Newsletter Summary
Average market prices Change trend
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Average barley market prices are French and are estimated on FOB Creil basis.
The changes are compared to last Newsletter's prices.
Arrows indicate the direction of the change.
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Newsletter 37a, 2005
Newsletter 36b, 2005
Newsletter 36a, 2005
Newsletter 35b, 2005
Newsletter 35a, 2005
Newsletter 34b, 2005
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E-malt.com Newsletter 37b
September 14 - September 16, 2005
 Currency Rates 
Base Currency: Euro, EUR
on 16-September-2005
1 EUR = 1.2226 USD
1 EUR = 0.6776 GBP
1 EUR = 1.4489 CAD
1 EUR = 1.596 AUD
1 EUR = 135.29 JPY
1 EUR = 2.8077 BRL
1 EUR = 34.6876 RUB
1 EUR = 9.9121 CNY
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Base Currency: US Dollar
on 16-September-2005
1 USD = 0.8181 EUR
1 USD = 0.5541 GBP
1 USD = 1.1851 CAD
1 USD = 1.3054 AUD
1 USD = 110.68 JPY
1 USD = 2.2965 BRL
1 USD = 28.372 RUB
1 USD = 8.1074 CNY
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EUR/USD Chart
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Equities of the Largest Breweries
Top Industry News
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Russia: SUN Interbrew posted good sales results in the first half of 2005...
Click here
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Australia: Coopers brought to the court by a former shareholder...
Click here
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Colombia: SABMiller could complete its takeover of Bavaria in October this year...
Click here
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Brazil: Molson Coors may sell Cervejarias Kaiser, analysts said...
Click here
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Japan: Asahi to launch a renewed version of its third-category beers - Shin-Nama Three...
Click here
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Czech Republic: Pivovar Starobrno brewery announces sales increase in domestic market...
Click here
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World: Situation on malt import demand...
Click here
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EU: The difficult market conditions are to eliminate further malting capacities from the market...
Click here
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Canada: Barley stocks above five-year average...
Click here
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Ukraine: Barley harvest amounts to 9.93 Million tonnes...
Click here
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UK: Hops market situation in England...
Click here
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 More News
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India: InBev intending enter India & examining eventual joint-venture possibilities
...more info
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Canada: Brick Brewing reports sixth straight record quarterly performance
...more info
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Finland: Hartwall plans to boost production efficiency
...more info
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China: SABMiller to sell beer at higher prices in China
...more info
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Japan: Asahi Brewery aim at expanding its non-core businesses & increasing overseas operations
...more info
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EU: Overview on EU malt market situation
...more info
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Canada: Lakeport Brewing Income Fund increasing monthly cash distributions by 11.6%
...more info
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India: United Breweries plans to increase its brewing capacity over the next year
...more info
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USA: Explanation on fluctuations of barley loan deficiency payment levels in Idaho
...more info
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Russia: Oleg Tinkov joins SUN Interbrew Board
...more info
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USA: Index of farm prices remains constant during August
...more info
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Belgium: InBev applies zero based budgeting to make hard cost cuts
...more info
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Australia: Australian barley enjoys success at Sapporo by increasing its market profile
...more info
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USA: Cargill Hurricane Katrina relief efforts reach $1.7 million
...more info
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Czech Republic: New financial director at Budejovicky Budvar
...more info
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Belgium: InBev’s CFO confident about a 30% profit margin
...more info
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China: SABMiller targeting new acquisitions in China
...more info
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South Africa: Non-alcoholic beer required by government to decrease suicide rate
...more info
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USA: Miller Brewing Company unveils innovative program to prevent underage access to alcohol
...more info
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USA: Pyramid official beer of Rose Garden
...more info
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USA: Barley prices stay steady while quality still assessed in North Dakota
...more info
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 Brewery News
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Colombia: SABMiller could complete its takeover of Bavaria in October this year
SABMiller's takeover of Colombian brewer Bavaria could be complete by mid-October, Bavaria, said on September
15, according to Reuters’ reports. In July, SABMiller announced a US$7.8 billion stock-and-cash deal, including
debt and interests in subsidiaries, to take over Bavaria and create the world's No. 2
brewer by volume.
"The parties consider that the merger will be completed by mid-October this
year, although it could be later given that there are multiple factors not under the
control of the parties, including the time the UK Listing Authority could take to approve
the document," Bavaria said in a letter to Colombia's stock market regulator, the Securities Superintendency.
SABMiller Plc agreed to buy the company at $19.48 a share, which sparked a 15-percent
sell-off by minority shareholders on the day the deal was announced.
But, under Colombian law,
the minority shareholders would be allowed to request an independent valuation of Bavaria's fair value,
and SABMiller could be ordered to pay at the rate determined. "The price (paid) in
the obligatory (Public Share Offering) could be higher or lower than the equivalent in pesos
of $19.48," Bavaria said.
No decision has been taken on whether to maintain Bavaria's
shares listed in Colombia, the
...
...more info
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Brazil: Molson Coors may sell Cervejarias Kaiser, analysts said
Molson Coors Brewing Co., the world's fifth beer maker, might sell Cervejarias Kaiser, its money-losing
Brazil unit, according to some analysts’ comments posted by Bloomberg on September 15. The Netherlands'
Heineken NV and Mexico's FEMSA are rumoured to be involved in the deal, an analyst
at Legg Mason Wood Walker Inc. said. The figure attached to the rumoured sale is
U$150-million, which translates into as much as $7 a share for Molson Coors.
UBS analyst Nik
Modi wrote in a report Sept. 13 that Brazilian business magazine Exame, citing unidentified people
close to Cervejarias Kaiser, expects the transaction to be completed next month. Legg Mason analyst
Mark Swartzberg cited the same report in a note to clients. “Where there's smoke, there's
fire,'' Swartzberg, who rates Molson Coors shares “hold,'' said in a telephone interview. “Heineken and
Femsa are the most logical buyers.''
If the sale goes through at the rumoured price,
Molson's enterprise value could increase between $502-million and $619-million, Mr. Swartzberg calculated. That scenario assumes
that Molson Coors retains offsetting contingent tax liabilities of at least $264-million. But he thinks
that $150-million "looks excessive for the right to own a loss-making, share-losing business." Moreover, he
said "we believe an expected
...
...more info
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Czech Republic: Pivovar Starobrno brewery announces sales increase in domestic market
Czech brewery Pivovar Starobrno, announced a 3% increase in domestic beer sales to 398,600 hectolitres
for the first six months of the year, Prague Monitor announced on September 15.
The
company thus remained the fourth largest distributor in the country and raised market share from
4.7 to 5.4 percent. However, overall sales, including from the brewery Hostan which the firm
controls, went slightly down to nearly 419,000 hectolitres, in line with the nationwide trend, CEO
Frantisek Krakes said.
He added that beer sales in the country dipped by three percent
in the first half of the year.
Starobrno exported 20,000 hectolitres in the first half,
mostly to Sweden, Germany, Austria, the USA and Great Britain. Production for the neighbouring Slovak
market was transferred to Heineken Slovensko in 2004.
Starobrno sold a total of 468,000 hectolitres
of drinks by the end of June, with sales including excise duty amounting to CZK
732.5 million. Operating profit reached CZK 54 million. The firm has a 25 percent market
share in South Moravia and a 50 percent stake in the city of Brno.
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Malt News
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World: Situation on malt import demand
As the barley harvest was in full swing in the Northern Hemisphere, activity in malt
remained small. Venezuela is reported to have booked 50-60,000 tonnes from the EU and 20,000
tonnes from Chile. Balkan countries and the Ukraine purchased quantities for spot deliveries as well
as for 2006. Minor sales were reported to Africa, S.E. Asia and Japan.
But the larger
part of malt import demand for 2006 is still open, Russia and Ukraine, some African
demand, Thailand, Vietnam, Malaysia, Philippines, part of the Japanese needs, Korea, Brazil and Venezuela. Chilli
and Taiwan announced their buying intentions resp. tenders for 15,000 and 30,000 tonnes.
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EU: The difficult market conditions are to eliminate further malting capacities from the market
After concluding their domestic business in the spring at a very depressed level, the malting
industry are now faced with high barley and energy prices, GlobalMalt has commented in its
September Market Report.
GlobalMalt said: “The cost increases resulting from these factors amount to between
35 and 50 Euro/tonne depending on the location of the malt house. Malsters, who have
not covered their needs in advance, cannot even cover their variable production costs at these
contract prices.
The changed market conditions also increase the calculated price for upcoming malt exports considerably.
We expect that these price increases, at least to this amount, will be passed on
to customers, as the price calculated for the previous campaign was already at the level
of marginal costs. It remains to be seen to what extent the European malt industry
can compete in its traditional, and highly competitive, export destinations in South and Middle America
and Asia.”
GlobalMalt expects these very difficult market conditions to eliminate further malting capacities from the
market, so that the existing overcapacity in the EU will soon fall to clearly under
10 %. GlobalMalt hopes the upcoming world beverages trade fair DRINKTEC in Munich will perhaps
already give further signals about
...
...more info
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 Barley News
Hops News
Malting barley prices. French barley prices.
Nominal prices.
| EURO = USD 1.2226 September 16, 2005 |
| Crop year |
2005 |
| Parity |
FOB Creil |
| Position |
July 2005 |
| Type |
Variety |
EURO |
USD |
| 2RS |
Scarlett |
118.50 |
145.00 |
| 2RS |
Prestige |
118.00 |
144.50 |
| 2RS |
Cellar |
118.00 |
144.50 |
| 2RS |
Aspen |
nq |
nq |
| 2RS |
Optic |
nq |
nq |
| 2RS |
Sebastien |
116.00 |
142.00 |
| 2RS |
Astoria |
116.00 |
142.00 |
| 2RS |
Cork |
115.50 |
141.50 |
| 6RW |
Esterel |
106.00 |
129.50 |
Table of the week
Canada: Barley Supply and Demand 2003-2006
| |
2003-2004 |
2004-2005 |
2005-2006 f |
| Harvested area, '000 ha |
4,446 |
4,050 |
3,915 |
| Yield, tonne/ha |
2.77 |
3.26 |
3.16 |
| Production, '000 metric tonnes |
12,328 |
13,186 |
12,358 |
| Imports, '000 metric tonnes |
36 |
100 |
30 |
| Total Supply, '000 metric tonnes |
13,838 |
15,388 |
15,488 |
| Exports, '000 metric tonnes |
2,445 |
2,000 |
2,500 |
| Food & Industry Use, '000 metric tonnes |
298 |
300 |
380 |
| Feed and Dockage, '000 metric tonnes |
8,579 |
9,553 |
10,003 |
| Total Domestic Use, '000 metric tonnes |
9,291 |
10,288 |
10,788 |
| Carry-out Stocks, '000 metric tonnes |
2,102 |
3,100 |
2,200 |
| Average Price, CA$/tonne |
135.80 |
112.15 |
105-125 |
f: forecast, Agriculture and Agri-Food Canada, August 31, 2005
Graph of the week
Agenda
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