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E-Malt.com Newsletter 05a
January 25 - January 27, 2010
Open!
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Quote of the week

"The surest way not to fail is to determine to succeed."
Richard Brinsley Sheridan
Currency Rates
Base Currency: Euro, EUR
on 27-January-2010

1 EUR = 1.4106 USD
1 EUR = 0.8714 GBP
1 EUR = 1.4965 CAD
1 EUR = 1.5671 AUD
1 EUR = 126.807 JPY
1 EUR = 2.5887 BRL
1 EUR = 42.7901 RUB
1 EUR = 9.6439 CNY
Base Currency: US Dollar
on 27-January-2010

1 USD = 0.709 EUR
1 USD = 0.6178 GBP
1 USD = 1.0609 CAD
1 USD = 1.111 AUD
1 USD = 89.8964 JPY
1 USD = 1.8352 BRL
1 USD = 30.3349 RUB
1 USD = 6.8368 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change Trend

January 27, 2010

Type Crop 2009 Crop 2010
2rs Barley EUR98.0-102.0 EUR123.0-127.0
6rw Barley EUR93.0-97.0 EUR112.0-116.0
2rs Malt EUR279.5-283.5 0.35% EUR309.0-313.0 0.32%
6rw Malt EUR273.5-277.5 0.36% EUR295.5-299.5 0.34%
Feed Barley EUR90.0-94.0 1.09% nq 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

Latin America: SABMiller cuts forecast for volume growth, but still sees acquisition possibilities in Latin America ...Click here
Russia: Beer production declines by 4.8% in 2009 ...Click here
Japan: Brewer Kirin revises downwards earning results forecast for FY2009 ...Click here
Colombia: SABMiller’s Colombian beer sales endangered by government’s intention to raise taxes ...Click here
Brazil: Beer consumption up more than 5% last year - report ...Click here
China: Carlsberg to strengthen its position in west China ...Click here
Japan: Brewers Kirin and Suntory may reach merger accord in a month - source ...Click here


More News


Czech Republic: Heineken to close its Louny brewery ...More Info
Japan: Sapporo’s overseas beer expansion under scrutiny ...More Info
China: Taiwan Tobacco & Liquor Corp. looking for growth in China’s beer market this year ...More Info
United Kingdom: Carlsberg announces price hike to take effect on February 15 ...More Info
Portugal & Angola: Unicer’s new beer plant to brew 100 mln litres of beer annually ...More Info
South Korea: Multinationals profiting by South Korean brewers ambitions to expand abroad ...More Info
United Kingdom: No malting barley contracts for Scottish farmers ...More Info
Belgium: AB InBev appoints new M&A head ...More Info
Bulgaria: Beer marked declined by more than 10% last year – Heineken Bulgaria GM ...More Info
Vietnam: Habeco starts building new beer plant ...More Info
Denmark: Strike over at Carlsberg’s brewery ...More Info
South Africa: SABMiller’s beer division to join striking colleagues at the soft drinks arm ...More Info
United Kingdom: Two Indian beers to compete for Indian food lovers ...More Info
Malaysia: Tiger Beer to get a major ad push in the Year of the Tiger ...More Info
Zambia: Zambian Breweries three-year investments exceed K500 bln ...More Info
Ethiopia: Heineken secures distribution of its beer in Ethiopia ...More Info
Go to our news database with more than 16465 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

Latin America: SABMiller cuts forecast for volume growth, but still sees acquisition possibilities in Latin America

SABMiller Plc believes there will be more opportunities to grow through acquisitions in Latin America after missing out on the beer unit of Fomento Economico Mexicano SAB, Bloomberg reported on January, 26.

Losing the auction of the Mexican brewer to Heineken NV “is not the end of the world,” SABMiller’s Latin American President Barry Smith said. “I still think there are acquisition opportunities in Latin America.”

The world’s second-largest brewer cut its forecast for volume growth in Latin America because of a higher consumption tax in Colombia, which accounts for more than 50 percent of SABMiller’s profit in the region. Latin America, which accounts for more than 25 percent of the company’s earnings, should benefit from an increase in per-capita consumption as economic growth returns and consumers switch from local spirits to beer, Smith said.

“The future growth opportunities within our existing markets are big,” Smith said, adding that countries such as Brazil and Venezuela are “very attractive” prospects. SABMiller controls about 98 percent of the Colombian market, and has units in Peru, Ecuador, Panama, Honduras and El Salvador.

Latin American volumes will grow 4 percent to 6 percent in the “medium term,” the brewer said. SABMiller’s previous forecast was 5 percent to 7 ...More Info


Russia: Beer production declines by 4.8% in 2009

Russian beer production increased in December from a year earlier, the Federal Statistics Service (Rosstat) announced on January, 22.

Production rose 11.1 percent compared with December 2008, after a 3.7 percent increase in November, the service said. As compared to November, the nation’s beer production increased by 22.2 percent in the last month of 2009.

Russian beer output fell 4.8 percent in 2009 from a year earlier to 110 mln hl, according to the report.

Carlsberg’s Baltika Breweries is Russia’s largest beer producer, with 39 percent of the market by value in the first 11 months of 2009, followed by Anheuser-Busch InBev, with 16 percent, according to researcher Business Analytica.

Heineken is third-largest, with 13 percent, followed by SABMiller and Anadolu Efes Biracilik & Malt Sanayii, with 10 percent each.


Japan: Brewer Kirin revises downwards earning results forecast for FY2009

Japan’s second-largest brewer Kirin Holdings Company, Limited ("Kirin") said on January, 25 it had revised its non-consolidated earnings results forecast for the fiscal year 2009, (previously announced on February 10, 2009) in consideration of its recent business performance and other factors.

The company expects its sales to reach 108 mln yen in the FY ended December 31, 2009 versus the previous forecast of 91 bln yen.

Operating income forecast has been increased from 65 mln yen to 84 mln yen, whereas net income is expected to amount to 82 mln yen (+26.2% on the previous forecast).

The revision is due to larger dividend income from affiliates than initially forecast, Kirin said, adding, however, that as the current non-consolidated earnings revision is due mainly to revision of dividends from affiliates, there will be little impact on the consolidated forecasts.


Colombia: SABMiller’s Colombian beer sales endangered by government’s intention to raise taxes

SABMiller's sales in Colombia may suffer after the government raised the sales tax on beer to 14% from its current 3%, Dow Jones reported on January, 22.

"We expect a modest impact on sales volumes, but we could see volumes off 4.5 percent," said SABMiller Latin America President Barry Smith.

He said the group would look to mitigate the impact of the first Colombian beer price rise since October 2008 by reviewing brewing costs.

The tax rise was one reason why Smith cut his medium term Latin American beer volume annual growth target to 4-6 percent a year from 5-7 percent. He also cited the economic downturn and Colombia's reliance on the sluggish U.S. economy.

Analysts now expect Colombian beer volumes in the year to March 2011 to fall some 3 percent after previously looking for volume growth of around 2 percent.

“What we’ve seen in similar beer markets is that when there’s a big price rise, volumes do suffer,” said Andy Smith, Icap’s head of equities. “Given that it’s such a big market for them, this cannot be good for the direction of consensus numbers.” Smith has a “sell” recommendation on the shares.

SABMiller's Colombian unit, Bavaria SA, will raise the price of beer ...More Info


Brazil: Beer consumption up more than 5% last year - report

Brazilian beer consumption rose more than 5 percent last year to 10.7 billion liters, even with the economic slowdown, O Estado de S. Paulo reported on January, 25.

The daily newspaper did not say where it got the information.

Sales rose 11 percent from January to November last year compared with the same period of 2008 because of price increases, Estado said, citing Nielsen data.


China: Carlsberg to strengthen its position in west China

Danish brewer Carlsberg A/S has finally won approval from China's Ministry of Commerce to raise its shares in the parent of a smaller Chinese beer maker to nearly 90 percent, The Shanghai Daily reported on January, 23.

The approval is expected to help Carlsberg further strengthen its footprint in west China.

The Danish brewing giant can now take an additional 41 percent stake in Xinjiang Blue Sword Brewing Investment Co, parent of Shanghai-listed Xinjiang Hops Co.

Blue Sword Brewing Investment is a joint venture between Carlsberg and Blue Sword Lanjian (Group) Co formed in 2005, in which Carlsberg holds a 48.93 percent stake.

The stake transfer agreement was signed in April last year but the deal has been postponed four times on concern over Carlsberg's possible monopoly in the beer market in west China.

"Carlsberg already has a strong presence in the beer market in west China, and the move would make it the king of the region," said Huang Mao from Guosen Securities Co.

Other analysts said the deal would not make a huge impact on China's overall beer market.

Carlsberg has focused its development in the west through acquisition and local ventures with total investment of more than 1 billion yuan (US$146 million).

Investment ...More Info


Japan: Brewers Kirin and Suntory may reach merger accord in a month - source

Kirin Holdings Co. and Suntory Holdings Ltd. will likely reach a merger accord during or after February, a person familiar with the matter was quoted as saying by The Wall Street Journal on January, 24.

The companies are still ironing out difficulties as they look to create a formidable competitor to the world's leading brewer, Anheuser-Busch InBev N.V., the source said.

The two companies said in July that it would be possible to reach an accord by the end of the year or later, but the person said it "may be difficult from a common-sense standpoint" to sign an accord by the end of January.

The person also said that a merger ratio that is satisfactory to both parties is one of the most challenging issues in advancing the merger talks, without elaborating.

On the Tokyo Stock Exchange, Kirin shares were down 1.2% at 1,410 yen ($15.65) midday, in line with broader market weakness due to falling U.S. shares on January, 22 and a stronger yen. But news of the later-than-expected merger accord is also hitting sentiment, said an analyst at a Japanese asset management firm.

"How to assess the value of unlisted Suntory and what merger ratio both sides will agree on ...More Info

Scientific Digest

Modelling of Yeast in Suspension During Malt Fermentation Assays

Joseph C. Lake, R. Alex Speers, Tom A. Gill, Anna-Jean M. Reid and Douglas S. Singer

J. Inst. Brew. 115(4), 296–299, 2009 ABSTRACT
Premature yeast flocculation (PYF) is a poorly understood condition leading to attenuation of fermentation and poor alcohol yields. The yeast in suspension in fermenting worts prepared from either normal or premature flocculating malts was continually measured during the small 15 mL fermentation test recently developed in the Dalhousie laboratories. A simple inexpensive monitoring system was constructed from a laser level, photometric cell and data logger. This system allowed non-destructive data collection of absorbance data (over 700 data points per fermentation) at ~650 nm. A non-linear modeling technique was applied to the data, and yielded two best-fitting logistic models. The model parameters were quantitatively compared to determine if statistical differences between PYF and normal wort were apparent. A student’s t test of the logistic parameters indicated a significant difference (p > 0.025) between control and PYF worts for the increase in absorbance at the beginning of the fermentation. A significant difference (p > 0.0001) in the inflection time of absorbance down-curve between the control and PYF wort was also noted. Key words: fermentation, flocculation, malt, PYF, yeast.
Load full article, 4 pages, 873kb , PDF file

Barley Prices
EURO = USD 1.4106 January 27, 2010  
 Crop year   2009   2010 
 Parity   FOB Creil   FOB Creil 
 Position   July 2009   July 2010 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  102.00  144.00  127.00  179.50 
2RS  Prestige  101.00  142.50  126.00  178.00 
2RS  Cellar  100.00  141.50  125.00  176.50 
2RS  Sebastien  99.00  140.00  124.00  175.00 
2RS  Tipple  99.00  140.00  124.00  175.00 
2RS  Henley  99.00  140.00  124.00  175.00 
6RW  Esterel   95.00  134.50  114.00  161.00 

French Feed Barley Prices. Nominal prices
EURO = USD 1.4106 January 27, 2010
Crop year 2009
Parity FOB Creil
Position July 2009
Type EURO USD
Feed Barley 93.00 131.19


Theoretical Malt Prices

  EURO = USD 1.4106 January 27, 2010 
Crop year  2009 
Parity  FOB Antwerp 
Position  Jan 2010 - Sept 2010 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  284.00  400.50  315.00  444.50  307.50  433.50  321.50  453.50 
2RS  Prestige  282.50  398.50  314.00  442.50  306.00  431.50  320.50  452.00 
2RS  Cellar  281.50  397.00  312.50  441.00  305.00  430.00  319.00  450.00 
2RS  Sebastien  280.00  395.00  311.50  439.00  303.50  428.50  318.00  448.50 
2RS  Tipple  280.00  395.00  311.50  439.00  303.50  428.50  318.00  448.50 
2RS  Henley  280.00  395.00  311.50  439.00  303.50  428.50  318.00  448.50 
2RS   Average price  281.50  397.00  312.50  441.00  305.00  430.00  319.00  450.00 
6RW  Esterel   275.50  388.00  306.50  432.00  298.50  421.50  313.00  441.50 
Asia Malt 70/30  279.50  394.50  310.50  438.50  303.00  427.50  317.50  447.50 
**  Asia Malt 50/50  278.50  392.50  309.50  436.50  302.00  425.50  316.00  445.50 


EURO = USD 1.4106 January 27, 2010 
Crop year  2010 
Parity  FOB Antwerp 
Position  Oct 2010 - Sept 2011 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  313.50  442.00  344.50  486.00  337.00  475.00  351.00  495.00 
2RS  Prestige  312.00  440.00  343.50  484.00  335.50  473.50  349.50  493.50 
2RS  Cellar  311.00  438.50  342.00  482.50  334.50  471.50  348.50  491.50 
2RS  Sebastien  309.50  436.50  340.50  480.50  333.00  470.00  347.50  490.00 
2RS  Tipple  309.50  436.50  340.50  480.50  333.00  470.00  347.50  490.00 
2RS  Henley  309.50  436.50  340.50  480.50  333.00  470.00  347.50  490.00 
2RS   Average price  311.00  438.50  342.00  482.50  334.50  471.50  348.50  491.50 
6RW  Esterel   297.50  419.50  328.50  463.50  321.00  452.50  335.00  472.50 
Asia Malt 70/30  306.50  432.50  338.00  476.50  330.50  466.00  344.50  486.00 
**  Asia Malt 50/50  304.00  429.00  335.50  473.00  327.50  462.00  342.00  482.00 

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

Malt is insignificant in the price of beer but
of prime necessity to produce natural beer of quality
in Euros January
  2006 2007 2008 2009 2010 Future?
Barley Price per Ton (average) 109.99 203.11 298.48 123.58 104.71 100.00
Barley into Malt - per Ton (at 1.25 coef.) 137.49 253.89 373.10 154.48 130.89 125.00
Production Finance and Dep. Costs + Margin per Ton 65 125 120 145 95 95
Price per Ton of Malt 202.49 378.89 493.10 299.48 225.89 220.00
Price per KG of Malt 0.202 0.379 0.493 0.299 0.226 0.220
KGs of Malt per HL of Beer 15 15 15 15 15 15
Price of Malt per HL of Beer 3.04 5.68 7.40 4.49 3.39 3.30
Malt Price in 25 cl Glass of Beer 0.008 0.014 0.018 0.011 0.008 0.008
Average Price of a 25 cl Glass of Beer 2.5 2.5 2.5 2.5 2.5 2.5
Malt Price % in a Glass of Beer 0.30 0.57 0.74 0.45 0.34 0.33
Graph of the Week


Source: USDA

These Days in Business History
January 25
1853 Basic financial disclosure becomes mandatory for all companies seeking to list their stock for trading on the New York Stock & Exchange Board.
1919 Founding of League of Nations
1959 First transcontinental commercial jet flight (LA to NY for $301)

January 26
1871 US income tax repealed
1886 Karl Benz patents 1st auto with burning motor
1921 Akio Morita, the co-founder of Sony Corp., is born in Nagoya, Japan.

January 27
1880 Thomas Edison patents electric incandescent lamp
1888 National Geographic Society organizes
1926 1st public demonstration of television by John L Baird, London
Agenda