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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
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

23 Jan - 25 Jan 2006
Crop 2005
2rs Barley €115.50-117.50
6rw Barley €103.00-105.00
2rs Malt €243.50-245.50
6rw Malt €227.50-229.50
Crop 2006
2rs Barley €118.50-120.50
6rw Barley €106.00-108.00
2rs Malt €245.00-247.00
6rw Malt €229.00-230.00

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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Last five newsletters
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Newsletter 03b, 2006

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Newsletter 03a, 2006

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Newsletter 02b, 2006

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Newsletter 02a, 2006

See this Newsletter!
Newsletter 01, 2006



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


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All graphs issued with e-malt.com newsletters are published in "Graph" section of e-malt.com site.
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The graphs are updated from time to time. Just see the updates online on e-malt.com site !


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 04a
January 23 - January 25, 2006

Quote of the week

"There is only one thing that makes a dream impossible to achieve:
the fear of failure."

Paulo Coelho, 21-st century, Brazilian writer

> Currency Rates
Base Currency: Euro, EUR
on 24-January-2006

1 EUR = 1.224 USD
1 EUR = 0.6876 GBP
1 EUR = 1.41 CAD
1 EUR = 1.6276 AUD
1 EUR = 140.419 JPY
1 EUR = 2.7788 BRL
1 EUR = 34.3308 RUB
1 EUR = 9.873 CNY
Base Currency: US Dollar
on 24-January-2006

1 USD = 0.8172 EUR
1 USD = 0.5618 GBP
1 USD = 1.152 CAD
1 USD = 1.3297 AUD
1 USD = 114.738 JPY
1 USD = 2.2703 BRL
1 USD = 28.0476 RUB
1 USD = 8.0661 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
China: InBev accelerates the timing of the acquisition of 100% of Fujian Sedrin Brewery... Click here

Denmark: Carlsberg Breweries assigned investment grade ratings... Click here

Colombia: Bavaria’s Board of Directors appointed new President... Click here

Canada: Sleeman lowers its full year outlook for fiscal 2005... Click here

UK: The CEO of British Beer and Pub Association calls for total ban on smoking... Click here

Ukraine: In December 2005 Ukrainian malt production increased by 37% year-on-year... Click here

World: Barley production is to increase by 7% in 2006-2007... Click here

Ukraine: More than half of winter barley crops to be in good and fair condition... Click here

More News
China: InBev to acquire 100% of the equity interests in Fujian Sedrin Brewery ... More Info

Belgium: InBev appoints two new Zone Presidents ... More Info

Russia: Half of Russians adults are regular beer drinkers, according to the latest poll ... More Info

EU: Czech Beer and Malt Association has finally joined the Brewers of Europe ... More Info

UK: Greene King’s trading in all four divisions has been in line with expectations ... More Info

Swaziland: Beer prices increased as from January 2006 ... More Info

Australia: SAFF will discuss the range of barley marketing options available to the industry ... More Info

Ukraine: World football star became the face of “Obolon” Beer Company ... More Info

Russia: Baltika beer in the war for dominance ... More Info

India: Australian Foster's is planning brewing expansion ... More Info

Canada: New Labatt Blue advertising campaign pays homage to the man behind the beer ... More Info

UK: Diageo Great Britain supports accreditation training for new Licencing Act. ... More Info

UK: InBev has introduced a new dispense system for cask ale ... More Info

Ghana: Accra Brewery loss pushes index down ... More Info

USA: Cargill AgHorizons and Wells Fargo Join Forces to improve healthcare affordability for farm families ... More Info

Canada: Big Rock Brewery Income Trust announces monthly distribution ... More Info

USA: Lion Brewery will introduces five seasonal beers to increase market share ... More Info

Ukraine: 2.4 million tonnes of barley exported since the start of this marketing year ... More Info

Australia: Foster's downgraded by Macquarie Research ... More Info

UK: A bio beer, which promises less of a hangover, is going on sale in Great Britan ... More Info

USA: Heineken Utilizes new interactive out-of-home medium for National Advertising Campaign ... More Info

Canada: Independent studies support GroFeed barley benefits ... More Info

UK: Future pension arrangements for Scottish & Newcastle employees based in the UK ... More Info

UK: Greene King plc announced directors' shareholdings ... More Info

UK: New spring barley more attractive for farmers ... More Info



Brewery News
China: InBev accelerates the timing of the acquisition of 100% of Fujian Sedrin Brewery

InBev announced on January 25 that it has reached further agreement with the non-State shareholders to accelerate the timing of the transfer of their 60.52% equity interests in Fujian Sedrin Brewery Co. Ltd. (“Fujian Sedrin”). This will allow the early creation of InBev Sedrin, a wholly foreign owned enterprise (WFOE), 100% owned by InBev.

InBev recently agreed to acquire the 39.48% equity interests in Fujian Sedrin owned by the State as the first part of a multi-stage transaction. The accelerated timing of the transfer of the non-State equity interests will allow InBev to bring forward the date at which it is able to complete acquisition of 100% of Fujian Sedrin. This transaction is subject to regulatory approvals and is expected to close before the end of the year.

There are no other changes to the terms of the transaction announced on 23 January, whereby InBev agreed to acquire Fujian Sedrin, the largest brewer in Fujian Province, for a total cash consideration of RMB 5,886 million (equivalent to Euro 614 million*).

Brent Willis, Zone President InBev Asia Pacific, said: “The accelerated transfer of the non-State equity interests will allow InBev to bring forward the implementation of our growth plans for ...
More Info


Denmark: Carlsberg Breweries assigned investment grade ratings

Danish largest beer maker, Carlsberg Breweries, announced on January 23 that it has been assigned investment grade ratings by both Moody's Investors Service and Fitch Ratings Ltd. Carlsberg Breweries has been assigned the rating Baa3 (stable outlook) by Moody's and BBB- (stable outlook) by Fitch.

"Carlsberg Breweries is pleased with these Investment Grade ratings, which are seen as an acknowledgement of current robust business strategy. The Investment Grade ratings reflect, that Carlsberg Breweries has a good credit quality and a strong business profile within the global brewing industry," says J?rn P. Jensen, CFO.

Carlsberg is one of the leading brewing groups in the world, with a large portfolio of beer and soft drink brands. Its flagship brand, Carlsberg, is one of fastest growing and most well known beer brands in the world. Over 31,000 people work for Carlsberg at its 92 local production sites in 48 countries and its products are sold in over 150 markets. In 2004, Carlsberg sold 92 million hectolitres of beer, which breaks down to roughly 74 million bottles of beer per day.


Colombia: Bavaria’s Board of Directors appointed new President

Bavaria S.A., the largest beverages company in Colombia, announced on January 24 that its Board of Directors appointed Karl Lippert – current Managing Director of the Poland operation – as the new President of Bavaria. Karl Lippert shall take office since February thirteen next and shall report to Barry Smith, SABMiller’s Managing Director for Latin America.

Lippert, who joined the South African Brewery in 1992, has an important experience in the world brewing industry. The last three positions he has had have been Executive Director of Kompania Piwowarska (‘KP’) in Poland since 2003 (to present); in the past he had been Executive Director of Dreher in Hungary and Sales and Distribution Director for SABMiller Europe, based in Budapest (Hungary).

Under Karl Lippert’s management in Poland, SABMiller has increased its market share from 31% to 38%, and has quite successfully implemented important initiatives in the development and innovation of brands; for example, the transformation of Zubr beer (‘Bison’) from a small regional position to the second largest brand and with greatest growth in Poland. Likewise, the products launched during the same term have reached a large participation in Poland’s market, and its brands have been ...
More Info


Canada: Sleeman lowers its full year outlook for fiscal 2005

Sleeman Breweries has slashed its preliminary 2005 earnings guidance, citing the impact of competitive pressure in the beer market, as its shares dipped more than five per cent, according to Canadian Press of January 24.

Earnings per share, excluding non-recurring items, should be between 60 and 64 cents a share - lower than previously announced guidance of 81 to 85 cents per share, the Guelph-based company said on January 24.

Sleeman stock dropped 71 cents to $12.77 in morning trading on the Toronto Stock Exchange. It has traded in a range between $11 and $15.59 over the past 52 weeks.

"The principle reason for the reduced outlook was competitive pricing, which increased in key markets through most of the fourth quarter," the company said.

"The industry experienced compressed margins during the quarter, most notably in the province of Quebec," chairman-CEO John Sleeman said in a release."On a positive note, Sleeman market share and volumes remained consistent with prior year levels in the face of this pricing environment." The company said the pricing environment "will likely continue to impact earnings for the first part of 2006."

Actual fourth-quarter and full-year 2005 earnings are to be announced March 2, 2006.


UK: The CEO of British Beer and Pub Association calls for total ban on smoking

The chief executive of the British Beer and Pub Association, Rob Hayward, called for a total smoking ban on January 23, arguing that an exemption for members' clubs would seriously damage the pub trade and lead to pub closures, according to The Independent News.

U.K. pubs, the British Medical Association and anti-smoking group ASH called for a proposed smoking ban to apply to private clubs as well as bars too.

U.K. Prime Minister Tony Blair has proposed measures that would ban smoking in restaurants and some bars from mid-2007. About a fifth of Labour lawmakers are objecting to exemptions to the ban.

At least 114,000 people in the U.K. die each year from smoking-related illnesses, accounting for a fifth of all deaths, and Blair's government estimates restrictions could save up to 3.8 billion pounds ($7 billion) by reducing sickness and death associated with smoking.

The brewing industry group joined forces with the health lobby to urge MPs to support clear legislation on smoke-free workplaces and to oppose any exemption for members' clubs in the forthcoming free vote on smoking in the Health Bill.

Mr Hayward shared a platform yesterday with Kevin Barron MP, the chairman of the Commons Health Select Committee, as well ...
More Info

Malt News
Ukraine: In December 2005 Ukrainian malt production increased by 37% year-on-year

During December 2005 a notable increase in Ukrainian malt production was registered. According to the statistical data, in December 2005 Ukrainian maltsters manufactured 34.6 thousand metric tonnes of malt, that is an increase by 7% compared to November 2005.

In comparison with December 2004, malt production volume increased with 9.3 thousand tonnes (+ 37%), according to APK-Inform reports and Ukrainian Goskomstate.

For the first 6 months of market year 2005/2006 Ukraine malt production increased by 28.8% year-on-year from 140.5 thousand tonnes in July-December 2004 to 181.4 thousand tonnes in July-December 2005.

The leading Ukrainian malt manufactures are: Kharkov based company, Malteurop, with a malt output of 8,700 metric tonnes in December 2005; OAO Slavutsky Malting plant, which produced about 7,100 metric tonnes of malt; Chernigov based unit of Malteurop Ukraine with 4,000 tonnes; Berdichevsky Malting plant and ZAO Obolon Brewery produced more than 4,000 tonnes in December.

Barley News
World: Barley production is to increase by 7% in 2006-2007

World barley production is forecast by Agriculture and Agri-Food Canda (AAFC) to increase by 7% to 145 million tonnes (Mt) in 2006-2007, rising for all major exporters except Australia. Total supply is expected to increase only slightly due to lower carry-in stocks.

World barley trade is forecast to increase by 3% to 17.5 Mt in 2006-2007. World carry-out stocks are expected to increase by 4%. As a result, world prices are projected to decrease slightly for feed barley and be similar to 2005-2006 for malting barley.


Ukraine: More than half of winter barley crops to be in good and fair condition

According to Agrarian Policy Ministry of Ukraine's data of January 19, 23 % of winter barley crops in Ukraine (120,700 hectares) were in good condition, 36.3 % (190,900 hectares) - in fair one, the ministry's crop monitoring data were showing. It said 35.9 % of the plantings (188,200 hectares) were in weak and rarefied state.

According to the ministry's data, winter barley in Ukraine for the 2006 crop was sown on a total of 523,900 hectares. Out of this area, the crops have shot out on 498,900 hectares (95.2 %).


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.2240 January 24, 2006 
 Crop year   2005   2006 
 Parity   FOB Creil   FOB Creil 
 Position   July 2005   July 2006 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  117.50  144.00  121.00  148.50 
2RS  Prestige  117.00  143.50  120.00  147.00 
2RS  Cellar  116.50  142.50  120.00  147.00 
2RS  Sebastien  115.50  141.50  119.00  146.00 
2RS  Astoria  115.00  141.00  118.00  144.50 
2RS  Cork   115.50  141.50  118.00  144.50 
6RW  Esterel   104.00  127.50  107.00  131.00 
Theoretical malt prices.

  EURO = USD 1.2240 January 24, 2006 
Crop year  2005 
Parity  FOB Antwerp 
Position  Dec 2005-Sept 2006 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  246.00  301.00  260.50  318.50  260.50  318.50  262.50  321.50 
2RS  Prestige  245.50  300.00  259.50  317.50  259.50  317.50  262.00  320.50 
2RS  Cellar  244.50  299.50  259.00  317.00  259.00  317.00  261.50  320.00 
2RS  Sebastien  243.50  298.00  257.50  315.50  258.00  315.50  260.50  318.50 
2RS  Astoria  243.00  297.00  257.00  314.50  257.50  314.50  259.50  317.50 
2RS  Cork   243.50  298.00  257.50  315.50  258.00  315.50  260.50  318.50 
2RS   Average price  244.50  299.00  258.50  316.50  258.50  316.50  261.00  319.50 
6RW  Esterel   228.50  280.50  243.50  298.00  243.50  298.50  246.00  301.00 
Asia Malt 70/30  239.50  293.50  254.00  311.00  254.00  311.00  256.50  314.00 
**  Asia Malt 50/50  236.50  289.50  251.00  307.50  251.00  307.50  253.50  310.50 

NB: Prices published are theoretical malt prices including financial cost, THC (for bulk and bags container) and all administrative costs. This prices may fluctuate according to the quantity per delivery and technical specifications.

* - 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 2006 are available on site www.e-malt.com/MarketPrices

Barley Prices Evolution

Source: Statistics Canada, Cereals and Oilseeds Review Series

Table of the week

Malting Barley Variety Plantings in the US

  2001  2002  2003  2004  2005 
Six-Rows  (% of AMBA Recommended Six-Row Malting Varieties) 
 ROBUST  89.1%  69.6%  64.8%  51.7%  44.2% 
 LACEY  1.9%  16.9%  19.5%  15.9%  21.8% 
 LEGACY  0.7%  4.4%  9.3%  17.9%  17.7% 
 TRADITION  < 0.1%  < 0.1%  < 0.1%  3.9%  8.6% 
 DRUMMOND  0.9%  1.8%  1.4%  5.8%  5.7% 
 STANDER  3.7%  4%  1.6%  1.7%  1.3% 
 FOSTER  1.8%  0.9%  0.5%  1%  0.5% 
 EXCEL  2%  2.4%  2.8%  2.2%  0.1% 
 STELLAR-ND  < 0.1%  < 0.1%  < 0.1%  < 0.1%  < 0.1% 
 
  2001  2002  2003  2004  2005 
Two-Rows  (% of AMBA Recommended Two-Row Malting Varieties) 
 HARRINGTON  68.5%  65.7%  59.5%  56.9%  47.6% 
 AC METCALFE  < 0.1%  0.2%  2%  11.5%  18.5% 
 B1202  17.7%  13.8%  11.2%  11.3%  12.8% 
 CONLON  9.8%  14.3%  19.4%  11.9%  11.4% 
 MERIT  4%  6.1%  7.9%  8.4%  9.7% 
Source: USDA/NASS Barley Variety Surveys
Newsletter SummaryTop
Graph of the week


Agenda

January 2006:
Big Beers Belgians & Barleywines Festival
Great Alaska Beer & Barley Wine Festival
The Great Alaska Beer
St. Paul Winterfest
Hop Leftoverus Challenge Entrants...
AHA Membership Rally - Boston Beer The Samuel Adams® Brewery.
Atlanta Cask Ale Tasting Sweetwater Brewery.

February 2006:
Pianeta Birra - Beverage & Co.
Sarasota Rhythm & Brews
Florida's best beer festival offering more...
World Brewing Academy International Diploma Conducted at the facilities of Siebel Institute...
August Schell Brewings' Annual Bock Fest...

March 2006:
China Drinktec - China International Exhibition on Beverage, Brewery and Wine Technology
Florida Brewers Guild Beer Festival. Beerfest 2006
Nightclub & Bar/Beverage Retailer Beverage & Food Convention and Trade Show
The 10th China International Exhibition on Beverage, Brewery and Wine Technology
Ale Street News' Ultimate Belgian Tasting


More events are available on site e-malt.com
Copyright © E-Malt s.a. 2006