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E-Malt.com Newsletter 27a
June 30 - July 02, 2008
Open!
Click here to get full size Newsletter


Quote of the week

"Character is higher than intellect. A great soul will be strong to live as well as think."
Ralph Waldo Emerson
Currency Rates
Base Currency: Euro, EUR
on 02-July-2008

1 EUR = 1.5768 USD
1 EUR = 0.7909 GBP
1 EUR = 1.6079 CAD
1 EUR = 1.6496 AUD
1 EUR = 166.964 JPY
1 EUR = 2.5361 BRL
1 EUR = 36.9772 RUB
1 EUR = 10.827 CNY
Base Currency: US Dollar
on 02-July-2008

1 USD = 0.6342 EUR
1 USD = 0.5016 GBP
1 USD = 1.0197 CAD
1 USD = 1.0462 AUD
1 USD = 105.895 JPY
1 USD = 1.6084 BRL
1 USD = 23.4511 RUB
1 USD = 6.8665 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

July 01, 2008

Type Crop 2007 Crop 2008
2rs Barley nq   €247.0-249.0 0.40%
6rw Barley nq   €221.0-223.0 1.33%
2rs Malt €530.5-532.5 0.19% €493.5-495.5 0.20%
6rw Malt €497.5-499.5 0.20% €460.5-462.5 0.86%
Feed Barley €175.0-177.0 0.51% 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

Belgium & USA: InBev responds to Anheuser-Busch’s rejection ...Click here
USA: SABMiller plc and Molson Coors announce launch of MillerCoors ...Click here
Estonia: Carlsberg Estonia Holding OÜ announced a mandatory takeover bid for the acquisition of Saku Õlletehase AS ...Click here
Latin America: SABMiller lowers the beer volume growth target for the region due to softer consumer demand ...Click here
Mexico: FEMSA is more likely to team up with a partner than let a giant buy it out ...Click here
UK: Smoking ban will speed up pubs’ closure rate reaching 6,000 in the next five years ...Click here
New Zealand: Beer prices set to rise as excise taxes increase ...Click here
China: COFCO will invest USD 38.5 mln to build a new malting plant in Inner Mongolia ...Click here
Australia: CBH sells barley cargo to SABMiller South American unit ...Click here




USA: Anheuser-Busch to reduce salaried employee benefits in order to cut costs and improve earnings ...More Info
World: The rush for consolidation in beer sector shows no signs of slowing ...More Info
USA: Anheuser-Busch restructuring plan to force InBev to raise bid ...More Info
Mexico & UK: SABMiller CEO declines comment on Modelo ...More Info
Denmark: Harboes Bryggeri may post a fourth-quarter net loss of US$780,000 ...More Info
Belgium: InBev to raise beer prices by an average 4.3 percent as from September ...More Info
Japan: Asahi Breweries' operating profit for H1 may rise 6% ...More Info
USA: Independent Brewers United has executed the merger agreement with Pyramid Breweries ...More Info
Singapore: Fraser & Neave appoints division heads instead of group CEO ...More Info
USA: Constellation Brands profit up; outlook unchanged ...More Info
UK: Chilean and Argentinean beer for UK ...More Info
UK: Muntons Plc has completed a £1.2 million investment at its Cedars malting ...More Info
India: Barley futures fall on export slowdown forecast as Ukraine entered the global trade in the commodity ...More Info
Russia: The government lifts prohibitive grain (including barley) export duties from July 1 ...More Info
UK: A new high-yielding hybrid variety of feed barley ...More Info
Go to our news database with more than 13026 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

Belgium & USA: InBev responds to Anheuser-Busch’s rejection

InBev said on July 01, 2008 that it remains committed to its proposal to create the world’s leading beer company through an acquisition of all the outstanding common shares of Anheuser-Busch Companies Inc. at $65 per-share in cash, representing an immediate premium of 35% over the unaffected share price and a premium of 18% over the previous all-time high in October, 2002.

Carlos Brito, Chief Executive Officer of InBev, said:

“Our firm proposal of $65 per share reflects the full and fair value of the company. The proposal is backed by fully committed financing, and provides immediate certainty of value in a weakened stock market environment. Our firm proposal was rejected in favor of a newly formulated management plan with significant execution risks.

In addition to guaranteeing immediate value for Anheuser-Busch shareholders, our proposal is predicated on an established track record of international expansion and consistent growth in profitability. This combination would create a stronger, more competitive global company with an unrivaled worldwide brand portfolio and distribution network, as well as unmatched economies of scale in a period of rapidly escalating commodity prices. It would provide unparalleled opportunities for consumers, employees, wholesalers, business partners and communities.

Given the seriousness of our firm ...More Info


USA: SABMiller plc and Molson Coors announce launch of MillerCoors

SABMiller plc and Molson Coors Brewing Company announced on June 30 the closing of the transaction to combine their U.S. and Puerto Rico operations to create MillerCoors.

MillerCoors, which will begin operating as a combined entity on July 1, 2008, will be a dynamic, brand-led U.S. brewer with the scale, resources and distribution platform to succeed in the highly competitive marketplace.

“As a unified company with a world-class board and leadership team in place, MillerCoors will be able to create tremendous opportunities for innovations in products and services that will allow us to drive profitable growth,” said Pete Coors, Chairman of MillerCoors. “Personally, I am thrilled to be part of such an exciting and innovative organization and look forward to serving as the Chairman of this new business.”

Graham Mackay, Chief Executive of SABMiller, said, “Today is an historic day in the American beer business, not only for the shareholders of both SABMiller and Molson Coors, but for MillerCoors consumers, employees, distributors and business partners. Now that the transaction has closed and MillerCoors is a reality, the strong leadership team we have put in place is ready to execute and realize the tremendous potential of this great organization.”

Leo Kiely, Chief Executive ...More Info


Estonia: Carlsberg Estonia Holding OÜ announced a mandatory takeover bid for the acquisition of Saku Õlletehase AS

At the request and on behalf of Carlsberg Estonia Holding OÜ, Saku Õlletehase AS makes the following announcement:

On 29 May 2008 Carlsberg Estonia Holding OÜ (hereinafter Carlsberg) announced a mandatory takeover bid for the acquisition of shares of Saku Õlletehase AS (hereinafter Saku Õlletehas). The term for the acceptance of the takeover bid ended on 26 June 2008. The purchase price offered by Carlsberg in the takeover bid was EEK 194.06 (i.e. EUR 12.40) per share.

In the course of the takeover bid the shareholders decided to sell to Carlsberg a total of 1,390,810 shares of Saku Õlletehas, constituting approximately 17.4 per cent of all shares of Saku Õlletehas. Payment of the purchase price to shareholders who sold their shares and the transfer of shares sold to Carlsberg will be executed on 3 July 2008 through delivery-versus-payment method.

After the acquisition of shares mentioned above Carlsberg will own a total of 7,391,651 shares of Saku Õlletehas, constituting approximately 92.40 per cent of all shares of Saku Õlletehas and votes represented by such shares. As at 30 June 2008, persons acting in concert with Carlsberg and other companies belonging to Carlsberg A/S group do not own any shares of Saku Õlletehas.

Taking into consideration ...More Info


Latin America: SABMiller lowers the beer volume growth target for the region due to softer consumer demand

SABMiller, the world's brewing force, lowered the beer volume growth target for one of its key regions, Latin America, the company announced on June 30 due to softer consumer demand, especially in Colombia and Peru, according to Reuters.

The brewer is cutting its medium-term annual beer volume growth target to 5 to 7 percent from a previous 6 to 8 percent, although price rises and cost cutting mean it will be able to hold its target for annual profit margin rises.

"We are lowering the target due to the slightly softer consumer environment," said SABMiller President Barry Smith at a group investor seminar on Latin America.

The company, which brews Aguila beer in Colombia and Cristal in Peru, showed an increase in regional beer volumes of 5 percent in its year to March 2008, while earnings before interest, tax and amortisation (EBITA) went up 17 percent.

The region produces a quarter of SABMiller's profits, just behind South Africa at 28 percent, and analysts and company officials say Latin America will become the group's biggest profits earner in the current year to March 2009.

The brewer operates in six Latin American nations with Colombia earning around 60 percent of regional profit and Peru around a quarter. ...More Info


Mexico: FEMSA is more likely to team up with a partner than let a giant buy it out

Mexican brewer FEMSA, seen as a target in the current global beer industry consolidation, is more likely to team up with a partner to face future challenges than let a big-spending giant buy it out, Reuters commented on June 30.

The maker of Tecate and Sol beer is controlled by a group of conservative families from the northern city of Monterrey that are united by marriage and analysts say money alone will not be enough to break their bonds.

Even if FEMSA, which also makes Bohemia and Dos Equis brews, were to link with a partner for a more global reach its controlling shareholders will be careful to chose one that will not lead to an ugly divorce. "I see it as very remote that they will cede control of this important asset," said Actinver analyst Mauricio Brocado. "It is more likely that they go for a strategic partner."

FEMSA, the 10th largest brewer in the world by volume, and its local rival Modelo, the maker of Corona beer, are often tipped as targets in the consolidation of the industry because of their strong brands and growth outlook.

But both are run by a group of families.

In FEMSA's case, 74 percent of the voting ...More Info


UK: Smoking ban will speed up pubs’ closure rate reaching 6,000 in the next five years

PricewaterhouseCoopers (PWC), the firm of accountants, expects pub closures to accelerate beyond its own predictions as the smoking ban and consumer squeeze tighten their grip on the sector, The Publican communicated on June 30.

The firm believes 6,000 pubs will close in the next five years if they “do not take definite steps to address the impact of the ban and squeeze on consumer spend”, with 2,000 of these closing this year alone.

PWC said it was revising its 2007 prediction of 5,000 pub closures by 2012 after 1,200 had shut for good last year, double the 700 closures in 2006.

Martin Jervis, partner, Advisory at PWC said now was the time for pub owners to “take a long hard look at their businesses and make some difficult decisions around their future strategy”.

Jervis said companies should “recognise loss-making trends early and deal with them in the appropriate way, for example through sale or closure”.

Meanwhile a Cancer Research study has revealed that 400,000 people in the UK have quit smoking a year after the ban. The charity estimates 40,000 lives have been saved by the legislation.

The smoking ban was introduced throughout the UK on 1 July 2007, when England came into line with public ...More Info


New Zealand: Beer prices set to rise as excise taxes increase

As from today the excise taxes on alcohol increase almost 3.5 per cent in New Zealand.

DB Breweries, which produces Tui, Monteith's and Heineken, will raise prices by an average of 5.5 per cent for a pack of beer and 5.3 per cent for tap beer.

Lion Nathan, producer of Speights, Lion Red, Mac's and Steinlager beer, will also raise prices by an average of 5.5 per cent.

Spirits and ready-to-drink beverages will also reportedly rise, by around 5.3 per cent.

A slightly smaller price hike faces wine drinkers - wine sold by Lion Nathan, which includes Wither Hills, will rise by approximately 4 per cent.

DB Breweries do not produce wine.

Liquor companies are blaming commodity prices for the price increases, saying the cost of malt has soared 50 per cent in the past year.

Hospitality Association of New Zealand chief executive Bruce Robertson said the industry had been reluctant to apply the price increases because of the stretch in the dollar but they "don't have a choice". "We've had significant other increased costs: rent, energy, labour costs - we need to recover that" he said.

Manurewa MP George Hawkins said he didn't think the price increase would have very much impact at all. "To have a ...More Info


Malt News

China: COFCO will invest USD 38.5 mln to build a new malting plant in Inner Mongolia

Leading Chinese grain and oil trader COFCO announced that China Agri-Industries Holdings (China Agri) and the Yakeshi Municipal Government of Inner Mongolia have signed an investment agreement, whereby China Agri will invest in Yakeshi by setting up COFCO Malting (Hulunbeier) Co., Ltd, according to FlexNews June 30.

The new COFCO Malting (Hulunbeier) company is expected to have an annual malting capacity of 300,000 tons, which will be produced at a newly-built plant.

According to COFCO, construction works, which will begin in July, are expected to end in October 2009. COFCO will invest a total USD 38.45 million in the new operation.

COFCO Malting (Hulunbeier) is located in a large barley area rich in energy and water resources with convenient transportation.

Once production is started, it will improve COFCO’s current malting structure and competitiveness on the market, the company said.


Barley News

Australia: CBH sells barley cargo to SABMiller South American unit

The Grain Pool marketing unit of Western Australian- based Cooperative Bulk Handling Ltd. late Monday, June 30, reported the first sale of a 25,000-metric ton cargo of Baudin grade malting barley to a South American unit of the world's largest brewer, U.K.-based SABMiller PLC, according to Dow Jones.

Grain Pool has been seeking to enter the South American market for a number of years and the cargo, which arrived June 22, comes with a full quality assurance and traceability from growers to end-users, it said in a statement.

The barley was grown in Western Australia's southeast growing districts of Grass Patch and Esperance and harvested late in 2007, it said.

Scientific Digest

Performance of Husked, Acid Dehusked and Hull-less Barley and Malt in Relation to Alcohol Production

R. C. Agu, T. A. Bringhurst and J. M. Brosnan

Abstract
J. Inst. Brew. 114(1), 62–68, 2008 Studies carried out on normal husked barley, normal hull-less (naked) barley, acid dehusked barley and acid dehusked hull-less barley, as well as the malts derived from them, showed that when acid dehusked barley samples (obtained from either husked or hull-less barley), were processed using commercial enzyme preparations, they produced more alcohol when compared with the alcohol yield obtained from the barley samples from which the acid dehusked samples were derived. When the husked (Optic) control, acid dehusked and hull-less barley samples were malted, Optic control barley produced malt that gave higher dextrinising units (DU) and diastatic power (DP), whilst acid dehusked Optic and hull-less barley produced malts that gave similar DU results on day 5 of the germination time. When mashed, acid dehusked (Optic) barley malt produced wort that filtered faster than the wort obtained from the malt made from hull-less barley. This observation is very important because it shows that the husk of the barley is not the only factor that determines the filtration performance of the malted barley, since both the malt samples made from husked and acid dehusked barley had similar filtration rates on day 5 of the germination time. The slow filtration rate observed for the wort made from hull-less barley suggests that other factors play some role during the filtration of the mash made from hull-less barley malt. Although hull-less malt appeared to develop lower DU and DP enzyme activities, when compared with the values obtained for the Optic control, hull-less barley malted faster and produced optimum predicted spirit yield (PSY) at day 4 of the germination time. In contrast, the control husked Optic barley malt that had higher DU and DP produced equivalent (optimum) predicted spirit yield one day later at 5 days germination time. This is an advantage for hull-less barley, both in terms of time and energy saving during the malting of barley. Although the acid dehusked Optic barley produced more alcohol than the husked control when commercial enzyme preparation was used to process barley, it was surprising that when the derived malt was assessed, it gave a lower predicted spirit yield than the husked control, even though it produced a higher amount of hot water extract (HWE). The higher extract yield and lower predicted spirit yield obtained from the malt made from acid dehusked malt confirmed that high extract yield is not necessarily associated with high fermentable extract. Key words: Alcohol yield, acid de-husked barley, barley, diastatic power, dextrinising unit, filtration rate, hull-less barley. ... Load full article, 6 pages, 1504 Kb, PDF file


Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.578 July 01, 2008 
 Crop year   2007   2008 
 Parity   FOB Creil   FOB Creil 
 Position   July 2007   July 2008 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  nq  nq  250.00  394.50 
2RS  Prestige  nq  nq  249.00  393.00 
2RS  Cellar  nq  nq  248.00  391.50 
2RS  Sebastien  nq  nq  247.00  390.00 
2RS  Tipple  nq  nq  247.00  390.00 
2RS  Henley  nq  nq  247.00  390.00 
6RW  Esterel   nq  nq  222.00  350.50 

French Feed Barley Prices. Nominal prices
EURO = USD 1.578 July 01, 2008
Crop year 2007
Parity FOB Creil
Position July 2007
Type EURO USD
Feed Barley 176.00 278.00

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

Theoretical Malt Prices

EURO = USD 1.578 July 01, 2008
Crop year  2007 
Parity  FOB Antwerp 
Position  July 2008 - Sep 2008 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  533.50  842.00  557.50  879.50  549.50  866.50  563.50  889.00 
2RS  Prestige  532.50  840.50  556.50  877.50  548.00  864.50  562.50  887.00 
2RS  Cellar  531.50  838.50  555.00  875.50  547.00  863.00  561.00  885.00 
2RS  Sebastien  530.00  836.50  553.50  873.50  545.50  861.00  559.50  883.50 
2RS  Tipple  530.00  836.50  553.50  873.50  545.50  861.00  559.50  883.50 
2RS  Henley  530.00  836.50  553.50  873.50  545.50  861.00  559.50  883.50 
2RS   Average price  531.50  838.50  555.00  875.50  547.00  863.00  561.00  885.00 
6RW  Esterel   498.50  788.00  523.00  825.00  515.00  812.50  529.00  834.50 
Asia Malt 70/30  521.50  823.00  545.50  860.50  537.50  847.50  551.50  870.00 
**  Asia Malt 50/50  515.50  813.00  539.00  850.50  531.00  837.50  545.00  860.00 


EURO = USD 1.578 July 01,2008 
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  497.00  784.50  520.50  821.50  512.50  809.00  527.00  831.50 
2RS  Prestige  496.00  782.50  519.50  819.50  511.50  807.00  525.50  829.50 
2RS  Cellar  494.50  780.50  518.50  817.50  510.00  805.00  524.50  827.50 
2RS  Sebastien  493.50  778.50  517.00  816.00  509.00  803.00  523.00  825.50 
2RS  Tipple  493.50  778.50  517.00  816.00  509.00  803.00  523.00  825.50 
2RS  Henley  493.50  778.50  517.00  816.00  509.00  803.00  523.00  825.50 
2RS   Average price  494.50  780.50  518.50  817.50  510.00  805.00  524.50  827.50 
6RW  Esterel   461.50  730.00  486.50  767.50  478.50  754.50  492.50  777.00 
Asia Malt 70/30  485.00  765.50  508.50  802.50  500.50  790.00  514.50  812.00 
**  Asia Malt 50/50  478.50  755.00  502.50  792.50  494.50  779.50  508.50  802.00 

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

Europe Barley Crop Estimate 2008 (June, 2008)

Country Year BARLEY thereof SPRING BARLEY
    Area
1000 ha
Yield
100kg/ha
Production
1000 t
Area
1000 ha
Yield
100kg/ha
Production
1000 t
Austria 2008 184 56.8 1,046 100 50.0 502
2007 193 41.9 809 119 32.7 389
Belgium/Lux. 2008 64 75.0 480 8 60.0 48
2007 58 65.0 377 8 60.0 48
Denmark 2008 715 44.3 3 167 586 42.0 2 461
2007 628 49.1 3 085 459 48.8 2 240
Finland 2008 614 32.0 1 965 614 30.0 1 965
2007 550 36.0 1 980 550 36.0 1 980
France 2008 1 750 65.0 11 375 525 59.0 3 098
2007 1 705 55.5 9 463 519 51.9 2 694
Germany 2008 1 955 57.1 11 163 530 44.0 2 332
2007 1 934 54.2 10 478 496 42.7 2 118
Greece 2006 135 22.5 304      
2007 200 15.0 300      
Ireland 2008 182 67.7 1 232 14 60.0 1 056
2007 158 62.0 1 982 141 60.0 846
Italy 2008 340 38.2 1 299      
2007 335 34.3 1 149      
Netherlands 2008 48 62.4 300 44 62.7 273
2007 45 57.7 260 41 56.6 232
Portugal 2008 52 21.0 109      
2007 40 19.0 76      
Spain 2008 3 385 32.4 10 967 2 770 33.0 9 138
2007 3 220 36.0 11 592 2 537 37.3 9 463
Sweden 2008 407 35.4 1 441 396 32.4 1 282
2007 320 44.9 1 437 312 44.6 1 392
U.K. 2008 987 56.7 5 956 548 53.5 2 932
2007 885 58.2 5 151 507 55.3 2 804
TOTAL EU-15 2008 10 818 46.6 50 444 6 281 39.9 25 087
2007 10 271 45.9 47 138 5 689 42.5 24 205
Cyprus 2008 50 16.0 80      
2007 40 20.0 80      
Czech Rep. 2008 512 42.9 2 196 376 41.0 1 572
2007 499 38.5 1 921 369 35.3 1 303
Estonia 2008 144 22.0 317 142 22.0 312
2007 141 26.4 372 139 26.5 368
Hungary 2008 295 40.0 1 180 130 32.5 423
2007 329 32.4 1 053 142 25.8 366
Latvia 2008 142 23.1 328 135 23.0 311
2007 145 23.2 336 140 23.0 322
Lithuania 2008 379 24.3 921 365 24.0 876
2007 375 27.2 1 020 365 27.0 986
Malta 2008 1 26.0 3      
2007 1 26.0 3      
Poland 2008 1 175 29.7 3 490 1 010 28.3 2 858
2007 1 235 32.9 4 063 1 061 32.1 3 406
Slovakia 2008 210 34.3 720 190 34.0 646
2007 204 33.2 677 185 33.0 611
Slovenia 2008 21 36.4 77 3.0 30 9.0
2007 20 36.8 74
Romania 2008 350 28.9 1 012 150 24.0 360
2007 300 8.6 258 160 6.5 104
Bulgaria 2008 210 34.3 720 25 28.0 70
2007 190 17.8 338 25 10.0 25
TOTAL EU - 27 2008 14 307 43 61487 8 807 37 32 493
2007 13 750 41.8 57 522 8 278 38.4 31 766
Serbia 2008 100 28.2 282 40 22.5 90
2007 95 27.6 262 35 20.0 70
Croatia 2008 54 40.0 216      
2007 59 35.6 210      
Bosnia 2008 15 25.0 38      
2007 15 24.5 37      
Macedonia 2008 40 22.5 90      
2007 40 22.5 90      
Albania 2008 10 30.0 30      
2007 10 30.0 30    
TOTAL Non - EU 2008 219 29.9 656 40 22.5 90
2007 219 28.7 629 35 20.0 70
TOTAL EUROPE 31 2008 14 526 42.8 62 143 8 847 36.8 32 583
2007 13 969 41.6 58 151 8 313 38.3 31 836
Source: COCERAL, Brussels, June, 2008
Graph of the Week



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