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Newsletter Summary

Currency rates
Equities of the Largest Breweries  new!
Brewery news
Malt news
Barley news
More news
Theoretical malt prices
Malting barley prices
Barley price evolution
Table of the week
Graph of the week
Agenda
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Average market prices Change trend

Friday, 15 April 2005
Crop 2004
2rs Barley €103.5 -0.96%
6rw Barley €100.0     
2rs Malt €235.5 -0.42%
6rw Malt €230.5     
Crop 2005
2rs Barley €115.5     
6rw Barley €105.0     
2rs Malt €246.5     
6rw Malt €232.5     

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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Market price evolutions

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Canadian Malting Barley Prices vs. Danish 2Row

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Australia Malting Barley Export Prices 2000-2005

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Malt Market Price Evolution. Crop 2005

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French Malting Barley Price Evolution. Crop 2005

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Malt Market Price Evolution. Crop 2004

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French Malting Barley Price Evolution. Crop 2004

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Malt Market Price Evolution. Crop 2003

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French Malting Barley Price Evolution. Crop 2003


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EU malt export licence fixations



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Currency Rates
Base Currency: Euro, EUR
on 15-April-2005

1 EUR = 1.2819 USD
1 EUR = 0.6815 GBP
1 EUR = 1.5929 CAD
1 EUR = 1.6646 AUD
1 EUR = 138.62 JPY
1 EUR = 3.3023 BRL
1 EUR = 35.7394 RUB
1 EUR = 10.6225 CNY
Base Currency: US Dollar
on 15-April-2005

1 USD = 0.7803 EUR
1 USD = 0.5315 GBP
1 USD = 1.2426 CAD
1 USD = 1.2985 AUD
1 USD = 108.16 JPY
1 USD = 2.5761 BRL
1 USD = 27.880 RUB
1 USD = 8.2865 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
  • New Zealand & Czech Republic: DB Breweries has recently announced that it is adding imported beer Budejovicky Budvar to its premium portfolio ... Click here

  • Russia: SUN Interbrew announced on April 14 the launch of Brahma®, one of InBev's global flagship brands, on the Russian market ... Click here

  • China: The investment bank Merrill Lynch said on April 13 it has maintained its 'sell' recommendation for Tsingtao Brewery Co Ltd on concerns over the outlook for growth despite improved earnings last year ... Click here

  • United Kingdom: One of the world’s largest beer makers, Scottish & Newcastle, which accounts for 27 % of the beer market in the UK, announced on April 13 it believed it could achieve organic sales growth (stripping out acquisitions) of 3-5% ... Click here

  • Bosnia and Herzegovina: Belgian brewing force, InBev, has sold its 59% share in Bosnia’s Uniline brewery ... Click here

  • EU: Apart from the announced malt factory closures in the U.K., Ireland and Slovakia it is reported now that ... Click here

  • Russia: Russian Brewery Ochakovo entered agreements with 60 farms in Belgorod and Lipetsk regions to purchase 100 thousand tonnes of malting barley of crop 2005 ... Click here

  • EU 25 malting barley production in 2005/2006 is forecast by Strategie Grains at about 12.1 million tonnes, a decrease by 1.6 million tonnes versus 2004/2005 ... Click here

  • Australia: ABB Grain Ltd announced on April 13 it has increased its Victorian and South Australian barley pool indicators for 2005/06 by A$5/t, to A$185-195/t for malting 1 barley and A$145-155/t for feed 1 barley ... Click here


More News
  • Australia: Coopers, Australia’s third largest brewer, announced in April it has installed a new KHS Transomat 5/1 Duo keg filler with Direct Flow Control in its Regency Park brewery ...more info


  • South Korea: Hite Brewery Co., South Korea's largest beer producer, announced on April 15 it began due diligence on distiller Jinro Co. Friday afternoon ...more info


  • Germany: It was reported at the beginning of April that barley planting was finished in the West and North, but not yet in the South and Southeast ...more info


  • Russia & Ukraine: In the Black Sea Grain Conference in Kiev Russian and Ukrainian speakers stressed the strong role of their countries in world grain markets ...more info


  • Canada: Striking employees at a Labatt brewery in St. John's are calling for a boycott of the company over its use of security guards on picket lines ...more info


  • USA: Two months after stockholders approved the merger of beer giants Molson and Coors, the company is moving the advertising work for Molson from Crispin Porter + Bogusky ...more info


  • USA: Barley, corn and soybeans appear to be the big losers in crop acreage in North Dakota for the upcoming growing season, according to the first Planting Intentions Report ...more info


  • Netherlands: Dutch brewing force, Heineken N/V will not comment on rumors that it has produced a self-chilling beer can, although such products are certainly in development ...more info


  • USA: Cincinnati's Boston Beer Co. announced on April 14 it has entered an agreement with Louisville-based Brown-Forman Distillery Co. to produce clear malt base for use in flavored malt beverages ...more info


  • Canada: Molson Coors Brewing Co. is in talks to acquire the Ontario based microbrewery, Creemore Springs Brewery Ltd. Sources say Molson Coors wants to buy 100 % of Creemore ...more info


  • United Kingdom: Some hard-pressed landlords across Greater Manchester say rising overheads and wholesale beer prices charged by breweries are forcing them to increase prices by a record amount ...more info


  • Russia: Beer sale and consumption are limited in Russia from Friday, April 15 as the corresponding law comes into effect. The restrictions on beer drinking in any public places concern ...more info


  • Ukraine: CPT-port export prices for feed barley are about $115-116/MT (UAH 608/MT) at the moment, UkrAgroConsult commented on April 14 ...more info


  • World barley trade 2004/2005: United States Department of Agriculture (USDA) published on April 11 its latest forecast of world trade changes of barley in 2004/2005 ...more info


  • USA: Anheuser-Busch announced on April 13 it will support the return of Major League Baseball to the nation’s capital through a three-year sponsorship of the Washington Nationals ...more info


  • Japan: Asahi Breweries Ltd., Japan's largest beer maker, has recently announced they have sold 189.23 million litres (14.95 million cases) of beer and happoshu (low-malt beer) during March 2005 ...more info


  • Lithuania: Lithuanian brewery, Ragutis, 83% controlled by Finland's Olvi, plans to increase its authorized share capital six times, from 6.452 million to 39.253 million litas (EUR 11.4 million) ...more info


  • China: While Tsingtao Brewery (0168.HK) continues to be top player in China, with market share of 12.7%, its lead over peers narrowing due to opponents' "more aggressive expansion" ...more info


  • United Kingdom: West Cumbrian brewer Jennings has seen share prices rocket following news that a takeover is looming, News & Star commented on April 13 ...more info


  • United Kingdom: Scottish brewery, Belhaven, dismissed on April 13 renewed speculation that it is poised to be taken over by Greene King, the Suffolk brewer and pub operator ...more info


  • USA: Federal regulators have rejected Anheuser-Busch Cos. Inc.'s complaints about the advertising campaigns of beer-making rival Miller Brewing Co., Miller said on April 13 ...more info


  • Australia, Adelaide: Coopers Brewery, Australia’s third largest brewer, announced on April 12 it has appointed Mr Terry Miniken to the position of South Australian State Sales Manager. Mr Miniken ...more info


  • Hong Kong: China Resources Enterprise, Limited announced on April 14 that its wholly-owned subsidiary, Ng Fung Hong, has signed an agreement to dispose of the entire issued share capital of ...more info



Brewery News
New Zealand & Czech Republic: DB Breweries has recently announced that it is adding imported beer Budejovicky Budvar to its premium portfolio...more info

Russia: SUN Interbrew announced on April 14 the launch of Brahma®, one of InBev's global flagship brands, on the Russian market...more info

China: The investment bank Merrill Lynch said on April 13 it has maintained its 'sell' recommendation for Tsingtao Brewery Co Ltd on concerns over the outlook for growth despite improved earnings last year, according to AFX News. China's biggest brewer reported on April 12 2004 net profits of 285 million yuan, up 16.4 % over the previous year and above Merrill Lynch's estimates, but the brokerage said Tsingtao is likely to continue losing market share and feel margin pressure. Tsingtao's gross margin and operating margin also significantly decreased in the second half of last year due to surging raw material costs. That trend is likely to continue in 2005, driven by higher expenses for packaging, selling, distributing and utilities, the brokerage said. 'With rising cost pressure and limited pricing power, we think it's hard for Tsingtao to pass on rising costs down the value chain. Therefore, margin erosion is inevitable,' it said. Tsingtao's market share dropped to 12.7 % in 2004 from 12.8 % in 2003 as competition from Yanjing Brewery and China Resources Brewery intensified, Merrill Lynch said in a research note. US beer producer Anheuser-Busch (AB) recently raised its stake in Tsingtao to 27 % from 9.9 % by exercising its convertible bonds, but the move indicated a commitment to the Chinese market in the long-term rather than acting as a near-term catalyst for Tsingtao itself, Merrill Lynch said. 'Considering Tsingtao's origin as a state-owned enterprise, we expect AB to be very cautious in terms of any major strategic initiatives with Tsingtao.' With estimated 2005 earnings per share (EPS) at 36 times, while comparable Chinese consumer stocks are trading at about 20 times, Tsingtao is the 'most expensive China consumer stock,' Merrill Lynch added. Tsingtao's shares were unchanged at 8.35 hkd in late morning in Hong Kong. (1 usd = 8.3 yuan) (1 usd = 7.8 hkd)

United Kingdom: One of the world’s largest beer makers, Scottish & Newcastle, which accounts for 27 % of the beer market in the UK, announced on April 13 it believed it could achieve organic sales growth (stripping out acquisitions) of 3-5% per annum. The group, which is closing two breweries, at Fountainbridge in Edinburgh and in Newcastle, said it was confident it could also deliver continued improvements in net operating margins through greater efficiency, Business Scotsman posted on April 14. The comments were made at a marketing seminar in London, where Stephen Glancey, S&N’s operations director, spoke of the opportunities for further efficiencies in areas such as procurement, manufacturing, distribution and research and development. At the seminar, Britain’s biggest brewer would not comment on current trading other than to say it was in line with comments made at the announcement of its annual results in February. Then, S&N, whose brands include Kronenbourg, Foster’s and John Smith’s, reported an 11 per cent rise in underlying profits to £373 million. A theme of the year was strong performances in the UK and Russia helping to offset flat trading in western Europe. It said at that time that, while its UK business was set to grow, its European divisions would have a subdued performance due to weak consumer confidence. Nigel Popham, brewing analyst at broker Teather & Greenwood, said S&N’s statement on trading had been expected. However, he said targeting 3 to 5 per cent organic sales growth was "fairly ambitious" and thus "quite positive". In February, Scottish & Newcastle reported 2004 profits in line with expectations. The group said then that sales volumes of its top four brands had risen by 4.5 per cent in the UK , pushing operating profits from its biggest region up by 11 per cent on a year earlier. Overall, group profits before one-off items were in line with market hopes at £373m, compared with the £336m seen in 2003. When including the sale of 1,400 pubs in 2003, profits were down on £471m previously. S&N, which accounts for 27 % of the beer market in the UK, said that while its UK business was set to grow its European divisions would have a subdued performance due to a weak consumer confidence outlook. Scottish & Newcastle shares closed up 1p at 488p yesterday. The stock has outperformed the benchmark FTSE 100 index by 8 per cent since the start of 2005. However, broker Panmure yesterday suggested to investors that they take profits on the recent rise in S&N’s share price.

Bosnia and Herzegovina: Belgian brewing force, InBev, has sold its 59% share in Bosnia’s Uniline brewery...more info

Malt News

EU: Apart from the announced malt factory closures in the U.K., Ireland and Slovakia it is reported now that summer pauses or temporary shutdown will become necessary for a number of factories, specifically in Scandinavia and the Southeastern EU, experts have recently revealed. On the other hand, 250,000 tonnes of missing business present no more than 3 % of the EU’s malt capacity.

Russia: Russian Brewery Ochakovo entered agreements with 60 farms in Belgorod and Lipetsk regions to purchase 100 thousand tonnes of malting barley of crop 2005...more info

Barley News

EU 25 malting barley production in 2005/2006 is forecast by Strategie Grains at about 12.1 million tonnes...more info

Australia: ABB Grain Ltd announced on April 13 it has increased its Victorian and South Australian barley pool indicators for 2005/06 by A$5/t, to A$185-195/t for malting 1 barley and A$145-155/t for feed 1 barley. ABB Grain Ltd managing director, Michael Iwaniw, emphasised that these estimates were based on export prices, and that the east coast supply of grain and the domestic demand for feed grain would be major influences on prices as the season progressed. Michael Iwaniw said that international barley prices were holding steady, and with the recent downturn in the $A/$US exchange rate the company was able to increase its estimated pool indicators for the new season. “Simply speaking, the higher the exchange rate, the less money received when the US sales price is converted back to Australian dollars,” Mr Iwaniw said. “This is the major influence on grower returns at the moment, and with the exchange rate dropping to a lower level we anticipate a greater return to growers for their grain. “Barley prices in US dollars are above historic averages, and have remained at reasonably high, stable levels for some time. “However the high $US prices are not being reflected in the $A prices because of the high level the exchange rate has been sitting at. This demonstrates how much of an impact the exchange rate has on the sales price of grain, compared to what growers actually receive.” Mr Iwaniw said that the while the movements of the exchange rate would be a crucial factor in the returns to growers this season, another key influence was the expected size of the northern hemisphere crop. “Large crops are forecast in both eastern Europe and the European Union (EU), with growers experiencing favourable conditions. Buyers are holding off in the face of this expectation which is, and will continue to, put pressure on international prices. “It’s still early days yet, and barley prices are certainly not set in stone. There are a number of other issues that can impact on pool returns between now and the time that the 2005/06 barley crop is fully marketed. “All we can do is reflect what the markets are indicating at this stage. We will keep growers informed throughout the season of further developments.”

Theoretical malt prices.


* - 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 2005 are available on site www.e-malt.com/MarketPrices

Malting barley prices. French barley prices.
Nominal prices.

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

Barley Price Evolution

Canada Average Barley Price Evolution

Table of the week
EU Malt Export Licence Fixations:

(in tonnes)   2000-2001  2001-2002   2002-2003   2003-2004  July 01, 2004 - March  29, 2005  
 France   523,190  701,134  661,772  774,761  566,800 
 Germany   305,980  468,314  408,063  422,047  195,274 
 Belgium   277,584  296,368  287,850  317,292  305,908 
 UK    254,793  350,621  294,995  443,501  185,156 
 Finland   65,550  91,890  100,758  114,165  35,866 
 Denmark    52,326  96,812  94,791  90,452  39,994 
 Sweden   50,847  101,000  76,916  78,369  64,840 
 Netherlands   54,835  51,310  66,219  80,703  35,908 
 Ireland   26,003  35,145  31,140  38,900  56,924 
 Austria   4,850  8,840  8,620  60,211  7,521 
 Spain   3,000  2,400  5,640  10,000 
 Greece   1,800  1,744  1,306  979  130 
 Portugal   340  221  85  695  680 
 Italy  
 Total EU 15  1,621,098  2,205,799  2,038,157  2,432,075  1,495,001 
 New EU members  May-June, 04   
 Czech Republic         34,340  59,692 
 Poland         7,604  29,988 
 Hungary         2,830  50,279 
 Slovakia         1,000  51,138 
 Total EU 25   1,621,098  2,205,799  2,038,157  2,477,849  1,686,098 

  Total Wheat malt, tonnes  
Total 2000-2001    4,686 
Total 2001-2002    12,805 
Total 2002-2003    30,908 
Total 2003-2004    15,768 
July 01/2004 – March 29/2005    4,680 
   
  Total Roasted malt, tonnes  
Total 2000-2001    23,967 
Total 2001-2002    23,480 
Total 2002-2003    23,603 
Total 2003-2004    24,438 
July 01/2004 – March 29/2005    21,431 

Graph of the week

Agenda

April 2005:
Helsinki Beer Festival;
Tour de Geuze 2005. Payottenland, Belgium;
FAB 2005 - BC Food & Beverage Conference. Vancouver, BC;
Grains Week 2005. Queensland, Australia;
Concise Course in Brewing Technology;
World Barley, Malt & Beer Conference 2005;
JOINT LEGISLATIVE CONFERENCE. Washington, D.C., USA;
BEER. Exhibition Pavilion Minsk.;
Craft Brewers Conference & BrewExpo America;
Classic City Brewfest, Athens, GA;
SOUTH-UKRAINIAN DAYS OF FOOD AND DRINKS;
SIBFOODEXPO, Siberian Beer. Novosibirsk;
SAMARA DRINKS. SAMARA, RUSSIA;
WINES, BEERS AND DRINKS Exhibition for the Beverage Industry. Krasnoyarsk, Russia;
Malting Course BRi Nutfield United Kingdom;
INTERPAK 2005 Duessledorf, Germany;
Excursion to West-Flanders;

May 2005:
TwinTrack Brewing Microbiology Program. The Siebel Institute;
HOFEX 2005. 11th Asian International Exhibition of Food & Drink. Hong Kong;
30th Congress of the European Brewery Convention;
Pivo-2005. Beer International Brewing Technology Exhibition. Sochi, Russia.;
Export Credit Guarantee Programs Seminar. USDA;
California Festival of Beers;

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 ;

More events are available on site e-malt.com

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