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E-Malt.com Newsletter 14a
March 31 - April 02, 2008
Open!
Click here to get full size Newsletter


Quote of the week

"The way to get started is to quit talking and begin doing."
Walt Disney
Currency Rates
Base Currency: Euro, EUR
on 02-April-2008

1 EUR = 1.5696 USD
1 EUR = 0.7927 GBP
1 EUR = 1.6094 CAD
1 EUR = 1.7251 AUD
1 EUR = 157.682 JPY
1 EUR = 2.7515 BRL
1 EUR = 37.0763 RUB
1 EUR = 11.0242 CNY
Base Currency: US Dollar
on 02-April-2008

1 USD = 0.6371 EUR
1 USD = 0.505 GBP
1 USD = 1.0253 CAD
1 USD = 1.099 AUD
1 USD = 100.466 JPY
1 USD = 1.753 BRL
1 USD = 23.6214 RUB
1 USD = 7.0235 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

April 02, 2008

Type Crop 2007 Crop 2008
2rs Barley €265.0-267.0 2.21% €272.0-274.0 0.73%
6rw Barley €242.0-244.0 1.22% €245.0-247.0
2rs Malt €526.0-528.0 0.66% €517.5-519.5 0.10%
6rw Malt €496.5-498.5 €483.0-485.0 0.41%
Feed Barley €190.0-192.0 3.00% 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

UK: Scottish & Newcastle’s shareholders accept £10 billion Carlsberg and Heineken bid ...Click here
Turkey: Anadolu Efes beer sales showed strong growth in 2007 ...Click here
Hong-Kong: Anheuser-Busch to build new Hong-Kong brewery ...Click here
China: China Resources Enterprise net profit rises 79% in 2007 on disposal, beer sales ...Click here
Peru: SABMiller sees 2008 Peru beer sales up ...Click here
World: It remains at least 30-40% of 2009 malt needs to be covered ...Click here
Europe: Barley market came down in March ...Click here
Canada & USA: Canada market panic led to sky-high malting barley prices in the U.S. ...Click here
USA: Fourth lowest barley area in history expected in 2008 ...Click here




USA: Boston Beer Co. to invest several million dollars more this year at its Sam Adams Brewery ...More Info
UK: Wells and Young’s becomes the first major brewery to be certified with the Red Tractor Logo ...More Info
USA: Molson Coors CEO gets $5.9 million in 2007 ...More Info
China: Tsingtao Brewery targets expansion with 1.5 bln yuan bond offering ...More Info
USA: U.S. Bank and Anheuser-Busch Introduce Budweiser Rewards Visa Platinum Card ...More Info
UK: SABMiller "equal weight," target price raised ...More Info
Canada: Brewers Association of Canada announces a new chair and board members ...More Info
UK: Anheuser-Busch to delist from London Stock Exchange because of low trading volumes ...More Info
UK: A campaign has been launched to save S&N’s brewery in Berkshire ...More Info
Russia: The brewery “Forshtatskaya pivovarnya” registered its own trade mark ...More Info
USA: Gluek Brewing changes its name to Cold Spring Brewing ...More Info
Singapore: Asia Pacific Breweries appoints new group human resource director ...More Info
Australia: Nation’s oldest malt-maker celebrates 150th birthday ...More Info
Russia: Export duty for barley extended till June 30, 2008 ...More Info
India: Barley futures may fall on higher arrivals at the start of the winter harvest ...More Info
Go to our news database with more than 12459 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

UK: Scottish & Newcastle’s shareholders accept £10 billion Carlsberg and Heineken bid

Shareholders in Scottish & Newcastle have voted overwhelmingly to back the £10 billion bid for Britain's biggest brewer by a consortium of Carlsberg and Heineken, according to Scottish & Newcastle’s press release, March 31.

At an extraordinary general meeting today in Edinburgh, shareholders voted by an overwhelming majority to accept the bid. The decision requires further court approval with the final handover expected to take place on April 28.

The decision will result in S&N's businesses in the UK and Ireland, Finland, Portugal, Belgium and India going to Dutch multinational Heineken; with S&N's businesses in France, Greece, Russia, China and Vietnam going to Danish brewer Carlsberg.

S&N chairman Sir Brian Stewart told shareholders it was a 'momentous and historic day for Scottish & Newcastle, Britain's largest brewer and one of Scotland's oldest independent companies.'

S&N was founded 259 years ago in Edinburgh and first listed on the stock market over 120 years ago.

Sir Brian said: "While there is sadness at the passing of two and a half centuries of brewing history, the prevalent emotion today is pride:

- Pride in our people in building such a valuable and desirable global business - Pride that our strong brands and the Scottish & Newcastle spirit will continue - Pride ...More Info


Turkey: Anadolu Efes beer sales showed strong growth in 2007

Anadolu Efes’ consolidated sales volume (including beer and soft drink volumes) was up 11.4% in 2007 over 2006, according to company’s press release, March 28.

- In 2007 Anadolu Efes’ consolidated net sales revenue reached YTL3,030.4 million, by increasing 16.8% over the previous year. The revenue growth, which was ahead of the volume growth, was mainly due to the increase in average prices in all lines of businesses.

- The consolidated gross profit of Anadolu Efes increased by 22.8% in 2007 over the previous year and reached YTL1,534.7 million. The improvement in the gross profit margin to 50.6% from 48.2% year ago was assisted by the improvement in the gross profits of the soft drinks business and Turkey beer operations and achieved despite the challenging conditions in the global commodity markets, impacting especially our international beer operations.

- Our consolidated profit from operations increased 30.4% in 2007 and reached YTL515.8 million, while consolidated profit from operations margin increased to 17.0% from 15.2% in the previous year, as a result of improved operational profitability in all lines of businesses. Consequently, Anadolu Efes’ consolidated EBITDA increased by 24.0% over the previous year and reached YTL734.9 million with an EBITDA margin expansion to 24.3% from 22.9% in 2006.

- Anadolu Efes’ ...More Info


Hong-Kong: Anheuser-Busch to build new Hong-Kong brewery

Anheuser-Busch announced it will build a new brewery in the Fengnan District of Tangshan to replace a smaller downtown brewery, according to company’s press release, March 28. The move supports the local government’s efforts to relocate industrial facilities outside the city and redevelop Tangshan’s downtown into a more residential and commercial area.

“Anheuser-Busch has a long-standing commitment to support the communities where it operates,” said YR Cheng, president, Anheuser-Busch China. “The local government asked us to support efforts to redevelop downtown Tangshan by relocating and expanding our existing brewery. We worked together to develop a plan that benefited the Tangshan community and Anheuser-Busch’s business.”

Scheduled for completion in late 2009, the new Tangshan brewery will be built on a 160,000 square meter site and cost $49 million (346 million RMB) for the first phase. The facility will have an initial production capacity of 3.1 million hectoliters (2.6 million barrels). After the project is completed, the old Tangshan brewery will be shut down and the site will be prepared for future residential or commercial development.

“Tangshan is a growing city and continues to attract more tourists and investors each year,” said Li Zhong, governor of Fengnan District, Tangshan Municipal People’s Government. “Our goal is ...More Info


China: China Resources Enterprise net profit rises 79% in 2007 on disposal, beer sales

China Resources Enterprise, Limited announced its final results for the twelve months ended 31 December 2007, in a press release, March 31. Profit attributable to the Company’s shareholders rose to a record HK$4,961 million, an increase of 79%. Earning per share grew 76% to HK$2.09, also a new high. Excluding the turnover contribution of the discontinued petroleum business, consolidated turnover was up 28% to HK$51.5 billion.

Excluding the after-tax effect of revaluation of investment properties and major disposals, underlying net profit was up 11% to HK$2,051 million driven by the 41% profit growth of the continuing businesses. The Board of Directors proposed a final dividend of HK$0.30 per share. Together with the interim dividend of HK$0.15 per share, the full year basic dividend will be HK$0.45 per share, an increase of 13%. The basic dividend payout ratio edged up to 41.9% from 41.1% in 2006. This has excluded the special dividend of HK$0.60 per share paid in August 2007 following the disposal of the petroleum distribution operation in Hong Kong.

Beverage business achieved impressive growth in both profitability and sales volume. Earnings rose by 74% to HK$303 million, including HK$239 million from beer operation and the balance HK$64 million from purified water ...More Info


Peru: SABMiller sees 2008 Peru beer sales up

Brewer SABMiller Plc SAB.Li said Peruvian per capita beer consumption would grow in 2008 as the Andean country's economy surges, Reuters reported March 31.

Speaking at the Reuters Latin American Investment Summit in Lima, SABMiller Peru Chief Executive Robert Priday said sales growth in its Peruvian brewery, Backus y Johnston (BKJi.LM: Quote, Profile, Research), would be "a bit above" the general growth rate of Peru's economy, which expanded some 9 percent last year.

"Let's look at the history. Our growth has been higher than the growth in the economy....You can imagine our calculations are based upon numbers like that," Priday said.

On Friday, Peru's central bank president said he expected Peru's economy to grow 7.5 percent in 2008.

Sales growth for Backus y Johnston in 2007 was 12 percent.

Per capita beer consumption in Peru was 38 liters (10 U.S. gallons) last year, up from 33 in 2006 (8.7 U.S. gallons) but below 42 (11.1 gallons), which was hit in 1987 and remains a record for Peruvian beer consumption.

Backus y Johnston expects 2008 consumption to surpass the 1987 figure.

SABMiller moved into Peru in 2005 when it completed its acquisition of Colombian-based Bavaria, which then owned Backus. Backus produces the Cristal, Pilsen, San Juan and Cusquena ...More Info


Malt News

World: It remains at least 30-40% of 2009 malt needs to be covered

The most interesting feature of world malt markets is the continuing interest of brewers in malt for delivery in 2008, analysts reported March 28. It is impossible to assess the total uncovered demand, but inquiries from Eastern Europe, Latin America, Africa and Asia point to a rather large quantity.

LTA’s and traditional fixed price sales have covered a large portion of the 2009 needs in the world, but there remains at least 30 – 40 % to be covered. Action in March has been limited, Brazil and Japan were reported as buyers. Prices of EU malt ranged from EUR 540,- to 550,- FOB in bulk in vessel, and from EUR 555,- to 570,- FOB in bulk in container. Australian levels were similar, however, it has been difficult to compare prices in different currencies because of the strong currency fluctuations during the month.


Barley News

Europe: Barley market came down in March

The crop year of 2007/08 approaches its end. The frequently reported quality (germination) problems remain a marginal factor, the analysts reported March 28. Good quality barley is still buyable. Most likely the import of 150 – 200.000 tons of Argentinian malting barley has calmed any fear of a lack of supplies.

The attention is on new crop. Markets came down by EUR 10,- per ton from a month ago, which, however, was not the price collapse that industries had hoped for. Last week’s offers and trades were: France, July 2008, FOB Creil, 2rs EUR 273,-, 6rw Esterel 250,-, Cervoise 233,-. FOB Moselle plus EUR 10,-. U.K. 2rs traded basis October, FOB seaport EUR 270,- helped by a weak Pound Sterling, Danish 2rs, same position is quoted 273,-. In South Germany bids of EUR 270,-/275,- ex harvest are not accepted by farmers after earlier trades at EUR 300,-, parity delivered warehouses. Czech maltsters and traders try vainly to buy unscreened barley at EUR 240,- for 12,5 %, and 255,- for max. 11,5 % protein. Slovak maltsters purchased good quantities at EUR 230,-. Czechs and Slovaks were caught last year by non-fulfilment of their purchase contracts and have therefore put very strict ...More Info


Canada & USA: Canada market panic led to sky-high malting barley prices in the U.S.

Canada expects to export 2.5 Mill. tons of barley vs. 1.2 Mill. tons in 2006/07, analysts said, march 28. 1,20 – 1,25 Mil. tons will be malting barley, of which 700.000 tons will go to the U.S. and Mexico. Present price level is US$ 400,- FOB seaport. Feed usage is disappointing and may be 1.5 Mill. tons less than in the year before. New crop acreage is expected at least 5 % down.

The government continues its fight in parliament against the exclusive barley marketing rights of the CWB, but the outcome is uncertain. The general market panic had led to sky-high malting barley prices in the U.S., where maltsters and brewers are confronted with a dangerously small barley acreage. Top prices paid in the Western States were above US$ 500,- for new crop barley. Meantime markets calmed down, but new crop barley is till quoted at US$ 400,- in the West track and US$ 460,- for two-row resp. US$ 370,- for six-row grades at Minneapolis.


USA: Fourth lowest barley area in history expected in 2008

Barley growers plan to plant 4.15 million acres for 2008, 3% more from last year, according to this year's USDA estimates, the media reported March 31.

If realized, this will be the fourth lowest barley planted acreage on record.

In North Dakota, the largest barley-producing State, expected planted area is 1.55 million acres, up 5% from 2007. Growers in California, Wyoming, and Virginia intend to increase their acreage by 35% or more. In Michigan, New York, and Utah, acreage is expected to decline to record low levels and Nevada producers intend to match their lowest acreage on record established last year.

Scientific Digest

A superior prediction of malt attenuation

D.E. Evans1, C. Li2, J.K. Eglinton3 1TIAR, University of Tasmania, Private Bag 54, Hobart, Tasmania, 7001, Australia; 2Dept of Agriculture Western Austraia, 3 Baron-Hay Court, Sth Perth, WA 6151, Australia; 3School of Agriculture and Wine, University of Adelaide, Glen Osmond, SA, 5064, Australia

SUMMARY
Data is presented to support the replacement of the diastatic power (DP) malt specification in favour of the measurement of the DP enzymes (DPE), alpha-amylase, limit dextrinase, beta-amylase, and beta-amylase thermostability. The use of the DPE via a multi-linear regression equation predicts ~90% of variation in malt attenuation compared to <50% of variation by DP alone. The measurement of the individual DPE would most likely have a number of advantages over DP or the time consuming AAL parameter for maltsters and their brewer customers. Firstly, the three DPE determinants of fermentability are independently assessed. This is important information as the ratios of alpha-amylase to limit dextrinase to beta-amylase vary between malt samples from the same variety. Knowledge of the levels of these enzymes would allow maltsters to potentially to blend their malt batches more precisely within or between varieties to balance the levels of DPE to better satisfy brewers fermentability expectations. At very least brewers could be fore warned when a delivery of malt was being made that differed from the specifications desired, thus take steps in the brew house to accommodate such changes. The application of these insights in the brewing industry is predicted to result in substantial improvements in brewing consistency and enable more specific quality targets for barley breeders to be defined.
... Load full article, 12 pages, 566 Kb, PDF file

Malting barley prices.

French Malting Barley Prices. Nominal prices
EURO = USD 1.5696 April 02, 2008 
 Crop year   2007   2008 
 Parity   FOB Creil   FOB Creil 
 Position   July 2007   July 2008 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  268.00  421.00  275.00  432.00 
2RS  Prestige  267.00  419.50  274.00  430.50 
2RS  Cellar  266.00  417.50  273.00  428.50 
2RS  Sebastien  265.00  416.00  272.00  427.00 
2RS  Astoria  265.00  416.00  272.00  427.00 
2RS  Cork   265.00  416.00  272.00  427.00 
6RW  Esterel   243.00  381.50  246.00  386.50 

French Feed Barley Prices. Nominal prices
EURO = USD 1.5696 April 02, 2008
Crop year 2007
Parity FOB Creil
Position July 2007
Type EURO USD
Feed Barley 191.00 300.00

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

Theoretical malt prices

EURO = USD 1.5696 April 02, 2008
Crop year  2007 
Parity  FOB Antwerp 
Position  Apr 2008 - Sept 2008 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  529.50  830.50  553.00  867.50  545.00  855.00  559.00  877.50 
2RS  Prestige  528.00  828.50  551.50  866.00  543.50  853.00  557.50  875.50 
2RS  Cellar  527.00  826.50  550.50  864.00  542.50  851.00  556.50  873.50 
2RS  Sebastien  525.50  825.00  549.50  862.00  541.00  849.50  555.50  871.50 
2RS  Astoria  525.50  825.00  549.50  862.00  541.00  849.50  555.50  871.50 
2RS  Cork   525.50  825.00  549.50  862.00  541.00  849.50  555.50  871.50 
2RS   Average price  527.00  826.50  550.50  864.00  542.50  851.00  556.50  873.50 
6RW  Esterel   497.50  782.50  522.00  819.50  514.00  806.50  528.50  829.00 
Asia Malt 70/30  518.50  813.50  542.00  850.50  534.00  838.00  548.00  860.00 
**  Asia Malt 50/50  512.50  804.50  536.50  841.50  528.50  829.00  542.50  851.50 


EURO = USD 1.5696 April 02, 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  521.00  817.50  544.50  854.50  536.50  842.00  550.50  864.00 
2RS  Prestige  519.50  815.50  543.50  852.50  535.00  840.00  549.50  862.00 
2RS  Cellar  518.50  813.50  542.00  850.50  534.00  838.00  548.00  860.00 
2RS  Sebastien  517.00  811.50  541.00  848.50  532.50  836.00  547.00  858.50 
2RS  Astoria  517.00  811.50  541.00  848.50  532.50  836.00  547.00  858.50 
2RS  Cork   517.00  811.50  541.00  848.50  532.50  836.00  547.00  858.50 
2RS   Average price  518.50  813.50  542.00  850.50  534.00  838.00  548.00  860.00 
6RW  Esterel   484.00  761.50  509.00  798.50  500.50  786.00  515.00  808.00 
Asia Malt 70/30  508.50  798.00  532.00  835.00  524.00  822.50  538.00  844.50 
**  Asia Malt 50/50  501.50  787.50  525.50  824.50  517.50  812.00  531.50  834.00 

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

Prices Evolution

Prices evolution
Source: E-malt

Table of the week

EU Malt Export Licence Fixations

(in tonnes) 2004-2005 2005-2006 2006-2007 July 01, 2007 -
March 25, 2008  
 France   674,140  648,338  460,829  262,846 
 Germany   295,876  236,735  239,633  277,714 
 Belgium   418,344  551,396  531,606  418,802 
 Bulgaria   1,270  2,220 
 U.K. 201,892  190,862  114,156  90,033 
 Finland   64,986  79,357  70,783  45,950 
 Denmark    74,743  68,809  72,374  74,560 
 Sweden   78,369  96,100  90,550  92,700 
 Netherlands   49,128  92,383  78,754  69,756 
 Ireland   56,924  7,001  2,250 
 Italy  181  2,352 
 Austria   16,954  38,932  22,743  5,913 
 Spain  
 Romania   500 
 Portugal   850  1,088  992  272 
 Czech Republic   82,062  77,036  41,769  18,660 
 Poland   167-  2,025 
 Hungary   85,792  16,865  5,474  2,215 
 Slovakia   76,916  75,863  23,157  9,725 
 Lithuania  54  172  1,185 
 Total EU   2,219,661  2,180,986  1,756,691  1,377,427 

  Total Wheat malt, tonnes  
Total 2004 - 2005  8,162 
Total 2005 - 2006  4,693 
Total 2006 - 2007  5,404 
July 01, 2007 - March 25, 2008  5,881 
   
  Total Roasted malt, tonnes  
Total 2004 - 2005  27,212 
Total 2005 - 2006  23,257 
Total 2006 - 2007  30,084 
July 01, 2007 - March 25, 2008  20,062 
Graph Of The Week



These Days in Business History

March 31
1889 300m Eiffel Tower officially opens, commemorates French Revolution
1896 Whitcomb Judson, Chicago, patents a hookless fastening, also know as the zipper
1917 U.S. purchases Danish West Indies for $25M and renames them Virgin Islands

April 1
1778 Oliver Pollock, a New Orleans businessman, creates "$" symbol
1826 Samuel Mory patents internal combustion engine
1986 World oil prices dip below $10 a barrel

April 2
1850 City of Los Angeles incorporated
1875 Walter P. Chrysler is born in Wamego, Kansas. He goes on to found the Chrysler Corp. as successor corporation to the failing Maxwell Motor Car Co. in 1925 and to buy Dodge Brothers, Inc., in 1928.
1961 The first patent for an integrated circuit is awarded to Fairchild Semiconductor’s Robert Noyce, who later co-founds Intel Corp. with Gordon Moore.
Agenda