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E-Malt.com Newsletter 48a
November 24 - November 26, 2008
Open!
Click here to get full size Newsletter


Quote of the week

"The work goes on, the cause endures, the hope still lives and the dreams shall never die."
Edward Kennedy
Currency Rates
Base Currency: Euro, EUR
on 26-November-2008

1 EUR = 1.2912 USD
1 EUR = 0.8507 GBP
1 EUR = 1.5953 CAD
1 EUR = 2.0013 AUD
1 EUR = 124.306 JPY
1 EUR = 2.9914 BRL
1 EUR = 35.3134 RUB
1 EUR = 8.8263 CNY
Base Currency: US Dollar
on 26-November-2008

1 USD = 0.7745 EUR
1 USD = 0.6588 GBP
1 USD = 1.2355 CAD
1 USD = 1.55 AUD
1 USD = 96.2648 JPY
1 USD = 2.3167 BRL
1 USD = 27.3491 RUB
1 USD = 6.8357 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

November 26, 2008

Type Crop 2008 Crop 2009
2rs Barley EUR131.0-133.0 2.94% EUR146.0-148.0
6rw Barley EUR123.0-125.0 1.59% EUR133.0-135.0
2rs Malt EUR357.0-359.0 1.92% EUR371.0-373.0
6rw Malt EUR346.5-348.5 1.14% EUR354.0-356.0
Feed Barley EUR102.0-104.0 3.74% 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 & United States: Anheuser-Busch InBev to run a rights offering up to December, 9 ...Click here
United Kingdom & India: Cobra Beer looking for a strategic partnership or sale ...Click here
China: Tsingtao Brewery forecast to increase share earnings in the next three years ...Click here
Belgium: ABInBev’s Belgian investors dispose of shares at a 5-year lowest price, analysts predict shares rise ...Click here
Russia & Asian-Pacific region: In the first nine months, Baltika Breweries increases sales more than four times in the Asian-Pacific region ...Click here
Ireland: Malt division contributes to increase in Greencore’s ingredients business profits in FY 2008 ...Click here
United States: US feed and malting barley markets rather quiet, USDA predicts world barley trade to rise to 19.3 mln tonnes between October, 2008 – September, 2009 ...Click here
United Kingdom: Malting Barley Committee lists barley varieties approved for brewing and distilling use in 2009 ...Click here
Canada: Both feed and malting barley drop by C$3 in CWB’s November PRO ...Click here
Australia: ABB reports full-year financial results ...Click here




United Kingdom: The future of ABInBev’s UK brands to be decided in the next few months ...More Info
Belgium & Tunisia: Brewer SFBT to launch ABInBev’s Beck’s beer in Tunisia ...More Info
United Kingdom: Leading experts reassuring malting barley growers ...More Info
Ukraine: Obolon brewery close to completing the construction of its new malthouse ...More Info
Australia: No more adjustments to barley receiving standards - CBH ...More Info
Japan: Kirin Breweries selling stake in health food joint venture to focus on beverage business ...More Info
South Africa & the Netherlands: South African Fabcos to supply malt to Heineken over the next decade ...More Info
Canada & Colombia: Canadian barley growers to benefit from a free trade agreement with Colombia ...More Info
Australia: Beer may be re-defined to be distinguished from malternatives ...More Info
Zambia: SABMiller’s Zambian Breweries increases beer sales volume by 12.2% in H1 ended on September, 30 ...More Info
Go to our news database with more than 13948 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

Belgium & United States: Anheuser-Busch InBev to run a rights offering up to December, 9

Anheuser-Busch InBev, the world’s largest brewer, announced on November, 24 it will raise as much as 6.36 billion euros ($8.05 billion) in a rights offering to help repay some of the debt which funded the transaction that formed the company.

According to the company, as many as 986.1 million new shares will be offered to investors at 6.45 euros apiece. That’s 69 percent less than Nov.21 closing price of 20.60 euros.

The issue of the new shares will run from Nov. 25 until Dec. 9, 2008.

ABInbev's controlling shareholders will subscribe to 2.8 billion euros in new funds.

The company also said that an accelerated placement of up to some 1.2 billion of ex-rights ABInbev shares was being launched on November, 24 on behalf of the Belgian shareholders and Sebastien holdings.

The brewer, which sealed its takeover last week, had planned to carry out the rights issue last month, but postponed it due to volatile financial markets.

BNP Paribas, Deutsche Bank and J.P. Morgan are acting as Joint Global Coordinators and Joint Bookrunners of the offering.


United Kingdom & India: Cobra Beer looking for a strategic partnership or sale

Indian entrepreneur Karan Bilimoria is putting his Cobra beer business up for sale for around 200 million pounds ($296.8 million), Reuters reported on November, 23.

According to sources close to the situation, Bilimoria has appointed investment bank Rothschild to find a new investor in the beer company he founded 18 years ago after the failure of talks earlier this year to sell a stake to the world's biggest alcoholic drinks group Diageo Plc.

"Cobra beer is looking at a strategic partnership or a sale in order to achieve the full potential of the business," the beer company said in a statement.

Rothschild is expected to contact potential buyers this week including brewers with a big presence in the UK such as Anheuser-Busch InBev, Heineken, Carlsberg and Molson Coors, while India's United Breweries and private equity groups will also be approached, the sources said.

Besides, it was reported that Cobra Beer is also investing in expanding its beer business in India as it is looking to produce 10 million cases by 2010-11.

Bilimoria said, "In India, Cobra Beer achieved the annualized production of around 3.5 million cases in July this year and by July next year, it will be around five million cases and by ...More Info


China: Tsingtao Brewery forecast to increase share earnings in the next three years

China’s Tsingtao Brewery Co., Ltd. was rated at "buy ?B" by Essence Securities, Xinhua reported on November, 25.

The brewer’s target price was set at 21.78 yuan for 12 months.

Tsingtao Brewery is expected to have share earnings of 0.55 yuan, 0.79 yuan, and 0.99 yuan per share, in 2008, 2009, and 2010, respectively.

According to experts, the purchase price of import Australia wheat is likely to decrease by 25 percent in 2009. Consequently, the company's cost pressure will be relieved and its gross profit rate is predicated to rebound from two consecutive years of decline.

Currently, the company spends almost all of its marketing fees on the main "Tsingtao" brands, which will account for more than 50 percent in total sales volume in coming two to three years, predicated Essence Securities.


Belgium: ABInBev’s Belgian investors dispose of shares at a 5-year lowest price, analysts predict shares rise

Anheuser-Busch InBev's Belgian family investors completed their disposal of 1.2 billion euros ($1.55 billion) of shares, pricing them at a 5-year low for a quick sale as the brewer's rights offering proceeds, Bloomberg reported on November, 25.

The offering was for 10 euros a share, according to e-mails to clients from the underwriters. BNP Paribas, Deutsche Bank AG and JPMorgan Chase & Co. placed stock with institutions after an accelerated sale that started on November, 24.

The shares rose 16 percent on November, 25, the most ever, after closing the day before at their lowest since 2003.

According to Dresdner Kleinwort analysts, the Belgians' sale “removes most of the overhang” that had weighed on the shares. Still, “the deal is considerably more dilutive than we had anticipated, they said of the announced rights offering.

Shares in the company, known as InBev before last week, rose every year between 2004 and 2007 as the Brazilian executives, led by Chief Executive Officer Carlos Brito, focused on reducing costs. Those gains were wiped out this year as Brito bid for the former Anheuser-Busch Cos. to reach half the U.S. beer market. The stock is down 66 percent in 2008, compared with a 29 percent decline ...More Info


Russia & Asian-Pacific region: In the first nine months, Baltika Breweries increases sales more than four times in the Asian-Pacific region

The Danish-Russian Baltika Breweries increased its beer sales in the countries of the Asian-Pacific region more than four times during the first nine months of this year, Pivnoe-Delo cited the company’s press release on November, 24.

The brewer said its sales in Japan, China, Mongolia, Australia, South Korea, and New Zealand amounted to 2.7 mln litres over the reporting period.

With more than 1 mln litres of Baltika beer sold in January – September (three times as much as during the same period in 2007), China is the company’s main market in the region. Baltika #7 is the brewer’s best-selling brand with a 36 percent share in the total export volume. Baltika Breweries started to export its production to China in 2004.

In Australia, where Baltika beers appeared in the same year, it was Baltika #3 that enjoyed most popularity (50 percent of the total sales volume). Over the first nine months of 2008, the company’s sales in Australia grew more than two times.

Later this month Baltika is to present its production at an exposition of Russian enterprises in India.


Malt News

Ireland: Malt division contributes to increase in Greencore’s ingredients business profits in FY 2008

Greencore Group Plc, a leading international food and malt producer, issued on November, 25 its preliminary statement of results for the year ended September 26, 2008.

The Group posted revenue of €1,308.1 mln (+ 3% over the revenue of FY 2007, + 13% constant currency growth).

Operating profit decreased by 5% to €77.3 mln (+ 6% constant currency growth).

Continued excellent malt performance accounted for 60% of divisional sales. The malt business enjoyed a very good year, helping the ingredients business to a 17pc hike in profits to €31 mln.

Distilling demand for malt was fuelled by global consumption of whisky (2007: +7%). Cost of new capacity (c. e750/tonne) and availability of malt contractors is still significant barriers to entry, especially in Western Europe. New projects are being put on hold, reflecting economic uncertainty, Greencore said.

With multi-year agreements covering c. 50% of contracts, the company hopes to eliminate barley risk in most cases.

Greencore maintained its final dividend in the face of a 51pc slide in earnings from 51.8 cent to 26.6 cent a share.

The final payout of 5.3 cent gives a total for the year of 13.51 cent, almost 2pc up on a 2007 dividend struck at 13.26 cent a share.


Barley News

United States: US feed and malting barley markets rather quiet, USDA predicts world barley trade to rise to 19.3 mln tonnes between October, 2008 – September, 2009

Both the feed and malting barley markets of the US have been rather quiet the last two weeks, Farm & Ranch Guide communicated on November, 23.

According to experts, the trade has a pretty good picture of the 2008 crop and there hasn't been an increase in demand for either class.

“The feed barley market has pretty much been hanging right in there, despite the fact that the corn market has been bouncing around a little,” said Larry Raap, grain merchandiser for Sun Prairie Grains in Minot, N.D. “I would guess prices are in the $2.75 to $2.90 range right now.”

At the present time there is little export news that would lend support to feed barley prices, according to Raap, and he doesn't foresee any big export agreements on the horizon.

“I don't see any big upward pressure in the feed barley market unless corn takes off and goes wild, but that doesn't seem like it's going to happen either,” he said.

The latest USDA Feed Outlook, released by the Economic Research Service (ERS) on Nov. 13, predicted that world barley trade during the period of October 2008 through September 2009, will grow to 19.3 million tons, which will be the largest barley trade ...More Info


United Kingdom: Malting Barley Committee lists barley varieties approved for brewing and distilling use in 2009

UK’s Malting Barley Committee published its Malting Barley Brewing and Distilling Approved List: Harvest 2009 on November, 17.

At the Committee’s Autumn 2008 meeting the following varieties were approved for brewing use in 2009:

Winter varieties: Pearl – Full Approval Flagon – Full Approval Cassata – Full Approval Wintmalt – Provisional Approval 1

Spring varieties: Optic – Full Approval Cocktail – Full Approval NFC Tipple – Full Approval Westminster – Full Approval Quench – Provisional Approval 2.

None winter barley varieties were approved for distilling use in 2009. As for the spring varieties, the list is as follows:

Optic – Full Approval Cocktail – Full Approval Decanter – Full Approval Oxbridge – Full Approval Appaloosa – Full Approval Publican – Full Approval Tartan – Provisional Approval 1 Belgravia – Provisional Approval 1.


Canada: Both feed and malting barley drop by C$3 in CWB’s November PRO

Canadian Wheat Board released its November Pool Return Outlook (PRO) for the 2008-09 crop year on November, 20.

According to CWB, feed barley and designated barley are both down C$3: the former to C$190 from C$193 in the October PRO, the latter – to C$324 for two-row varieties and to C$304 for six-row varieties.

PRO Commentary

Global feed barley prices continued to decline during the past month as large Black Sea and European barley crops are being aggressively marketed during the post-harvest period. Despite the drop in ocean freight rates, North American barley values are still not competitive with Black Sea or European prices. As well, rains in the Middle East are expected to temper import demand. Dryness in eastern Australia has lowered expectations for the Southern Hemisphere crop, which has given limited support to the market, the CWB said.

International prices for malting barley continued to move lower over the past month, more than offsetting the positive impact of the weaker Canadian dollar and resulting in a slight decline in the PRO values. Prices have been supported somewhat by deterioration of the Australian crop and increased concerns about crop quality. European malting barley values have stabilized, due to earlier Danish sales that cannot ...More Info


Australia: ABB reports full-year financial results

ABB Grain Ltd announced on its official website on November, 25 it had recorded an AU$48.8 million full-year net profit after tax (NPAT) with strong contributions from all business sectors.

The company’s 2007 full-year net profit was AU$7.3 million.

Australia’s leading agricultural business also announced it would pay a final dividend of 14 cents per share to shareholders on 7 January 2009, with a record date of 17 December 2008. This brings the total dividends for the year to 21 cents per share.

ABB’s existing dividend reinvestment plan will continue to apply with a 2.5% discount to the weighted average price of ABB shares sold on the ASX in the five business days immediately before, including, and after the record date, it was posted.

ABB Grain managing director, Michael Iwaniw, said the 2008 full-year result was at the upper end of a revised profit guidance issued to the market on October 17. That guidance forecast an NPAT of between AU$47 mln and AU$49 mln.

“This result further supports the ABB strategy of diversification, growth and development of an integrated business model,” he said.

“The full-year profit is a pleasing result, delivered despite a below average harvest in 2007.”

ABB’s grain marketing division lifted its earnings before interest ...More Info

Scientific Digest

Long Term Serial Repitching and the Genetic and Phenotypic Stability of Brewer’s Yeast

Chris D. Powell and Andrew N. Diacetis

Abstract

ABSTRACT J. Inst. Brew. 113(1), 67–74, 2007 Two brewing yeast strains, one employed for the production of an ale type product and the other used solely for bottle conditioning, were serially repitched over a period of one year. Subsequently each yeast culture was compared to the original stocks for a variety of phenotypic and genotypic characteristics. Fermentation performance was assessed in terms of flocculation capacity and the time required to achieve attenuation in 150 barrel fermentation vessels, while the propensity for the population to accumulate variants was assessed by analysing giant colony morphology. Changes to the genome were monitored by DNA fingerprinting of each yeast culture using RAPD-PCR and RFLP. Although some colony morphology variation was observed between fresh and old ale yeast cultures, there were no detectable genetic changes or alterations in fermentation characteristics to either yeast strain over the course of serial repitching. It is suggested that although some brewing yeast strains are susceptible to genetic drift, others are more resilient and can remain stable over extended periods of time. The propensity to produce variants may therefore play a significant role in determining the number of times a strain may be serially repitched, or its suitability for beer fermentations. Key words: cropping, flocculation, genetic drift, RAPD, RFLP, Saccharomyces. Load full article, 5 pages, 5952Kb, PDF file


Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.2912 November 26, 2008 
 Crop year   2008   2009 
 Parity   FOB Creil   FOB Creil 
 Position   July 2008   July 2009 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  134.00  173.50  149.00  192.50 
2RS  Prestige  133.00  172.00  148.00  191.50 
2RS  Cellar  132.00  170.50  147.00  190.00 
2RS  Sebastien  131.00  169.50  146.00  188.50 
2RS  Tipple  131.00  169.50  146.00  188.50 
2RS  Henley  131.00  169.50  146.00  188.50 
6RW  Esterel   124.00  160.50  134.00  173.50 

French Feed Barley Prices. Nominal prices
EURO = USD 1.2912 November 26, 2008
Crop year 2008
Parity FOB Creil
Position July 2008
Type EURO USD
Feed Barley 103.00 133.00


Theoretical Malt Prices

EURO = USD 1.2912 November 26, 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  360.50  465.50  392.00  506.00  384.00  496.00  398.50  514.50 
2RS  Prestige  359.50  464.00  390.50  504.50  383.00  494.50  397.00  512.50 
2RS  Cellar  358.00  462.50  389.50  502.50  381.50  492.50  396.00  511.00 
2RS  Sebastien  357.00  461.00  388.00  501.00  380.50  491.50  394.50  509.50 
2RS  Tipple  357.00  461.00  388.00  501.00  380.50  491.50  394.50  509.50 
2RS  Henley  357.00  461.00  388.00  501.00  380.50  491.50  394.50  509.50 
2RS   Average price  358.00  462.50  389.50  502.50  381.50  492.50  396.00  511.00 
6RW  Esterel   347.50  449.50  379.50  490.00  372.00  480.00  386.00  498.50 
Asia Malt 70/30  355.50  458.50  386.50  499.00  378.50  489.00  393.00  507.50 
**  Asia Malt 50/50  353.50  456.00  384.50  496.50  376.50  486.50  391.00  505.00 


EURO = USD 1.2912 November 26, 2008
Crop year 2009
Parity FOB Antwerp
Position Oct 2009 - Sep 2010
Conditioning Bulk In bags Bulk containers Bags, containers
Malting barley variety EURO USD EURO USD EURO USD EURO USD
2RS  Scarlett  374.50  483.50  405.50  523.50  398.00  513.50  412.00  532.00 
2RS  Prestige  373.00  481.50  404.50  522.00  396.50  512.00  411.00  530.50 
2RS  Cellar  372.00  480.00  403.00  520.50  395.50  510.50  409.50  529.00 
2RS  Sebastien  370.50  478.50  402.00  519.00  394.00  509.00  408.50  527.50 
2RS  Tipple  370.50  478.50  402.00  519.00  394.00  509.00  408.50  527.50 
2RS  Henley  370.50  478.50  402.00  519.00  394.00  509.00  408.50  527.50 
2RS   Average price  372.00  480.00  403.00  520.50  395.50  510.50  409.50  529.00 
6RW  Esterel   355.00  459.50  387.00  499.50  379.50  490.00  393.50  508.50 
Asia Malt 70/30  367.00  474.00  398.50  514.50  390.50  504.50  405.00  522.50 
**  Asia Malt 50/50  364.00  469.50  395.00  510.00  387.50  500.00  401.50  518.50 

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

Table of the Week

Finland's domestic beer sales 2001 - 2007
% alc. vol. 2001
hl
2002
hl
2003
hl
2004
hl
2005
hl
2006
hl
2007
hl
4.7 % alc.vol 28,335 28,018 25,719 22,950 20,841 20,415 18,638
2.9 – 4.7 alc.vol. 368,014 373,733 367,943 386,516 397,336 398,556 401,449
Max 2.8 alc.Vol. 12,112 11,857 10,084 8,445 7,282 6,699 6,230
Total 408,461 413,609 403,746 417,918 425,459 425,670 426,317
Source: Finnish Federation of the Brewing and Soft Drinks Industry.
Note: The statistics do not include sales by actors outside the Federation, nor private imports of brewery products, which are not statistically recorded.
Graph of the Week


Source: USDA

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November 25
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November 26
1885 1st meteor photograph
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Agenda