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E-Malt.com Newsletter 19b
May 07 - May 10, 2009
Open!
Click here to get full size Newsletter


Quote of the week

"Prohibition makes you want to cry into your beer and denies you the beer to cry into"
Don Marquis
Currency Rates
Base Currency: Euro, EUR
on 08-May-2009

1 EUR = 1.3348 USD
1 EUR = 0.886 GBP
1 EUR = 1.5609 CAD
1 EUR = 1.7679 AUD
1 EUR = 132.147 JPY
1 EUR = 2.8184 BRL
1 EUR = 43.7414 RUB
1 EUR = 9.1189 CNY
Base Currency: US Dollar
on 08-May-2009

1 USD = 0.7493 EUR
1 USD = 0.6637 GBP
1 USD = 1.1694 CAD
1 USD = 1.3245 AUD
1 USD = 99.0126 JPY
1 USD = 2.1115 BRL
1 USD = 32.7706 RUB
1 USD = 6.8318 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

May 08, 2009

Type Crop 2008 Crop 2009
2rs Barley EUR102.0-106.0 EUR136.0-140.0 1.47%
6rw Barley EUR99.0-103.0 EUR122.0-126.0 1.64%
2rs Malt EUR314.5-318.5 EUR348.0-352.0 0.72%
6rw Malt EUR310.-314.0 EUR329.5-333.5 0.76%
Feed Barley EUR93.0-97.0 1.06% 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: AB InBev reports a successful first quarter despite wary forecasts ...Click here
United States: Boston Beer says it experienced some slowing of trends in its brands in Q1 2009 ...Click here
Brazil: Q1 sees AmBev increase beer volumes by 4.1%, the brewer sees 2009 as a very challenging year ...Click here
Belgium & United States & South Korea: AB InBev agrees to sell its Oriental Brewery, reserves the right to buy it back in five years ...Click here
Japan: Kirin’s combined beer sales exceed initial sales volume targets in the first quarter ...Click here
United Kingdom: Diageo says net sales fall 7% on organic basis in the quarter ended March 31, 2009 ...Click here
Russia: Baltika Breweries reports lower sales volume, increased revenue and net profit for the first quarter ...Click here
Singapore: Asia Pacific Breweries attributable net profit grows 9.6% in the six months ended March, 31 ...Click here
Belgium & China: AB InBev agrees to sell its remaining 7% stake in Tsingtao to a Chinese investor ...Click here
EU: Malt markets activity reduced, but possibility of bullish tendency this year is not excluded ...Click here
Ukraine: Obolon brewery now a malt exporter ...Click here
World: Barley crop forecast to drop 8% from last year’s ...Click here
EU: More than ample 2008 barley crop still keeping prices down to unrewarding levels ...Click here
Russia & Ukraine: Barley crop estimates to be revised downwards on unfavourable weather conditions - sources ...Click here
North America: Barley planting barely begun, Canadian growers express some yields and quality concern ...Click here




EU: European Beer Consumers Union urges authorities to treat beer more respectively ...More Info
Russia: Despite a decline in Q1, Russia’s beer sales are forecast to do better in the second and third quarters ...More Info
South Korea: Beer market not to change much after the sale of Oriental Brewery - analyst ...More Info
Australia: ABB extends syndicated debt facility to 2012 amid takeover talks with Viterra ...More Info
China: The possibility of Tsingtao falling under control of Asahi not making happy China’s beer drinkers ...More Info
Japan & Australia: Lion Nathan halts trade in shares in preparation for a takeover by the Japanese Kirin ...More Info
Romania: Albacher beer delivers good results in the first quarter of 2009 ...More Info
EU: Malting barley prices showing stability, interest still limited to the next two crop years ...More Info
Ukraine: Brewers make gloomy forecast for the Ukrainian beer market in 2009 ...More Info
China: AB InBev’s sale of a 19.99% stake in Tsingtao to Asahi will not affect the controlling power of Tsingtao Brewery Group – a company official ...More Info
Denmark: Carlsberg shares up 4.5% on strong first-quarter results ...More Info
Thailand: Increased tax on beer will cause a drop in sales as Thailand’s beer market has already shown negative growth in the first quarter ...More Info
Portugal: Beer is a favourite drink of 49.4% of respondents in a recent study ...More Info
Belgium & United States: Brewer Duvel Moortgat USA to be headed by a former President and CEO of InBev USA ...More Info
Romania: Large brewers not interested in small local beer producers ...More Info
Go to our news database with more than 14946 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

Belgium: AB InBev reports a successful first quarter despite wary forecasts

Anheuser-Busch InBev, the world’s No. 1 brewer, said on May, 7 its revenues grew 25.9% during the first three months of this year.

AB InBev’s consolidated revenue grew 4.7% for 1Q09, reaching 8,197 million USD. The increase in revenue per hectolitre of 5.9% (excluding US entertainment and packaging activities) reflects effective revenue management programs, the company stated.

The brewer’s cost of sales (CoS) for 1Q09 decreased by 0.2% and CoS per hl (excluding US entertainment and packaging activities) increased by 2.5%.

“CoS remain a challenge, but we are starting to see the benefit of procurement best practices and brewery productivity enhancements (VPO),” the Belgian company said.

Operating expenses decreased 6.5% in 1Q09, with the following developments:

• Distribution expenses for 1Q09 decreased 12.3% to 600 million USD, mainly driven by the synergy generation in North America, lower tariffs in Central and Eastern Europe and lower fuel costs overall;

• Sales and marketing expenses declined 3.3% to 1,042 million USD, as a result of lower media costs;

• Administrative expenses for 1Q09 fell 3.8% to 503 million USD, as synergy savings in North America offset higher expenses in Latin America North and GEHC;

• Other operating income/expenses increased 3.9% to 76 million USD.

1Q09 PROFIT – Normalized profit attributable to ...More Info


United States: Boston Beer says it experienced some slowing of trends in its brands in Q1 2009

The Boston Beer Company, Inc. reported on May, 6 a first quarter core product depletions decrease of 5% as compared to the first quarter of 2008, adjusted for comparable selling days.

Net income for the first quarter was $1.4 million, or $0.10 per diluted share, an increase of $5.1 million, or $0.37 per diluted share, from the first quarter of 2008, primarily as a result of provisions taken for the product recall in the first quarter of 2008, offset by lower core shipment volumes and gross profit.

Excluding the impact of the product recall, the company's net income decreased $3.7 million, or $0.25 per diluted share. Depletions decreases were primarily attributed to decreases in Samuel Adams Boston Lager(R), Sam Adams Light(R) and the Samuel Adams(R) Brewmaster's Collection, partially offset by increases in Samuel Adams(R) Seasonals and Twisted Tea(R).

Net revenue for the first quarter of 2009 was $81.1 million, an increase of $5.0 million, or 7%, over the same period last year, primarily due to provisions taken in 2008 for the product recall. Excluding the impact of the product recall, net revenue decreased by $4.1 million, or 5%, during the first quarter of 2009 as compared to the first quarter of ...More Info


Brazil: Q1 sees AmBev increase beer volumes by 4.1%, the brewer sees 2009 as a very challenging year

Anheuser-Busch InBev’s Brazilian brewing division, Cia. de Bebidas das Americas, or AmBev, posted on May, 7 the results of its operations during the first three months of this year.

The company’s consolidated beer volumes increased by 4.1% organically to 26,314.9 thousand hl over the quarter. Net income added 32.2% reaching R$1,612.6 mln. Normalized EBITDA amounted to R$2,582.9 mln, whereas the organic growth of normalized EBITDA margin constituted 240 bps.

AMBEV MANAGEMENT COMMENTS

The first quarter of 2009 was an important positive start for what we believe could still be a very challenging year.

Although Brazil’s industry performance has been positively impacted by both macroeconomic drivers and good weather, we have already seen slowdown in industry volumes versus last year trends across most of the markets in which we operate as a result of current economic environment.

Our normalized consolidated EBITDA totaled R$2,582.9 million in Q1 2009, a 16.3% organic increase with margins expanding by 240 bps. Consolidated volumes delivered solid growth and were 5.1% higher in Q1 2009.

In Brazil, volumes for both Beer (+7.6%) and CSD & Nanc (+12.6%) in Q1 2009 delivered strong growth versus last year. This was primarily a result of: (i) real consumer disposable income growth for the first time in ...More Info


Belgium & United States & South Korea: AB InBev agrees to sell its Oriental Brewery, reserves the right to buy it back in five years

Anheuser-Busch InBev and Kohlberg Kravis Roberts & Co. L.P. (“KKR”) announced on May, 7 that they have entered into an agreement whereby Anheuser-Busch InBev will sell Oriental Brewery (“OB”), South Korea’s second largest brewery, to an affiliate of KKR, for 1.8 billion USD (equivalent to approximately 2.3 trillion KRW converted at the current spot rate of 1272.6).

AB InBev, the world’s largest brewer, said it would continue its relationship with OB through the exchange of best practices, granting KKR exclusive licenses to distribute certain brands in South Korea including Budweiser, Bud-Ice and Hoegaarden, and by having an ongoing interest in OB through an agreed earnout. In addition, the Belgian brewer will have the right but not the obligation to reacquire OB within five years after closing of the transaction at pre-determined financial terms.

The divestiture of OB is part of Anheuser-Busch InBev’s ongoing de-leveraging program and allows the company to unlock shareholder value, generating proceeds that will be used to repay debt incurred as a result of InBev’s acquisition of Anheuser-Busch in November 2008.

Carlos Brito, Chief Executive Officer of Anheuser-Busch InBev, said: "This transaction allows us to unlock value for our stakeholders while preserving a mutually beneficial relationship through ongoing distribution agreements. ...More Info


Japan: Kirin’s combined beer sales exceed initial sales volume targets in the first quarter

Kirin Holdings Co. said on May, 8 that its net loss deepened in the quarter ended March 31, due partly to securities valuation losses.

The Tokyo-based beer maker, which holds a 46% stake in Australia's Lion Nathan Ltd. and 20% of the Philippine's San Miguel Corp., posted a net loss of ¥6.17 billion for the fiscal first quarter, compared with the year-earlier loss of Y675 million.

Japanese brewers typically generate relatively low profits, or sometimes losses, in the January-March quarter. Beer demand is weak during the period, and breweries have high promotional expenses for new products ahead of the peak summer season.

The company’s alcohol beverage business reported for the quarter a consolidated operating income of ¥13.7 bln (- 16% from the first quarter of the last year).

Kirin's beer sales (including ordinary beer, happoshu and new genre) came to ¥183.3 billion, showing a 9.4% from the first quarter in the year earlier. The company expects its beer sales to drop 8.1% in the full year.

In natural terms, the sales of ordinary beer constituted 154 thousand kl (- 6.7%). Sales of happoshu (type of beer with low malt content) dropped by 6.9% to 155 thousand kl. Sales of new genre no-malt beer grew by ...More Info


United Kingdom: Diageo says net sales fall 7% on organic basis in the quarter ended March 31, 2009

Beer and spirits group Diageo plc said on May, 7 that in the nine months ended 31 March 2009 net sales were flat against the comparable period on an organic basis.

In the quarter ended 31 March 2009 net sales declined by 7% on the same basis, driven primarily by the planned stock reductions in Diageo’s US spirits and wine distributors where stock at 31 March 2009 was approximately one million cases lower than at 31 December 2008.

On a reported basis net sales grew by 16% in the nine months ended 31 March 2009 and by 11% in the quarter ended 31 March 2009, against the comparable prior period in each case. Growth was mainly driven by the impact of exchange rates movements since the comparable period, Diageo reported.

The only material change in the financial position of the group was the liability in respect of the interim dividend. Net assets were £4,192 million at 31 March 2009, having been £4,616 million at 31 December 2008, said the owner of the legendary Guinness.

Paul Walsh, Chief Executive of Diageo commented:

“As we anticipated trading in markets around the world has weakened in the second half of the fiscal year. In ...More Info


Russia: Baltika Breweries reports lower sales volume, increased revenue and net profit for the first quarter

Baltika Breweries, the leader on the Russian beer market and a subsidiary of the Danish Carlsberg Group, announced its financial results for the first quarter of 2009 on May, 7.

Over the first three months of 2009, Baltika’s sales volumes dropped 5% to 8.5 mln hl, as compared to the first quarter of 2008. Sales revenue increased by 5.3% to RUR17.74 bln. The company’s EBITDA amounted to RUR5.09 bln (+ 21.4%), whereas its net profit climbed 18.5% to RUR2.53 bln.

According to the brewer, the Russian beer market has appeared to be one of the most resilient markets than other industries even in conditions of general economic decline. The current economic crisis undoubtedly was reflected in the trend of purchasing power of the population and in production and consumption volumes, which were lower in Q1 2009 than in the same period of 2008. The company estimates that beer market volume in Russia decreased in Q1 2009 by almost 7% compared to Q1 2008, which is noticeably better than the trend line of the main macroeconomic indicators and production volumes in other industries.

Moreover, the business of Baltika Breweries, the market leader with the strongest brand portfolio, was more resistant to the influence of ...More Info


Singapore: Asia Pacific Breweries attributable net profit grows 9.6% in the six months ended March, 31

Singapore-based Asia Pacific Breweries posted on May, 7 a 0.9% increase in revenue, to S$1.07 mln, for the first half ended 31 March 2009.

Despite operating amidst challenging trading conditions across almost all its markets, Asia Pacific Breweries announced a 9.6% increase in attributable net profit (after exceptional items) to S$94.5 million for the reporting period. The improvement is largely due to a one-time gain of S$3.5 million from the sale of Liquorland Limited, a chain of liquor retail stores in New Zealand, the company said.

Profit Before Interest, Taxation & Exceptional Item (PBIT) gained 2.2% or S$3.7 million to S$172.7 million as compared to the corresponding period last year. Excluding translation difference and gestation losses*, PBIT rose organically by 6% to S$184.4 million.

Attributable Net Profit before Exceptional Items (APBE), at S$91 million, is comparable with that of the corresponding period last year. Excluding translation difference and gestation losses*, APBE grew organically by 7% to S$100.9 million.

Earnings per share before exceptional items rose from 35 cents to 35.3 cents. Net asset value per share gained 15 cents to S$3.89 while net tangible assets per share increased from S$2.96 to S$3.04 when compared to March last year.

The Directors have recommended ...More Info


Belgium & China: AB InBev agrees to sell its remaining 7% stake in Tsingtao to a Chinese investor

Anheuser-Busch InBev announced on May, 8 that it has entered into an agreement with Mr. Chen Fashu, a Chinese national and private investor, whereby Mr. Chen will acquire the remaining 7% stake which the Belgian brewing giant holds in Tsingtao Brewery Co., Ltd. for 235 million USD.

Under the agreement, Anheuser-Busch InBev will sell 91,641,342 H-shares of Tsingtao to Mr. Chen at a price of HKD 19.83 per share.

The parties expect the transaction to close on May 27, 2009.


Malt News

EU: Malt markets activity reduced, but possibility of bullish tendency this year is not excluded

As brewers and maltsters look for protection from volatile markets, already this year another bull market of grains cannot be excluded, and malt prices would certainly follow, analysts communicated at the beginning of this month.

Present activity in EU’s malt markets is minimal, local business for 2010 is reported at prices between EUR 335,- and 345,-, average price for the year, delivered breweries.

Average quotes for export sea, FOB, in bulk in container, is around EUR 350,- per ton. Especially overseas brewers have been very passive so far, EU maltsters report.


Ukraine: Obolon brewery now a malt exporter

Ukraine’s largest brewer Obolon announced on May, 8 that it has started to export barley malt produced at its new malthouse in the Khmelnitsk region.

The malting plant was launched at full capacity at the end of last year. Its annual capacity amounts to 120 thousand tonnes of pilsen malt, which minimizes Obolon’s dependence on external malt markets. The company said it might export about 10 thousand tonnes of malt this year.

Taking into account the high quality of the product, several nations have already expressed interest in ordering malt produced by Obolon, among which Slovenia, Russia, Germany, and the Baltic countries, the Ukrainian company said.


Barley News

World: Barley crop forecast to drop 8% from last year’s

IGC forecasts a world barley crop of 145.9 mln vs. 155.9 mln tons last year. Taking into account the EU Commission’s forecast of an EU crop of 60.7 mln tons instead of the IGC estimate of 62.9 mln tons, a note by industry analysts published on May, 4 set world barley crop at 143.7 mln tons, down 8 % from 2008.

As to IGC, the world barley trade will drop from 19.1 mln to 17.4 mln tons. Countries in North Africa and the Middle East, Morocco, Turkey, Syria and Iran recorded better rainfalls and will probably harvest much better barley crops, analysts assume. Total usage is estimated unchanged, which will leave closing stocks of 29 mln tons vs. 31 mln tons of barley at the end of the present campaign.


EU: More than ample 2008 barley crop still keeping prices down to unrewarding levels

The EU barley crop was 65.7 mln tons in 2008 as compared to 58.1 and 56.2 mln tons, respectively in 2007 and 2006, that is, too large to sustain the high price levels of 2007/08, industry observers reminded earlier this week.

Neither the higher feed consumption of 41.9 mln tons nor exports of 3.3 mln tons against a very sharp competition from Black Sea countries could stop prices falling back to the intervention level just above EUR 100,- per ton.

Intervention started in November and will remain open till the end of May. Almost 750,000 tons have been tendered to intervention, latest data show; 250,000 tons have been accepted so far. As of July 1, 2010, there will be no more intervention of barley and maize (already since 2009) in the EU, only wheat will be bought by the authorities on a yet undefined tender basis, it is reported.

This campaign’s intervention is limited to Southeast Europe – Hungary 165,000, Czech Republic 144,000, Slovakia 18,000, Austria 6,000 tons; Baltic Region – Finland 125,000, Sweden 68,000, Lithuania 60,000, Poland 54,000, Estonia 3,000 tons; Central West Europe – Germany 102,000 tons.

According to sources, there has been no application in the deficit countries of the Mediterranean ...More Info


Russia & Ukraine: Barley crop estimates to be revised downwards on unfavourable weather conditions - sources

Eastern Europe looks like a major risk region for barley growing, industry sources reported earlier this week.

Winter crops in Russia were safe till the beginning of spring. The trouble started in April, delayed planting, extensive night frost causing anything from weakened plants to total damage, farmer’s lack of money curtailing fertilizer input, farmers turning away from spring barley will reduce the barley crop in the Black Soil area, and finally drought, sources maintain. Private estimates are that the Russian grain crop will drop by 15 to 20% from last year’s level.

In Ukraine there is limited damage from frost, however, there is also less input of fertilizer than in past years, but the dominating feature is dryness. South and South Central Ukraine received good rainfalls during the past weekend, but the Northern half of the Ukraine, which is the principal barley region, stayed dry.

Yield losses seem already certain, a major effect on yields and barley quality will happen, unless there is beneficial rainfall within the next weeks, industry observers believe.

Crop estimates of 17 mln tons of barley in Russia (last year 23.1 mln) and 9.8 mln tons (12.5) in the Ukraine will probably be corrected further down, sources estimate.


North America: Barley planting barely begun, Canadian growers express some yields and quality concern

Barley planting in North America has hardly started, soils are saturated and rains don’t stop in North Dakota, Montana and Manitoba, news came on May, 4.

It remains to be seen, whether U.S. farmers will stick to their plans to seed 1.6 mln HA of barley this year, sources communicate. In Canada the prognosticated acreage is 3.835 mln HA of barley (last year 3.787).

Acreage in the Western provinces is as follows: Manitoba 348,000 HA, Saskatchewan 1,578,000 HA and Alberta 1,679,000 HA. There is some concern about yields and quality of the expected crop, industry sources shared.

Scientific Digest

The use of geotrichum candidum starter culture for protection of barley and its influence on biotechnological qualities of malts

Barbara Foszczynska, Ewelina Dziuba, Regina Stempniewicz

Abstract:
ABSTRACT The influence of chemical disinfection of barley grain and addition of biomass of Geotrichum candidum in the process of steeping or germinating the grain on the enzymatic and technological quality of malt was examined. Rudzik brewing barley grain disinfected using formalin or biologically protected using G. candidum strains 1, KC3 and KB5, was used as experiment material. The starter cultures were added during steeping or at the beginning of germination. It was observed that the use of formalin negatively influenced the modification of malts and resulted in, among others, lowered Kolbach index (by 4.3% avg.). Addition of starter cultures to the first steeping water was favourable for the creation of enzymatic potential of malts. As compared to the control sample, starter malts were characterised by higher activity of beta-glucanase (by 24 U·kg-1) and alpha-amylase (by 20 U·g-1) and by higher diastatic power (by 20 WK-u). The best enzymatic a Key words: brewing barley, Geotrichum candidum yeasts, malting.. Load full article, 9 pages, 247 Kb, PDF file

Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.3348 May 08, 2009 
 Crop year   2008   2009 
 Parity   FOB Creil   FOB Creil 
 Position   July 2008   July 2009 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  106.00  141.50  140.00  187.00 
2RS  Prestige  105.00  140.50  139.00  185.50 
2RS  Cellar  104.00  139.00  138.00  184.50 
2RS  Sebastien  103.00  137.50  137.00  183.00 
2RS  Tipple  103.00  137.50  137.00  183.00 
2RS  Henley  103.00  137.50  137.00  183.00 
6RW  Esterel   101.00  135.00  124.00  165.50 

French Feed Barley Prices. Nominal prices
EURO = USD 1.3348 May 08,2009
Crop year 2008
Parity FOB Creil
Position July 2008
Type EURO USD
Feed Barley 95.00 126.80


Theoretical Malt Prices

EURO = USD 1.3348 May 08, 2009 
Crop year  2008 
Parity  FOB Antwerp 
Position  May 2009 - Sept 2009 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO USD EURO  USD EURO USD  EURO  USD
2RS  Scarlett  319.00  426.00  350.50  467.50  342.50  457.50  357.00  476.00 
2RS  Prestige  318.00  424.00  349.00  466.00  341.50  455.50  355.50  474.50 
2RS  Cellar  316.50  422.50  347.50  464.00  340.00  454.00  354.50  473.00 
2RS  Sebastien  315.50  421.00  346.50  462.50  339.00  452.50  353.00  471.50 
2RS  Tipple  315.50  421.00  346.50  462.50  339.00  452.50  353.00  471.50 
2RS  Henley  315.50  421.00  346.50  462.50  339.00  452.50  353.00  471.50 
2RS   Average price  316.50  422.50  347.50  464.00  340.00  454.00  354.50  473.00 
6RW  Esterel   312.00  417.50  344.00  459.50  336.50  449.00  350.50  468.00 
Asia Malt 70/30  315.50  421.00  346.50  462.50  339.00  452.50  353.50  471.50 
**  Asia Malt 50/50  314.50  420.00  346.00  461.50  338.50  451.50  352.50  470.50 


EURO = USD 1.3348 May 08, 2009
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  352.50  470.00  383.50  511.50  375.50  501.50  390.00  520.50 
2RS  Prestige  351.00  468.50  382.50  510.00  374.50  500.00  388.50  519.00 
2RS  Cellar  350.00  467.00  381.00  508.50  373.50  498.50  387.50  517.50 
2RS  Sebastien  348.50  465.50  379.50  507.00  372.00  496.50  386.50  515.50 
2RS  Tipple  348.50  465.50  379.50  507.00  372.00  496.50  386.50  515.50 
2RS  Henley  348.50  465.50  379.50  507.00  372.00  496.50  386.50  515.50 
2RS   Average price  350.00  467.00  381.00  508.50  373.50  498.50  387.50  517.50 
6RW  Esterel   331.50  444.00  363.50  485.50  356.00  475.50  370.50  494.50 
Asia Malt 70/30  344.50  460.00  376.00  501.50  368.00  491.50  382.50  510.50 
**  Asia Malt 50/50  341.50  455.50  372.50  497.00  364.50  486.50  379.00  505.50 

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

Russia Barley Supply & Disposition
in thousand metric tons
  TY Exports Production Total Consumption Ending Stocks
1998/99 92 9 800 12 900 382
1999/00 393 10 600 11 441 289
2000/01 1031 14 100 12 700 1 529
2001/02 2664 19 500 14 250 4 387
2002/03 3 066 18 700 15 500 4 706
2003/04 1 736 18 000 18 600 2 227
2004/05 1 488 17 200 16 500 2 110
2005/06 1 397 15 800 15 500 873
2006/07 1 691 18 100 16 400 1 226
2007/08 1 277 15 650 15 050 956
2008/09f 2 200 23 100 17 400 4 656
Note: Trading Year (TY) statistics are on Oct/Sept years. Source: USDA
Graph of the Week


Source: Czech Beer and Malt Association

These Days in Business History
May 7
1955 West Europe Union established
1979 5th UNCTAD-conference opens in Manila
1982 IBM releases PC-DOS version 1.1

May 8
1888 George Eastman patents "Kodak box camera"
1899 Friedrich August von Hayek is born in Vienna (Nobel Prize in economics in 1974)
1929 John Clifton Bogle, future founder of the Vanguard Group of Investment Cos., is born in Montclair, N.J.

May 9
1785 British inventor Joseph Bramah patents beer-pump handle
1886 At the soda fountain of Jacob’s Pharmacy in Atlanta, Dr. John S. Pemberton sells the first glass of Coca-Cola, his new “tonic” beverage.

May 10
1837 As New York banks suspend payment of loans in specie (gold coins), the Panic of 1837 begins - setting off the deepest economic depression the United States will suffer until 1929.
1950 The Digital Age takes a huge leap forward. At the National Physical Laboratory in the British village of Teddington, Alan Turing’s Pilot Model Advanced Computing Engine (ACE), one of the world’s earliest general-purpose electronic computers, runs its first program.
Agenda