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Newsletter Summary

Currency rates
Brewery news
Malt news
Barley news
More news
Theoretical malt prices
Malt Price Evolution
Malting barley prices
Graph of the week
Agenda
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Average market prices Change trend

Wednesday, 28-Apr-2004
Crop 2003
2rs Barley €117.5
6rw Barley €111.0
2rs Malt €250.5 +1.21%
6rw Malt €242.5 +1.25%
Crop 2004
2rs Barley €126.5
6rw Barley €114.5
2rs Malt €255.5 +1.19%
6rw Malt €240.5 +1.26%

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 week's prices.
Arrows indicate the direction of the change.


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April 26 - April 28, 2004
Currency Rates
Base Currency: Euro, EUR
on 28-Apr-2004

1 EUR = 1.1942 USD
1 EUR = 0.6661 GBP
1 EUR = 1.6129 CAD
1 EUR = 1.6253 AUD
1 EUR = 130.65 JPY
1 EUR = 3.4847 BRL
1 EUR = 34.4634 RUB
Base Currency: US Dollar, USD
on 28-Apr-2004

1 USD = 0.8377 EUR
1 USD = 0.5579 GBP
1 USD = 1.3506 CAD
1 USD = 109.45 JPY
1 USD = 2.9180 BRL
1 USD = 28.859 RUB

EUR/USD Chart
Top Industry News
  • Belgian brewer Interbrew, which will soon tie up with Brazil's Ambev announced on April 27 that it realized a total volume of 20.6 million hectoliters in the first quarter Click here

  • Mexico, Monterrey: Fomento Economico Mexicano, S.A. de C.V. (FEMSA), the Leader in Latin Beverages, reported on April 27 strong operational and financial results Click here

  • Russia: Baltic Beverages Holding has recently made an announced about merging two of its ten Russian breweries in an attempt to cut costs Click here

  • China: Due to increases in the prices of barley, rice, water and electricity, the average cost of beer production has risen 7 per cent ... Click here

  • USA, Boston: The Boston Beer Company, Inc. announced on April 26 first quarter 2004 volume, revenue and earnings compared to the first quarter 2003 ... Click here

  • France: In 2003 the port of Havre registered a sensitive increase in malt imports. There was registered 7,513 tonnes of malt imports in 2003 ... Click here

  • Estimate of EU Barley Crops ... Click here

  • USA: For 2003/04, total U.S. barley crop is estimated at 276 million bushels, up from 2002/03’s 227 million ... Click here

More News
  • Canada, Montreal: With its deal this week to swallow Quebec's Unibroue Inc., Sleeman Breweries Ltd. is buying itself a decent growth platform ...more info


  • UK, Scotland: Diageo has offered a deal to Scotland’s malting barley growers. The drinks giant has proposed cost-plus contracts to the industry ...more info


  • United Kingdom: Kew Gardens, the Royal Botanic Gardens, is to brew and sell its own beer, using hops grown on the site in south-west London ...more info


  • Germany: The Belgian brewing giant Interbrew was reported to be investing about EUR 300 million in a new brewing plant in Munich, Germany ...more info


  • EU: Hop growing subsidies in the European Union (EU) will from 2006 be de-linked from production - mostly paid as single direct payments to growers ...more info


  • USA: Coors Brewing Company announced on April 26 Aspen Edge, its super-premium, low-carb light lager, will be available to consumers nationwide by May 3 ...more info


  • Norway, Oslo: Norwegians rushed out to stock up on beer on April 23 after authorities ruled it was too cheap following an unprecedented price war ...more info


Brewery News
Belgian brewer Interbrew, which will soon tie up with Brazil's Ambev announced on April 27 that it realized a total volume of 20.6 million hectoliters in the first quarter of 2004. This compares to a volume of 17.0 million hectoliters in the same period of last year. Organic volume growth amounted to 1.9 million hectoliters, or +11%. This growth is geographically broad-based, and is linked to share gains in key markets. In addition to this broad-based organic growth, Interbrew is especially pleased by the growth, worldwide, of its two global premium brands, Stella Artois®, which grew by more than +9%, and Beck's®, by more than +19%. In the U.S., which has been the focus of much effort by Interbrew recently, overall volume is up +18%, led by Stella Artois®, which continues its momentum, growing over +75%. With the introduction of the "Life Beckons" national advertising campaign in early January, the Beck's® family of brands also posted positive results in the U.S., growing well above the "Import" category. In Russia and Ukraine, Interbrew's volume growth was exceptional, with the highest growth rates being achieved by its domestic premium brand, Sibirskaya Korona®, its global premium brands, Beck's® and Stella Artois®, and its multi-country brand, Staropramen®...more info

Mexico, Monterrey: Fomento Economico Mexicano, S.A. de C.V. (FEMSA), the Leader in Latin Beverages, reported on April 27 strong operational and financial results for the first quarter of 2004. FEMSA Consolidated Operating Income up 43.7% reaching Ps. 2.561 billion. FEMSA Cerveza's beer sales volume grew profitably: domestic up 5.8% to 5.122 million hectoliters and exports up 32.8% to 480 thousand hectoliters, while operating income before management fee increased 24.5% reaching Ps. 675 million. Oxxo continued its expansion and opened 99 net new stores during the quarter, totaling 2,897 locations nationwide. Operating income increased by 50.3% to Ps. 169 million. Jose Antonio Fernandez, Chairman and CEO of FEMSA, commented, "We started the year 2004 on the right note. Our beer operations achieved significant volume growth and improved margins as we intensified our effort to grow profitably through focused market execution, efficient resource allocation, and better tailoring of our offers to the consumer. Our retail chain, Oxxo, continues its expansion, increasing its relevance for FEMSA as a valuable strategic vehicle for distributing our beverages...more info

Russia: Baltic Beverages Holding has recently made an announced about merging two of its ten Russian breweries in an attempt to cut costs, Russian newspaper Vedomosti posted on April 22. The group will merge St Petersburg’s Vena Brewery and Chelyabinsk-based brewer Zolotoi Ural. Analysts said that the move would allow the group to make savings of over US$1 million per year on transporting Vena’s Nevskoye and Tuborg brands to the Ural and Siberia regions. The merged unit will be headed by Pyotr Chernshyov, the general director of Vena brewery. Zolotoy Ural brewery (former Chelyabinsk brewery) was created in 1969. It came on BBH board in 1999. Now BBH controls 81% of Zolotoy Ural, which brew Zolotoy Ural and Yralsky Master brands. In 2003 the brewer output about 126 million litres of beer, 1.7% of all Russian beer production. Vena was created in 1872 and became part of BBH in 2002. 49.9% of brewer’s shares are owned by BBH and 49.9% by Carlsberg Breweries. Vena is brewing Nevskoe and Tuborg brands. In 2003 Vena produced about 140 million litres of beer, 1.8% of all Russian beer production...more info

China: Due to increases in the prices of barley, rice, water and electricity, the average cost of beer production has risen 7%, according to the China Winery Association. However, almost all major breweries on the mainland dare not raise prices for fear they will lose out in the fiercely competitive market. So far, only Hong Kong-listed Tsingtao Brewery and Harbin Brewery have announced slight price increases. According to the National Bureau of Statistics, grain prices rose 30 per cent in March year on year, pushing overall food prices up by 7.9 per cent.

USA, Boston: The Boston Beer Company, Inc. announced on April 26 first quarter 2004 volume, revenue and earnings compared to the first quarter 2003. For the 13-week period ended March 27, 2004, The Boston Beer Company recorded net sales of $44.7 million, a 1.5% decline from the 1st quarter in 2003. Net revenue per barrel increased by 1.1% during the quarter primarily due to price increases. As reflected on the following chart, reported shipment volume for the period was 263,000 barrels, a 2.6% decline from prior year. The Company recorded net income of $1.3 million or $.09 per diluted share for the quarter versus a net loss of $0.1 million and ($.01) per diluted share for the same period last year. Gross margins as a percent of net sales increased to 59.5% as compared to 58.6% in the prior year first quarter, principally due to net price increases implemented in the 1st quarter 2004 and certain operating efficiencies at its Cincinnati brewery, partially offset by changes in package mix. Advertising, promotional and selling expenses for the quarter were down by $1.8 million or 7.7% in comparison to the same period last year. The decrease was primarily driven by more effective purchasing of media. Additionally, point-of-sale expenditures declined by $0.8 million from the same period in 2003 that included an investment in new style tap handles. General and administrative expenses decreased by $0.6 million or 15.6% in comparison to the same period last year, due to reductions in employee-related costs and legal expenses...more info

Malt News

France: In 2003 the port of Havre registered a sensitive increase in malt imports. There was registered 7,513 tonnes of malt imports in 2003 versus 2,342 tonnes in 2002. It was also recorded a decrease in malt exports from 79,626 tonnes in 2002 to 77,956 tonnes of malt in 2003.

Barley News

Estimate of EU Barley Crops (in thousand metric tonnes)

  in '000 tonnes  WINTER  SPRING  TOTAL 

Crop

Crop

Crop

2003  2004  2003  2004  2003  2004 
 EU Members
 Austria  341  346  539  609  880  955 
 Belgium  189  177  62  25  251  202 
 Denmark   766  808  3,000  2,900  3,766 

3,708 

 Deutschland   7,053  8,965  3,613  3,000  10,666  11,965 
 España  2,022  2,117  6,676  6,684  8,698  8,801 
 France   5,878  6,922  3,990  2,873  9,868  9,795 
 Greece  176  372  176  372 
 Ireland  131  115  1,031  950  1,162  1,065 
 Italy   1,080  1,133  1,080  1,133 
 Luxembourg 28  28  27  27  55  55 
 Netherlands 20  16  351  340  371  356 
 Portugal  12  53  12  53 
 Suomi Finland   1,697  1,918  1,697  1,918 
 Sweden   40  46  1,500  1,664  1,540  1,710 
 United Kingdom  2,851  2,944  3,518  2,805  6,369  5,749 
 Total EU members 20,587  24,042  26,004  23,795  46,591  47,837 
 New EU Members 
 Estonia      263  265  263  265 
 Latvia      221  224  221  224 
 Lithuania      756  775  756  775 
 Poland  230  501  2,603  2,755  2,833  3,256 
 Czech Republic 452  552  1,628  1,300  2,080  1,852 
 Slovakia  150  35  682  567  832  602 
 Slovenia  28  29      28  29 
 Hungary  445  696  380  494  825  1,190 
 Total new EU members

1,305

1,813  6,533  6,380  7,838  8,193 
 
 TOTAL EU 21,892  25,855  32,537  30,175  54,429  56,030 

USA: For 2003/04, total U.S. barley crop is estimated at 276 million bushels, up from 2002/03’s 227 million, U.S. Department of Agriculture’s announced on March 31. This increase stems from higher average yields and larger harvested area. Beginning stocks were 69 million bushels, down from 92 million bushels in 2002/03. These low stocks were caused by dry conditions in 2002/03. Total barley supply is 360 million bushels in 2003/04, up from 337 million bushels a year earlier. Total utilization is forecast at 262 million bushels, down from 268 million. Most of this year-over-year decline stems from a 5-million-bushel drop in exports to 25 million bushels. Ending barley stocks are forecast at 98 million bushels. The 2003/04 season average barley price is forecast at US$2.80-US$2.90, up from $2.72 the previous year.

Theoretical malt prices.
  EURO = USD 1.1942 April 28, 2004 
Crop year  2003 
Parity  FOB Antwerp 
Position  Apr 2004-Sept 2004 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  252.50  301.50  267.50  319.50  264.00  315.50  273.50  326.50 
2RS  Prestige/Cellar  251.50  300.00  266.50  318.00  262.50  313.50  272.50  325.00 
2RS  Aspen  250.00  298.50  265.00  316.50  261.50  312.50  271.00  323.50 
2RS  Optic  250.00  298.50  265.00  316.50  261.50  312.50  271.00  323.50 
2RS  Astoria  248.50  297.00  264.00  315.00  260.50  311.00  270.00  322.00 
2RS  Cork   248.50  297.00  264.00  315.00  260.50  311.00  270.00  322.00 
2RS   Average price  250.50  299.00  265.50  317.00  262.00  313.00  271.50  324.50 
2RS  FAQ  247.50  295.50  262.50  313.50  259.00  309.50  268.50  320.50 
6RW  Esterel   242.50  289.50  257.50  307.50  254.00  303.50  263.50  315.00 
Asia Malt 70/30  248.00  296.50  263.50  314.50  259.50  310.00  269.00  321.50 
**  Asia Malt 50/50  246.50  294.50  261.50  312.50  258.00  308.00  267.50  319.50 

* - 70/30 = 70% Average two Rows Spring and 30% Six Rows Winter
** - 50/50 = 50% Average two Rows Spring and 50% Six Rows Winter

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

Malt Price Evolution

Maximum average price for 2RS Malt, crop 2003: 308.50 EUR/tonne - in November 2002
Minimum average price for 2RS Malt, crop 2003: 247.5 EUR/tonne - in April 2004
up Maximum average price for 6RW Malt, crop 2003: 280.50 EUR/tonne - in November 2002
Minimum average price for 6RW Malt, crop 2003: 239.50 EUR/tonne - in April 2004
Source: E-malt.com

Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.1942 April 28, 2004 
 Crop year   2003   2004 
 Parity   FOB Creil   FOB Creil 
 Position   July 2003   July 2004 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  119.00  142.50  128.00  153.00 
2RS  Prestige/Cellar  118.00  141.00  127.00  152.00 
2RS  Aspen  117.00  140.00  126.00  150.50 
2RS  Optic  117.00  140.00  126.00  150.50 
2RS  Astoria  116.00  138.50  125.00  149.50 
2RS  Cork   116.00  138.50  125.00  149.50 
6RW  Esterel   111.00  132.50  114.50  137.00 

nq - Not quoted

Prices for Danish and UK malting barley are available on site www.e-malt.com/MarketPrices

Graph of the week

Agenda

April 2004:
InterFood;
INTERFOOD UZBEKISTAN /INTERFOODTECH 2004
INTERFOOD ST. PETERSBURG 2004
SIBFOODEXPO 2004
BEER. WINES & DRINKS International Beer
World Beer Cup
2004 National Craft Brewers Conference
FOODASIA 2004
ASTANA FOOD 2004
INTERFOOD AZERBAIJAN/ INTERFOODTECH 2004
43rd MBAA District Caribbean Convention
IFEX 2004
EXPOVIVIENDA 2004

May 2004:
EBC SYMPOSIUM 'FOOD SAFETY & TRACEABILITY'
CANADEAN'S 4th INTERNATIONAL BEER CONFERENCE
CITBUSMED 2004
PIVO, GASTRO, BAKERY / Bulgaria
ALCO + SOFT 2004 / Ukraine
FOOD & DRINKS/FOOD TECHNOLOGY 2004 / Moldova
Beer International Brewing Technology Exhibition / Russia

June 2004:
ALIMENTARIA MEXICO International Food and Beverages Exhibition
Hotelympia
10th international symposium on pre-harvest sprouting in cereals;
BevTek / BrewTek
IGC GRAINS CONFERENCE 2004
26th Annual National Homebrewers Conference
Coceral Congress 2004
The 9th International Barley Genetics Symposium
Little Oktoberfest


More events are available on site e-malt.com

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