Click here
Japan: Beer, quasi-Beer shipments up 11.9% in January 2008 ...Click here
Australia: Foster's expected to report its slowest profit growth in several years ...Click here
UK: Beer tax rise will create "black hole" ...Click here
Ireland: Greencore Group overall portfolio performed very well in 2007 driven by its malt division ...Click here
Germany: German malt production expected higher in 2007/08 y/y ...Click here
France & India: France looks to sell malting barley to India ...Click here
Canada: Barley growers closer to new export markets due to WTO ...Click here
Brazil, Argentina & Uruguay: Barley surplus may reach 250,000 tonnes ...Click here
Europe: Barley market affected by the decrease of other grains ...Click here




UK: Robust Diageo expects to hit 2008 forecasts, shares rise ...More Info
Russia: Russians prefer beer to wine ...More Info
Canada: Northern Breweries fined $100,000 for ammonia leak in the atmosphere ...More Info
Netherlands: EU inquiry deadline for Heineken buy of Scottish & Newcastle assets is March 18 ...More Info
USA: Coors, Miller consider joint HQ in Dallas ...More Info
USA: Anheuser-Busch donates $100,000 to Red Cross for tornado relief ...More Info
USA & Canada: Molson Coors announces the results and pricing of its subsidiary's tender offer for 6.375% senior notes due 2012 ...More Info
Canada: Malster MaltBroue will receive 25,000 C$ from Government to develop 3 special malts ...More Info
Ukraine: In 2007 agrarians sold barley at average price of 84.9% higher than in 2006 ...More Info
Australia: Victorian, NSW & South Australian barley pools unchanged ...More Info
Go to our news database with more than 12183 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

Singapore: Asia Pacific Breweries reports a healthy profit growth for FY first quarter ended December 2007

Asia Pacific Breweries Ltd (APB) began the new financial year with a healthy profit growth for the first quarter ended on 31 December 2007, according to company’s press release, February 14.

Organically, Group profit before interest and tax (PBIT) grew 13% to S$86.9 million. After taking into account translation difference and gestation losses, PBIT stood at S$83.3 million, an increase of S$7.1 million or 9% over last year. Gestation losses refer to the first three years’ performance of greenfield breweries in Vientiane (Laos), Ulaanbaatar (Mongolia) and Hyderabad (Andhra Pradesh, India).

Attributable net profit before exceptional items (APBE) increased organically by 13% to S$46.1 million. Including translation difference and gestation losses, APBE rose S$3.5 million or 9% to S$44 million.

On the results, Mr Koh Poh Tiong, Chief Executive Officer, APB, said, “Once again, Indochina (i.e. Cambodia, Laos and Vietnam) has excelled as our best performing region, reporting a robust volume growth of 37% and a PBIT gain of 23%. Organically, PBIT growth for the region was 36%, excluding the temporary gestation loss from our brewery investment in Laos and translation effect arising from depreciation of US dollars and Vietnamese Dong. During the period under review, both Vietnam and Cambodia saw volume increased by ...More Info


Japan: Beer, quasi-Beer shipments up 11.9% in January 2008

Beer and quasi-beer shipments in Japan rose sharply in January, thanks to last-minute demand ahead of price hikes in February by Kirin Brewery Co. industry data showed, according to Jiji Press, February 14.

Shipments in February grew 11.9 pct from a year before to 27,421,000 cases, marking the highest rise since 14.9 pct in July 2004. Each case contains the equivalent of 20 633-milliliter bottles.

By category, shipments of the so-called third-segment alcoholic drinks, which have little or no malt content, scored the top increase rate of 21.0 pct at 5,894,000 cases due to doubled shipments of Kirin products.

Shipments of beer rose 5.9 pct to 14,338,000 cases, and those of "happoshu" low-malt beer-like beverages grew 18.0 pct to 7,188,000 cases.

The third-segment drinks extended their rising streak to a fourth month and beer and happoshu to a second month.

By maker, sales at Kirin surged more than 50 pct, and Suntory Ltd. enjoyed sales growth. But sales dropped at Asahi Breweries Ltd. and Sapporo Breweries Ltd.

Following Kirin, Asahi will raise beer and quasi-beer prices in March and Sapporo and Suntory in April.


Australia: Foster's expected to report its slowest profit growth in several years

Foster's Group, Australia's biggest alcoholic drinks company, is expected to report its slowest profit growth in several years as local beer sales and U.S. wine demand slow, and the strong dollar crimps earnings, Reuters reported February 15.

Foster's, the world's second-largest wine company, is expected to report net profit before one-offs for the six months to Dec. 31 rising 6 percent to A$384.5 million ($347 million), according to a Reuters survey of eight analysts.

That would be down from the double-digit pace of recent years and well below the 22 percent rise in the six months to June 2007.

He said Foster's large mainstream brands are in decline, with the 113-year old Victoria Bitter (VB) brand sales down about 11 percent in the five months to November, according to industry data, as consumers switch to VB mid-strength and premium beers. VB accounts for one-third of Foster's domestic beer volume.

Sales of other brands including Cascade, Carlton Cold and Melbourne Bitter also declined.

Foster's has a 50 percent share of Australia's beer market duopoly, but smaller rival Lion Nathan Ltd (LNN.AX: Quote, Profile, Research) with a 42 percent share has benefited from a focus on higher-margin premium beers, where total industry sales have jumped 12 percent.

Lion ...More Info


UK: Beer tax rise will create "black hole"

MPs have been warned of a “black hole” that will be created by raising tax on beer in next month’s Budget, The Publican reported February 14.

The British Beer & Pub Association has written to all MPs arguing that raising tax on beer would be “self-defeating” because it will cut government revenues.

The group claims that a duty freeze on beer is the only way to protect both government finances and an under-fire brewing industry.

In the last two financial years, beer duty revenues have undershot Treasury forecasts by Ł160 million and Ł130 million respectively, the BBPA said.

Treasury’s planning models are out of tune with the real beer economy, the trade group argued, and do not recognise the reality that beer duty is already at its revenue-maximising level.

Mark Hastings, the BBPA’s director of communications, said: “The black hole created by the policy of increasing beer taxes means the Treasury now has to review its addiction to beer tax hikes.

“It is clear that increasing the tax rate on beer does not automatically return more revenue for the Treasury.

“With one of the highest rates of tax in the world, beer duty has now reached a point where there is no more money to be made ...More Info


Malt News

Ireland: Greencore Group overall portfolio performed very well in 2007 driven by its malt division

Greencore Group Plc ('Greencore' or 'the Group'), one of Europe's leading convenience food and malt producers, issues the following interim management statement which the chairman, Ned Sullivan, will present at its Annual General Meeting, according to Group’s press release, February 14.

Greencore's portfolio performed very well in 2007, the first year following its exit from sugar processing activities. On a continuing basis, the Group delivered a 22% improvement in operating profit (from EUR74.6m to EUR91.0m) and a 50% increase in adjusted earnings per share (from 19.9 cent to 29.8 cent).

The progression in underlying earnings, together with a significant strengthening of the Group's capital position (an increase of EUR99.4m in shareholders equity year-on-year), has resulted in the Board recommending a recommencement in dividend growth.

The Ingredient & Related Property division made considerable progress last year, delivering operating profit from continuing operations of EUR26.6m, an increase of 372% over the prior year. The key driver was the strong recovery in all our Ingredients businesses, but most especially in Greencore Malt. This Recovery has continued through the first quarter of the current financial year, with strong growth expected (on a constant currency basis) for the full year.

"Last year, we made excellent progress ...More Info


Germany: German malt production expected higher in 2007/08 y/y

German barley malt production was 638.000 tons in July – October, which will add up to a total of 1,92 Mill. tons for the crop year vs. 1,74 Mill. tons in 2006/07, analysts reported February 4.

The Avangard, former Weissheimer factories, with a total production of 230.000 tons, are working at full capacity again. Germany also produces about 90.000 tons of wheat malt per year. Capacity changes will be: Heine, Hamburg, plus 75.000 tons, and Peine, minus 30.000 tons early in 2008, Avangard, Koblenz, plus 80.000 tons, at the end of 2008.


Barley News

France & India: France looks to sell malting barley to India

France is looking at India to export wheat, if this year’s crop turns out to be good and prices are competitive, and malting barley, according to The Hindu Businessline, February 13.

“We export barley to countries in the east, China and South America,” said Mr Francois Gatel, Director, France Export Cereals. Though India exported barley last year in view of higher global prices, it is seen a net importer in the longer term what with rising consumption of liquor, especially beer, due to changing food habits. France sees an opportunity for its farm products in view of the changing economic scenario in India.

“We are developing better varieties of malt barley. Right now, we may not be in a position to export barley to India but in the long-term, yes we are looking at the sub-continent,” Mr Gatel said.

One problem for France is that it has to compete with competitive origins such as Australia and Canada. “Our advantage is that there is scope for expanding production of farm production. Nearly 50 per cent of the area in our country is available for farming and we can certainly improve productivity,” he said.

France produces over 10 mt of barley annually and has about 50 ...More Info


Canada: Barley growers closer to new export markets due to WTO

Alberta's barley growers say they are a step closer to new export markets after the World Trade Organization addressed concerns over trade-distorting domestic supports, improved market access and an end to export subsidies, The Edmonton Journal published February 15.

The organization's new Revised Draft Modalities for Agriculture address major concerns the industry has had through the seven-year trade negotiations, said Alberta Barley Commission CEO MIke Leslie.

"Nine out of 10 farmers in Canada rely on exports, but trade barriers and protective practices have effectively shut us out of many trade opportunities around the world.

"We have taken our message for free trade to the WTO's Doha negotiations on several occasions and are very encouraged by the direction the agreement appears to be heading."

Currently about 20 per cent of Alberta barley is exported, but that could change if WTO adopts this new draft, Leslie said.

Alberta's 17,000 barley producers have an excellent product and can compete globally on a level playing field, he said.


Brazil, Argentina & Uruguay: Barley surplus may reach 250,000 tonnes

Brazil has a large barley deficit of 270.000 tons, Uruguay harvested just enough barley for their own malting needs, the Argentinean crop came out better and larger than feared at the start of harvest, analysts reported February 4.

The Mercosur surplus may reach 200-250.000 tons, most of which will stay in South America. There are reports of contract defaults of export contracts to Europe.


Europe: Barley market affected by the decrease of other grains

Malting barley market is affected by the decrease in the price of other grains, according to la Depeche, February 14. The trade activity was almost inexistent this week. It is difficult to forecast the prices which are falling rapidly.

In feed barley, the market is also still in terms of trade as the demand is very low. The prices evolution is irregular depending on the regions and business opportunities.

Scientific Digest

Effect of spring barley protection on the production of Fusarium spp. mycotoxins in grain and malt using fungicides in field trials

M. Váňová1, J. Hajšlová(2), P. Havlová(3), P. Matušinsky(1), K. Lancová(2), D. Spitzerová(1)
(1) Agricultural Research Institute Kroměříž, Ltd., Czech Republic (2) Institute of Chemical Technology, Prague, Czech Republic (3) Research Institute of Brewing and Malting, Brno, Czech Republic

Abstract
The effects of different fungicides in four-year trials with a susceptible variety of spring barley, which was grown in field conditions with two previous crops (sugar beet and corn) and artificially inoculated with spores of Fusarium, were investigated. Field trials were laid down in plots of the Agricultural Research Institute Kroměříž, Ltd. (235 m above sea level, average annual temperature 8.7°C, annual precipitation sum 599 mm) in 2000–2003. The variety Kompakt, which was very sensitive to Fusarium head blight (FHB) in other trials, was used in all the trials examined. Incidence and severity of FHB and control with fungicides were measured by deoxynivalenol (DON) contamination of grain and malt. The content of Fusarium trichothecenes was evaluated in one fraction of kernels (diameter 2.5 mm) which is used in malting technology process. In 2000 and 2001, the treatments without adjuvants were applied. In the following two years, Silwet L-77 adjuvant (0.1 l/ha) was used with different rates of water (250 and 150 l/ha in 2002 and 2003, respectively). In all years, DON content increased in most cases a��er the grain samples were malted. The conditions of high grain moisture, moderate temperature and high relative humidity provide an ideal environment for Fusarium growth during germination. The greatest reduction of mycotoxins was achieved using a combination of azole fungicides with tebuconazole or metconazole or a mixture of metconazole + famoxadone + flusilazole with the addition of Silwet L-77 and a low rate of water.
... Load full article, 9 pages, 618 Kb, PDF file


Malting barley prices.

French Malting Barley Prices. Nominal prices
EURO = USD 1.4595 February 15, 2008 
 Crop year   2007   2008 
 Parity   FOB Creil   FOB Creil 
 Position   July 2007   July 2008 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  298.00  435.00  294.00  429.50 
2RS  Prestige  297.00  433.50  293.00  428.00 
2RS  Cellar  296.00  432.50  292.00  426.50 
2RS  Sebastien  295.00  430.50  291.00  425.00 
2RS  Astoria  295.00  430.50  291.00  425.00 
2RS  Cork   295.00  430.50  291.00  425.00 
6RW  Esterel   259.00  378.50  253.00  369.50 

French Feed Barley Prices. Nominal prices
EURO = USD 1.4595 February 15, 2008
Crop year 2007
Parity FOB Creil
Position July 2007
Type EURO USD
Feed Barley 198.00 297.00

Prices for Danish malting barley are available
on site www.e-malt.com/MarketPrices

Theoretical malt prices

EURO = USD 1.4595 February 15, 2008
Crop year  2007 
Parity  FOB Antwerp 
Position  Feb 2008 - Sept 2008 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  559.00  816.00  582.50  850.50  574.50  838.50  588.50  859.00 
2RS  Prestige  558.00  814.00  581.50  848.50  573.50  836.50  587.50  857.50 
2RS  Cellar  556.50  812.50  580.50  846.50  572.00  835.00  586.50  855.50 
2RS  Sebastien  555.50  810.50  579.00  845.00  571.00  833.00  585.00  853.50 
2RS  Astoria  555.50  810.50  579.00  845.00  571.00  833.00  585.00  853.50 
2RS  Cork   555.50  810.50  579.00  845.00  571.00  833.00  585.00  853.50 
2RS   Average price  556.50  812.50  580.50  846.50  572.00  835.00  586.50  855.50 
6RW  Esterel   510.00  746.00  534.50  780.50  526.50  768.50  540.50  789.00 
Asia Malt 70/30  543.00  792.50  566.50  827.00  558.50  815.00  572.50  835.50 
**  Asia Malt 50/50  534.00  779.00  557.50  813.50  549.50  801.50  563.50  822.50 


EURO = USD 1.4595 February 15, 2008 
Crop year  2008 
Parity  FOB Antwerp 
Position  Oct 2008 - Sept 2009 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO USD EURO  USD EURO USD  EURO  USD
2RS  Scarlett  539.50  787.00  563.00  821.50  554.50  809.50  569.00  830.50 
2RS  Prestige  538.00  785.00  561.50  819.50  553.50  808.00  567.50  828.50 
2RS  Cellar  536.50  783.50  560.50  818.00  552.50  806.00  566.50  826.50 
2RS  Sebastien  535.50  781.50  559.50  816.00  551.00  804.50  565.50  825.00 
2RS  Astoria  535.50  781.50  559.50  816.00  551.00  804.50  565.50  825.00 
2RS  Cork   535.50  781.50  559.50  816.00  551.00  804.50  565.50  825.00 
2RS   Average price  536.50  783.50  560.50  818.00  552.50  806.00  566.50  826.50 
6RW  Esterel   487.50  713.50  512.50  748.00  504.50  736.00  518.50  756.50 
Asia Malt 70/30  522.50  762.50  546.00  797.00  538.00  785.00  552.00  805.50 
**  Asia Malt 50/50  512.50  748.50  536.50  783.00  528.50  771.00  542.50  791.50 

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

Prices Evolution

Prices evolution
Source: E-malt.com

Table of the week

EU Malt Export Licence Fixations

(in tonnes) 2004-2005 2005-2006 2006-2007 July 01, 2007 -
January 29, 2008  
 France   674,140  648,338  460,829  219,846 
 Germany   295,876  236,735  239,633  220,852 
 Belgium   418,344  551,396  531,255  328,512 
 Bulgaria   1,270  2,010 
 U.K. 201,892  190,862  114,156  70,338 
 Finland   64,986  79,357  70,783  32,913 
 Denmark    74,743  68,809  72,374  58,650 
 Sweden   78,369  96,100  90,550  78,700 
 Netherlands   49,128  92,383  78,754  42,212 
 Ireland   56,924  7,001  2,250 
 Italy  181  1,680 
 Austria   16,954  38,932  22,743  5,216 
 Spain  
 Greece  
 Portugal   850  1,088  992  272 
 Czech Republic   82,062  77,036  41,769  14,402 
 Poland   167-  2,025 
 Hungary   85,792  16,865  5,474  1,555 
 Slovakia   76,916  75,863  23,157  7,445 
 Lithuania  54  172  900 
 Total EU   2,219,661  2,180,986  1,756,941  1,087,528,354 

  Total Wheat malt, tonnes  
Total 2004 - 2005  8,162 
Total 2005 - 2006  4,693 
Total 2006 - 2007  5,404 
July 01, 2007 - January 29, 2008  5,099 
   
  Total Roasted malt, tonnes  
Total 2004 - 2005  27,212 
Total 2005 - 2006  23,257 
Total 2006 - 2007  30,084 
July 01, 2007 - January 29, 2008  15,305 
Graph Of The Week


Source: Agriculture and Agri-Food Canada

These Days in Business History

February 14
1794 1st US textile machinery patent granted, to James Davenport
1924 IBM Corporation founded by Thomas Watson
1946 Bank of England nationalized
1946 John W. Mauchly and J. Presper Eckert, Jr., officially unveil their Electronic Numerical Integrator and Computer, performing 5,000 additions and 300 multiplications per second and weighing more than 30 tons

February 15
1946 Bank of England nationalized
1955 1st pilot plant to produce man-made diamonds announced
1995 Dow-Jones closes at record 3986.17

February 16
1978 1st Computer Bulletin Board System (Ward and Randy's CBBS, Chicago)
1990 Cisco Systems, Inc. goes public on NASDAQ, selling 2.8 million shares at an initial offering price of $18 per share
1998 Tellabs Inc. acquires Coherent Communications Systems for $670 million

February 17
1878 Silver dollar became U.S. legal tender
1986 1st Francophone Summit convenes at Versailles
1989 Egypt, Iraq, Jordan and North Yemen form common market
Agenda