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Newsletter Summary

Currency rates
Equities of largest breweries
Market prices change trend
Top industry news
Brewery news
Malt news
Barley news
Hops news
More news
Theoretical malt prices
Malt Price Evolution
Malting barley prices
Table of the week
Graph of the week
Agenda
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Average market prices Change trend

07 Jul-08 Jul 2005
Crop 2005
2rs Barley €117.0-118.0     
6rw Barley €107.0-109.0     
2rs Malt €249.0-251.0     
6rw Malt €236.0-238.0     

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 market prices are estimated on FOB Antwerp basis.
The changes are compared to last Newsletter's prices.
Arrows indicate the direction of the change.



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Newsletter 27a, 2005

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Newsletter 26b, 2005

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Newsletter 26a, 2004

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Newsletter 25b 2004

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Newsletter 25a, 2004



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E-malt.com Newsletter 27b
July 07 - July 10, 2005

Currency Rates
Base Currency: Euro, EUR
on 08-July-2005

1 EUR = 1.1945 USD
1 EUR = 0.6852 GBP
1 EUR = 1.4682 CAD
1 EUR = 1.6142 AUD
1 EUR = 133.87 JPY
1 EUR = 2.8374 BRL
1 EUR = 34.4339 RUB
1 EUR = 9.8982 CNY
Base Currency: US Dollar
on 08-July-2005

1 USD = 0.8375 EUR
1 USD = 0.5736 GBP
1 USD = 1.2291 CAD
1 USD = 1.3514 AUD
1 USD = 112.10 JPY
1 USD = 2.3754 BRL
1 USD = 28.827 RUB
1 USD = 8.2865 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
    New Zealand: 2005 HOP CROP ... Click here

    Russia & EU: New phytosanitary certificates are needed to export malt to Russia Click here

    Chile: CCU sales increased by 10.2% in the second quarter 2005 ... Click here

    Australia: Coopers installs two new fermenters ... Click here

    China: Formaldehyde illegally used in 95% of Chinese beer ... Click here

    Russia: Baltika shareholders waive away merger with Pikra ... Click here

    Thailand: Thai Beer giant plans to list in October - source ... Click here

    EU: Malt prices in EU ... Click here

    USA: Barley stocks increased by 7% ... Click here


More News
    UK: Pub group W&DB proposes debt refinancing ...more info

    USA: New USDA cereal crops lab to improve malting barley ...more info

    UK: Diageo issues statement in respect of year ended 30 June 2005 ...more info

    UK: Research into the genetics of barley could improve beer ...more info

    Ukraine: Barley prices tend upwards ...more info

    Australia: Coopers Birell continues solid growth ...more info

    Russia: Beer market consolidation is brewing ...more info

    USA: Beer sales will flow on Sundays in Pennsylvania ...more info

    USA: The barley market is in a weather market situation right now ...more info

    Ukraine: Sarmat brewing group is to increase by 25% its beer sales in 2005 ...more info

    Canada: Lakeport Brewing Income Fund record breaking sales ...more info



Brewery News
Chile: CCU sales increased by 10.2% in the second quarter 2005

The largest Chilean beer maker, Compania Cervecerias Unidas SA (CCU), announced on July 06 that its total sales volumes for the second quarter of the year increased by 10.3% year-on-year.

Total sales (in Chile and Argentina) reached 2,349,482 hectolitres in the quarter and 5,806,978hls for the first six months, up 10.2% on the first half last year.

On the domestic market sales, were up 10.6% in the second quarter. First quarter sales had jumped 10.5%, when they were reported earlier in the year. Sales of the company’s products in Argentina were up 8.3% in the quarter, following a strong first quarter of 8% growth.

On July 7 Compania Cervecerias Unidas (CCU) was upgraded from neutral to overweight by JP Morgan. On July 8 its shares increased by 1.48% to $24.66.

Compania Cervecerias Unidas, or CCU, is investing $90 million this year to expand production capacity and increase output of beer, soft drinks, juices and mineral water. Over three years, the company plans to invest $250 million.

When Chileans say "mas cerveza, por favor," they're usually asking for Cristal, Escudo, or another beer from Compañía Cervecerías Unidas (CCU). The firm also brews Cordoba, Dorada, and Rosario beers in Argentina and produces or distributes foreign beers, including those of Anheuser-Busch , Diageo (Guinness), Heineken, and Paulaner. CCU also bottles wine, mineral water, and soft drinks; it is Chile's bottler of PepsiCo drinks, Crush, Seven Up, and Squirt, and Watt's nectars. The brewer owns interest in the Croatian brewer Karlovacka Pivovara. Inversiones y Rentas, half owned by Chile's Luksic family, owns about 60% of CCU. Anheuser-Busch owns about 20%.



Australia: Coopers installs two new fermenters

Two giant fermenter tanks, each capable of holding more than 130,000 litres of beer, were installed by crane at Coopers Brewery on July 3 to help the company meet growing demand for its ales.

Each stainless steel tank is 15 metres tall, weights 10.5 tonnes and holds 130,000 litres of ale – the equivalent of almost 15,000 cartons. The tanks, which cost about $700,000 each, were manufactured and designed in Queensland by the company APV, and trucked from Brisbane to the Adelaide site.

Coopers Managing Director, Dr Tim Cooper, said that the new tanks would take the total number of fermenters to 16. “When we first moved to Regency Park in 2001, we had eight tanks and have added two per year since to cope with demand,” he said. “Coopers has been enjoying growth of about 17% a year since its move at a time when total beer sales in Australia have been falling.”Dr Cooper said further capital expansion was planned with a new bottling line and packing machine expected to be installed in coming months.

Earlier this year, Coopers imported an additional 20,000 kegs from Belgium to keep up with interstate demand for its ales.

Coopers is the third largest brewery in Australia and the only one that is entirely family owned. It has about 25% of the South Australian beer market and about 2.5% of the national market, with interstate sales growing at up to 30% in some areas.



China: Formaldehyde illegally used in 95% of Chinese beer

Formaldehyde, a cancer-causing agent, is used in 95 % of Chinese beer, Globe Times published on July 7. In China, the Food Safety Law bans use of formaldehyde in beer for any purpose. Only 5 % of Chinese beer, mostly premium beer, is free of artificial formaldehyde.

According to the story, formaldehyde is used in beer to eliminate the precipitates, which form during storage. European countries ban use of formaldehyde in beer because of its toxicity. A level of more than 0.2 mg per liter may stress the liver and long term consumption of such beer could affect the reproductive system, according to the story.

Professor Gu GuoXian, Deputy Director of the Chinese Brewery Industry Society Division of Beer Brewery, was cited by Globe Times as saying that the residue of formaldehyde in beer is low enough not to cause any harm. But he pointed out that formaldehyde should not be added to beer for any purpose because the Food Safety Law bans its use. Also, addition of formaldehyde destroys the natural flavor of beer.

Professor Gu was further cited as saying that the limit of natural formaldehyde in beer is 0.2 parts per million (ppm) or 0.2 mg per liter, but the formaldehyde content in Chinese beer can be commonly found at a level of up to 1.2 ppm.

In the U.S., the Food and Drug Administration approved the use of formaldehyde solution (37 percent) in chicken to inhibit salmonella growth for up to 14 days. The use limit is set at 5.4 pounds per ton or 2.5 kilograms per ton, which is equivalent to 925 ppm.

The U.S. Department of Health and Human Services listed formaldehyde in gas as a carcinogen.



Russia: Baltika shareholders waive away merger with Pikra

The shareholders of the Russia’s largest beer maker, Baltika Brewery, have not approved the transaction whereby the brewery had proposed to purchase 70.3 % in Pikra from BBH (Baltic Beverages Holding), the brewery's press service has reported after the extraordinary shareholders' meeting convened to consider the transaction, RosBusinessConsulting (RBC) News posted on July 7.

According to the company's press service, two thirds (66 %) of minority shareholders who voted the issue upheld the board of directors' recommendations concerning the merger. To ratify the transaction, a majority of votes "for" from shareholders entitled to vote is required. The number of people who did not vote was considerable, and the requirement was not met. All in all, votes in favor accounted for 49.3 percent of the total of shareholders, and 32 % did not vote.



Thailand: Thai Beer giant plans to list in October - source

Thai Beverage PCL, the country's top liquor and beer maker with popular brands such as Chang beer, is expected to list shares on the Thai bourse in October, a source close to the deal said on Friday, July 8, according to Reuters.

Shareholders approved the listing plan at a special meeting on Friday, more than 3 months after the IPO was temporarily shelved following protests by social activists. Details of the listing would be filed to Thailand's Securities and Exchange Commission (SEC) next month, said the source, who works for a financial adviser on the deal and declined to be identified.

"We expect to submit the filing in August. After the SEC approves the plan, the public share offer is expected to be launched in October," the source said, adding that the exact timeframe would depend on market conditions.

The financial advisers for the initial public offering (IPO) are Phatra Securities and SCB Securities.

The company plans to issue 7 billion new shares with a par value of 1 baht ($0.24) each to raise capital. Analysts expect the IPO to raise 40-50 billion baht. ...more info

Malt News

Russia & EU: New phytosanitary certificates are needed to export malt to Russia

From July 1st 2005, EU deliveries of agricultural production of plant origin, including malt and barley, are allowed only in the presence of standard EU phytosanitary certificates. Just 15 EU countries can export its production of plant origin to Russia, as they have presented in time the samples of standard EU phytosanitary certificates. The rest of 10 EU countries have not presented the certificates or have presented them with requirements violated.

Thus the following EU countries can deliver agricultural production of plant origin to Russia: Czech Republic, Slovakia, Poland, Slovenia, Lithuania, Latvia, Estonia, France, Denmark, Netherlands, Hungary, Belgium, Germany, Finland and United Kingdom, Russian authorities communicated.

Standard EU phytosanitary certificates with a higher level of protection were implemented by Russia since April 1 2005. Old certificates were available till July 1 2005. However the deliveries can be realised in the next 14 days till July 14, according to Itar-Tass.



EU: Malt prices in EU

It is not only the price of malting barley, which has gone up by almost EUR 10,- in one month time due to reduced crop expectations, but also the cost of energy. In Germany oil and gas cost about EUR 20,- per ton of malt, electricity EUR 8,-, those are increases of 40 and 15 %, respectively, from a year ago. The calculation for all EU maltsters has become a nightmare, malting margins are somewhere between EUR 35,- and 45,- per ton, while the cost is between EUR 60,- and 70,- per ton.

Barley News

USA: Barley stocks increased by 7%

On the Quarterly Grain Stocks report posted on June 27, USDA reported barley stocks at 129 million bushels (2.81 million metric tonnes), up 7 % from June 1, 2004. However, recent disappearance of barley stocks has been impressive as USDA reported the March-May 2005 time period indicated disappearance of 62 million bushels (1.35 million metric tonnes), 90 % above the same period a year earlier. The Acreage report showed barley acres totalling 3.97 million acres, which is a decrease in acres of 557,000 acres from 2004.

Crop conditions declined 4 % with declines present in the states of Washington (-13 %), North Dakota (-6 %), and Montana (-1 %). Minnesota reported a 20 % increase, as a reaction to the hot/dry weather, which finally began to reverse the soggy conditions. The crop report estimated percent headed at 28 %, even with the five-year average, although slow, considering the quick, early planting pace.

Feed grain supplies are still quite large, even with the declining corn yields. Malting barley bids continue to be posted at $2.50, while feed barley prices have been unable to regain any ground and continue to be posted at $1.60.

Hops News

New Zealand: 2005 HOP CROP

The 2005 New Zealand hop harvest was completed in March. The 2004/05 growing season was characterised by a mild Spring followed by a cold and wet early Summer period. From mid January onwards the weather improved and plenty of sunshine ensured a good looking crop. There was an abundance of cones on the vine, with less than the usual number of leaves.

The 2005 yield is an improvement on the previous crop year, and the quality is excellent. Alpha levels were expected to be above average, but on harvest analysis showed closer to average level for the various varieties, which we attribute to the cold and wet early Summer weather.

The crop is currently being processed into pellets and a large portion will be further processed into CO2 hop extract by our JV super-critical extraction company Extract Solutions Ltd.

The majority of the crop is presold, with some surplus hops still available in New Zealand Hallertau Aroma variety and various high alpha hops.

Theoretical malt prices.

  EURO = USD 1.1945 July 8, 2005 
Crop year  2005 
Parity  FOB Antwerp 
Position  Oct 2005-Sept 2006 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  250,50  299,00  265,50  317,50  262,00  313,00  271,50  324,50 
2RS  Prestige  250,50  299,00  265,50  317,50  262,00  313,00  271,50  324,50 
2RS  Cellar  250,50  299,00  265,50  317,50  262,00  313,00  271,50  324,50 
2RS  Sebastien  249,50  297,50  264,50  315,50  260,50  311,50  270,50  323,00 
2RS  Astoria  249,50  297,50  264,50  315,50  260,50  311,50  270,50  323,00 
2RS  Cork   248,00  296,00  263,00  314,50  259,50  310,00  269,00  321,50 
2RS   Average price  250,00  298,50  265,00  316,50  261,50  312,50  271,00  323,50 
2RS  FAQ  246,50  294,50  262,00  313,00  258,50  308,50  268,00  320,00 
6RW  Esterel   237,00  284,50  253,50  302,50  249,50  298,50  259,50  309,50 
Asia Malt 70/30  246,50  294,50  261,50  312,50  258,00  308,00  267,50  319,50 
**  Asia Malt 50/50  244,00  291,50  259,50  309,50  255,50  305,50  265,00  316,50 

* - 70/30 = 70% Average Two Row Spring and 30% Six Row Winter
** - 50/50 = 50% Average Two Row Spring and 50% Six Row Winter

Theoretical malt prices for crop 2004 are available on site www.e-malt.com/MarketPrices

Malt Price Evolution

Maximum average price for 2RS Malt, crop 2004: 270.50 EUR/tonne - in December 2003
Minimum average price for 2RS Malt, crop 2004: 231.50 EUR/tonne - in May 2005
up Maximum average price for 6RW Malt, crop 2004: 252.50 EUR/tonne - in December 2003
Minimum average price for 6RW Malt, crop 2004: 225.00 EUR/tonne - in October 2004
Source: E-malt.com

Malt market price evolution for crop 2005 is available on site www.e-malt.com


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.1945 July 8, 2005 
 Crop year   2004   2005 
 Parity   FOB Creil   FOB Creil 
 Position   July 2004   July 2005 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  nq  nq  118,00  141,00 
2RS  Prestige  nq  nq  118,00  141,00 
2RS  Cellar  nq  nq  118,00  141,00 
2RS  Aspen  nq  nq  nq  nq 
2RS  Optic  nq  nq  nq  nq 
2RS  Sebastien  nq  nq  117,00  140,00 
2RS  Astoria  nq  nq  117,00  140,00 
2RS  Cork   nq  nq  116,00  138,50 
6RW  Esterel   nq  nq  108,00  129,50 
nq - Not quoted
Prices for Danish and UK malting barley are available on site www.e-malt.com/MarketPrices

Table of the week
European barley crop estimate.
Production forecast, in thousand metric tonnes.


 Barley production in '000 tonnes

Spring barley  Total barley 
2005  2004  2005  2004 

EU-15 

 Austria  483  551  931  1,004 
   Denmark  2,974  2,858  3,725  3,590 
   Finland  1,811  1,748  1,980  1,748 
   France  3,452  3,691  10,230  10,992 
   Germany  3,038  3,372  12,153  12,963 
   Ireland  868  1,104  968  1,274 
   Belgium/Lux.  32  35  351  355 
   Netherlands  279  274  296  294 
   Spain    7,892  5,626  10,500 
   Sweden  1,574  1,638  1,605  1,699 
   UK  3,074  3,116  5,574  5,818 
   Italy      1,296  1,148 
   Greece      327  372 
   Portugal      16 
 TOTAL EU-15  17,585  26,279  45,068  51,772 

EU-10 

 Czech Republic 1,593  1,814  2,199  2,401 
   Hungary  542  600  1,270  1,472 
   Poland  2,635  2,850  3,230  3,518 
   Slovakia  733  778  811  984 
   Cyprus      110  92 
   Estonia  280  286   285  290 
   Latvia  299  296  304  306 
   Lithuania  647  653  673  690 
   Slovenia  28    28  60 
   Malta     
 TOTAL EU-10  6,757   7,276  8,912  9,815 

TOTAL EU-25 

24,342  33,555  53,980  61,587 

Europe Non-EU 

 Romania  330  350  1,002  1,386 
   Bulgaria  69  82  772  850 
   Serbia      269  279 
   Croatia      140  158 
   Bosnia      50  53 
   Macedonia      138  149 
   Albania      30  30 
TOTAL Europe Non-EU  399  432  2,400  2,906 
TOTAL EUROPE 31  24,471  33,988  56,379  64,493 

Source: COCERAL, Brussels, June 2005

Graph of the week

Agenda
June 2005:
World Barley, Malt & Beer Conference 2005, Germany;
ASBC Annual Convention. American Society of Brewing Chemists Meeting.;
IGC GRAINS CONFERENCE 2005;
BRASIL BRAU International Fair of Beverage Technology;
FOOD TAIPEI 2005. The largest food and beverage show in Taiwan;
BevTek / BrewTek International Exhibition of Beverage and Brewery Processing and Packaging Technology. Bangkok, Thailand ;

July 2005:
Interwine China. International Wine, Brewery and Beverage Processing Technology and Equipment Trade Fair;
2005 North American Barley Researchers Workshop;
U.S. Grains Council Summer Board Meeting;
District Eastern Canada MBAA annual convention;
Open Door to "Mortal's Beers";


More events are available on site e-malt.com
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