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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
Malting barley prices
Table of the week
Graph of the week
Agenda
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Average market prices Change trend

14 Sept - 16 Sept 2005
Crop 2005
2rs Barley €116.0-118.0
6rw Barley €105.0-107.0

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.
The changes are compared to last Newsletter's prices.
Arrows indicate the direction of the change.


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Dear E-malt Reader!

E-malt.com Newsletters Archive could be found directly on e-malt.com site. Browsing through our Newsletters' Archive you may see all the issues you have missed. To this purpose you just have to login e-malt.com and click on Newsletters link in the menu. Reading our Newsletters you will be kept informed with the latest news and events regarding malting and beer world. You may also submit your own news, events or other information to the address info@e-malt.com!

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E-malt.com has Trading Online system. The system is to be used for malt/barley trading. One can register a malt/barley offer or a malt/barley request. The registering person could be as a seller/buyer or as an agent for seller/buyer. The User can see information about all active malt/barley offers & requests. If needed the system allows user to buy/sell malt/barley due to reasonable offers/requests. The way to do this is to confirm reasonable transaction. Trading Online rules are available through the Internet in the Trading Online as well as Tutorial (useful for persons who starts the system usage). To visit the E-malt Trading Online first go to the E-malt.com site, then click Trading Online link in the left menu of the e-malt.com home page. For more details please contact info@e-malt.com

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Other e-malt.com newsletters

Last five newsletters
See this Newsletter!
Newsletter 37a, 2005

See this Newsletter!
Newsletter 36b, 2005

See this Newsletter!
Newsletter 36a, 2005

See this Newsletter!
Newsletter 35b, 2005

See this Newsletter!
Newsletter 35a, 2005

See this Newsletter!
Newsletter 34b, 2005



Market price evolutions

The evolution of market prices for barley and malt, which are periodically issued with e-malt.com newsletters are published on e-malt.com site in Market Prices section. Just click here!

Available market price evolutions


E-malt.com graphs

All graphs issued with e-malt.com newsletters are published in "Graph" section of e-malt.com site.
Last five graphs



The graphs are updated from time to time. Just see the updates online on e-malt.com site!

E-malt.com Tables

All e-malt.com tables are published in e-malt.com Statistics section. The Statistics section includes Barley statistics, Malt statistics and Beer statistics. The tables related to barley are published in Barley Statistics section, the tables related to malt in Malt Statistics section and the tables related to beer in Beer Statistics section.

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E-malt.com Newsletter 37b
September 14 - September 16, 2005
 
 

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Currency Rates
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
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

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
Russia: SUN Interbrew posted good sales results in the first half of 2005... Click here

Australia: Coopers brought to the court by a former shareholder... Click here

Colombia: SABMiller could complete its takeover of Bavaria in October this year... Click here

Brazil: Molson Coors may sell Cervejarias Kaiser, analysts said... Click here

Japan: Asahi to launch a renewed version of its third-category beers - Shin-Nama Three... Click here

Czech Republic: Pivovar Starobrno brewery announces sales increase in domestic market... Click here

World: Situation on malt import demand... Click here

EU: The difficult market conditions are to eliminate further malting capacities from the market... Click here

Canada: Barley stocks above five-year average... Click here

Ukraine: Barley harvest amounts to 9.93 Million tonnes... Click here

UK: Hops market situation in England... Click here

More News
India: InBev intending enter India & examining eventual joint-venture possibilities ...more info

Canada: Brick Brewing reports sixth straight record quarterly performance ...more info

Finland: Hartwall plans to boost production efficiency ...more info

China: SABMiller to sell beer at higher prices in China ...more info

Japan: Asahi Brewery aim at expanding its non-core businesses & increasing overseas operations ...more info

EU: Overview on EU malt market situation ...more info

Canada: Lakeport Brewing Income Fund increasing monthly cash distributions by 11.6% ...more info

India: United Breweries plans to increase its brewing capacity over the next year ...more info

USA: Explanation on fluctuations of barley loan deficiency payment levels in Idaho ...more info

Russia: Oleg Tinkov joins SUN Interbrew Board ...more info

USA: Index of farm prices remains constant during August ...more info

Belgium: InBev applies zero based budgeting to make hard cost cuts ...more info

Australia: Australian barley enjoys success at Sapporo by increasing its market profile ...more info

USA: Cargill Hurricane Katrina relief efforts reach $1.7 million ...more info

Czech Republic: New financial director at Budejovicky Budvar ...more info

Belgium: InBev’s CFO confident about a 30% profit margin ...more info

China: SABMiller targeting new acquisitions in China ...more info

South Africa: Non-alcoholic beer required by government to decrease suicide rate ...more info

USA: Miller Brewing Company unveils innovative program to prevent underage access to alcohol ...more info

USA: Pyramid official beer of Rose Garden ...more info

USA: Barley prices stay steady while quality still assessed in North Dakota ...more info



Brewery News

Russia: SUN Interbrew posted good sales results in the first half of 2005

SUN Interbrew Limited, a leading brewer in Russia and Ukraine, announced on September 15 its financial results for the six months ended 30th June 2005. Company’s net turnover was up by +13.3% versus the first half of 2004. Net income was down by -13.0 % vs. previous year.

As stated in the press-release for the 1st quarter of 2005, in spite of solid sales growth net income is slightly lower than in the previous year due to one-off payments to the company's employees, made under the long-term management incentive plan which was terminated in the first quarter of 2005. The total additional costs relating to this settlement recognized in the first quarter were ˆ 17.2 million.

In Russia, in the first half of 2005 the market growth was +6.2%, while SUN Interbrew's domestic beer volumes grew by +8.7% vs. the first half 2004.

In Ukraine, in the first half 2005 the market grew by +19.7%, with SUN Interbrew beer volume growing +26.8% vs. the first half 2004.

SUN Interbrew ended the first part of the year in both countries with record market shares: 17.1% in Russia and 36.5% in Ukraine.

The most important event in the first half 2005 was the successful launch of ...

...
more info


Australia: Coopers brought to the court by a former shareholder

A Coopers Brewery’s former shareholder Andrew Short started legal action on September 15 against the South Australian beer maker. His reason- Coopers’ misleading conduct in relation to a share buyback in 2003. Mr.Short stated before Federal Court that the price of A$45.01 offered by Coopers in the buyback did not reflect a fair value, according to The Sydney Morning Herald.

According to Mr Short, he had accepted the representations of Coopers at the time and sold his 1,500 shares.

The former shareholder launched the legal action after the brewer Lion Nathan Ltd earlier this month made a A$352 million takeover bid for Coopers, Australia's only remaining family-owned brewery, at A$260 per Coopers share.Mr Short states that at the time of the buyback in 2003 Coopers had not consulted parties who had pre-emptive rights over Coopers shares, and a valuation of the shares by KPMG had not taken into account the preparedness of those parties to buy the Coopers shares.

Under the Coopers constitution, shares up for sale must first be offered to another Coopers shareholder or relative, secondly to AMP or any other Coopers employee superannuation fund, and thereafter to Lion Nathan.

Mr Short claimed that KPMG had assessed the value of Coopers shares ...

...
more info


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


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


Japan: Asahi to launch a renewed version of its third-category beers - Shin-Nama Three

Asahi Breweries announced on September 15 that it will introduce a renewed version of its "third-category" beer on November 22, only seven months after the release of the original version under the name of "Asahi Shin-Nama." Kyodo reported. Third-category drinks are beer-like alcoholic beverages which, unlike conventional beer, use ingredients other than malt and wheat and thus are subject to lower liquor taxes.

Asahi broke into the fast-growing market for third-category beers by introducing Shin-Nama on April 20. Of Japan's top four brewers, Asahi is ranked third in the market sector, while Kirin Brewery Co., which also entered the market in April, has captured the biggest share.

The new "Shin-Nama Three" will feature a sharper taste than the original version and will come in 250-, 350- and 500-mililiter cans, the Brewer announced.


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.

Malt News

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.


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

Barley News

Canada: Barley stocks above five-year average

Total stocks of grains and oilseeds, including commercial and on-farm inventories, stay at levels well above their 10-year averages, according to the Statistics Canada report as of July 31.

Concerning the stocks of barley, they were well above average. Commercial stocks and on-farm stocks of barley rose in kind to 3.5 million tonnes, a jump from 2.1 million tonnes in July 2004 and the highest level since the record 5.1 million tonnes set in 1983. The recent five-year average is 2.2 million tonnes.

All Prairie provinces reported large boosts of stocks on-farm. Saskatchewan led the way with a 120% rise to 1.1 million tonnes while Manitoba and Alberta farmers reported gains of 75% and 60% respectively.

Abundant barley supplies and low prices combined with record animal numbers on farms to increase barley feeding for a second year. However, feeding of barley was limited by abundant competing supplies of feed wheat.


Ukraine: Barley harvest amounts to 9.93 Million tonnes

The barley harvest is virtually finished, 9.93 Million tonnes “bunker” weight have been collected.

Yields were 2.27 tonnes/Ha on average vs. 2.73 tonnes last year. Exports of feed barley were only 46,000 tonnes in July, but 350,000 tonnes in August.

Markets have declined to US $ 126.-/127. FOB Black Sea. EU barley has no chance against these prices.

Hops News

UK: Hops market situation in England

By the start of the 2004 England’s harvest approximatly 80% of the aroma hops and approximately 35% of the alpha hops were accounted for by forward contracts, according to the Barth Report as of June 2005.

In the meantime the entire crop was sold. Owing to falling demand for alpha varieties, a sharp reduction in acreage is expected for these varieties in 2005.

Aroma hop acreage, on the other hand, is to remain unchanged. Forward contracts account for 75% of the aroma hops.


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 
nq - Not quoted
Prices for Danish and UK malting barley are available on site www.e-malt.com/MarketPrices

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
September 2005:
International Brewery and Soft Drinks Industry Exhibition
4th WORLD BEER & DRINKS FORUM
Great Canadian Beer Festival
4th World Beer & Drinks Forum 2005
Brew Cruise to New England/Canada
Drinktec 2005
St. Feuillien Dinner at Monk's.
The Berghoff OKtoberfest
Birmingham Beer Festival
40th Annual Mt. Angel Oktoberfest
Fremont Oktoberfest
Munich Oktoberfest 2005
10th Annual Madison County Hop Fest
3rd Annual Big Lake Brewfest
Great Lakes Brew Festv Ludwig's Oktoberfest 2005
New South Wales Brewing Championships 2005
Great American Beer Festival
Falmouth Oyster Festival with beer and oysters
Keighley Beer
Stockholm Beer & Whisky Festival
Harpoon Octoberfest

October 2005:
7th Annual Charlotte Oktoberfest
Custom Brewcrafters Autumn Festival Of Ales
MBAA Brewing & Malting Science Course, Univ
BJ's Beer Appreciation Night Woodland Hills - Oktoberfest - Bavaria's Best
International Beer Summit / Kokusai Beer Matsuri
5th 2005 Technical Symposium, "The US Brewing Industry Considered"
10th Annual World Beer Festival
5th Annual Autumn Brew Review
Anuga 2005, is a biennial show and is known as the world’s
Maryland Brewer's Oktoberfest
Great Decatur Beer Tasting Festival 2005
Nottingham Beer Festival
Falmouth Beer Festival Cornwall CAMRA
28th Norwich Beer Festival
New England Beer Fest

November 2005:
US Grains Council International Malt Barley & Malting Buyers Conference San Francisco
GlobalGrain 2005
5th International Forum " Drinks Industry 2005"



More events are available on site e-malt.com
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