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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
Scientific Digest
Theoretical malt prices
Malting barley prices
Table of the week
Graph of the week
Agenda
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Average market prices
Change trend
27 Apr - 28 Apr 2006
Crop 2005
2rs Barley €117.00-119.00   
6rw Barley €104.00-106.00   
2rs Malt €247.00-249.00   
6rw Malt €230.50-232.50   
Crop 2006
2rs Barley €114.50-116.50   
6rw Barley €105.00-107.00   
2rs Malt €240.00-242.00   
6rw Malt €227.50-229.50   

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 17a, 2006
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Newsletter 16b, 2006
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Newsletter 16a, 2006
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Newsletter 15b, 2006
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Newsletter 15a, 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!

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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 17b
April 27 - April 28, 2006
Quote of the week

"Science is organized knowledge. Wisdom is organized life."
Immanuel Kant

Currency Rates
Base Currency: Euro, EUR
on 28-April-2006

1 EUR = 1.2466 USD
1 EUR = 0.6969 GBP
1 EUR = 1.4049 CAD
1 EUR = 1.6553 AUD
1 EUR = 142.813 JPY
1 EUR = 2.6409 BRL
1 EUR = 34.1352 RUB
1 EUR = 10.0074 CNY
 Base Currency: US Dollar
on 28- April-2006

1 USD = 0.8023 EUR
1 USD = 0.559 GBP
1 USD = 1.1269 CAD
1 USD = 1.3278 AUD
1 USD = 114.576 JPY
1 USD = 2.1184 BRL
1 USD = 27.382 RUB
1 USD = 8.0275 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
USA: Anheuser-Busch Cos. reports improved sales and earnings for the First Quarter 2006... Click here

Poland: Kompania Piwowarska's reached best results ever... Click here

Hong Kong: Tsingtao Brewery 1Q2006 profit increased by 8.7 percent... Click here

Russia: SUN Interbrew announces its financial results for twelve months of 2005... Click here

Mexico: FEMSA reports double-digit growth in top-line and in profitability for 1Q06... Click here

Denmark: Royal Unibrew revealed its financial results for Q1 2006... Click here

World: IGC forecast of 2006-2007 world barley supply and demand... Click here

USA: The 2006 sold ahead position for the US hop industry is up 9 points from the 2005... Click here

More News
Russia: Shareholders in Pikra, Yarpivo and Vena postpone to Q3 the consideration of merger with Baltica ... More Info

UK: Scottish & Newcastle – AGM trading update ... More Info

Russia: Pikra brewery plans to allocate USD 2.5 mln for investment projects ... More Info

Czech Republic: Velke Popovice brewery confirms its No. 3 position in the Czech Republic ... More Info

Slovak Republic: Beer production under the edge of 4 Million hectolitres ... More Info

UK: General Workers' Union warned that S& N's new distribution joint venture puts at risk 1,500 jobs ... More Info

UK: Greene King made the announcement of passing of Extraordinary Resolution ... More Info

Australia: ABB Grain makes an investment of A$3.5 million in equipment upgrading ... More Info

USA: Anheuser-Busch declares quarterly common stock dividend ... More Info

Russia: Brazilian beer “Brahma” 1 year in heating up the Russian market ... More Info

UK:Tiger beer got new bottle and label design ... More Info

USA: Coors Light Silver Bullet Train makes tracks across the country ... More Info

USA: ING upgrading SABMiller to hold ... More Info

USA: There is mixed news about barley outlook 2006 ... More Info

Canada: Farmer interest in payment options jumps 600 per cent in 2004-05 ... More Info

India: United Breweries board had approved a 10-for-one stock split ... More Info

Canada: Feed barley PRO unchanged, according to CWB ... More Info

Russia: SUN Interbrew issue bonds on the Russian market for the amount of 11 billion rubles ... More Info

Philippines: San Miguel pricing hybrid perpetual securities ... More Info

USA: Anheuser-Busch launches ad for Budweiser entitled “Wave” ... More Info

Netherlands: Heineken to launch its biggest ever push behind Amstel ... More Info

Uganda: Uganda Breweries reduces workforce by 15 % ... More Info

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

USA: Pyramid Breweries wins two medals at world beer cup 2006 ... More Info



Brewery News
USA: Anheuser-Busch Cos. reports improved sales and earnings for the First Quarter 2006

Anheuser-Busch reported on April 26 improved sales and earnings for the first quarter 2006 today at its annual meeting of shareholders held in Orlando, Fla. Consolidated net sales increased 5.4 percent in the first quarter 2006 and earnings per share, excluding a one-time gain in 2005, increased 4.9 percent . Domestic beer volumes were the highest first quarter results in the company's history.

"Coming off a difficult year in 2005, Anheuser-Busch achieved encouraging first quarter 2006 results," said Patrick Stokes, president and chief executive officer of the company. "Through a number of sales initiatives we have restored our domestic beer volume growth momentum, and we successfully implemented a moderate price increase early this year. The cost pressures we experienced last year continue, but at a lesser rate, and we have implemented a number of initiatives to reduce costs and enhance productivity. Anheuser-Busch continues to expect sales and earnings growth in 2006 2/, and we are off to a good start."

Domestic beer shipments-to-wholesalers increased 4.6 percent for the first quarter 2006, and actual wholesaler sales-to-retailers were up 3.3 percent. On a selling day adjusted basis, sales-to-retailers were up 1.7 percent. Shipments to wholesalers are not selling day adjusted. Our sales-to-retailers increase ... More Info

Poland: Kompania Piwowarska's reached best results ever

Kompania Piwowarska's sales in the first quarter of 2006 year (January 1st - March 31st) were up on the same quarter for the prior year by 10.5 %. With sales of 2.3 million hectolitres, Kompania Piwowarska reported on April 26 the largest volume of beer sold to domestic customers among all beer companies in Poland. The Polish brewing industry sales grew in the same period (1st quarter 2006 vs. 1st quarter 2005) by 2.3%.

The strong sales growth achieved by Kompania Piwowarska over the quarter equates to a market share of 39%. This represents an increase of market share of 1.8% (vs. the first quarter of 2005).

Sales performance in 12 months (April 1st, 2005 - March 31st, 2006)

KP's financial year begins on April 1st and ends on March 31st as it is synchronized with the accounting year of SABMiller. Over the financial year (i.e. April 1st, 2005 to March 31st, 2006) KP sales equaled 11.4 mln Hls, an increase of 11% over the prior year, the highest volume sold in Polish domestic market within a period of 12 months. KP's market share equaled 37.5% in that period (based on GUS producer sales data).

Please note: During past year ... More Info

Hong Kong: Tsingtao Brewery 1Q2006 profit increased by 8.7 percent

Tsingtao Brewery Co. Ltd, China's largest beer maker by revenue, announced that its first-quarter net profit increased by 8.7 % compared to the same period last year on higher beer sales, Associated Press informed on April 28.

The company said late Thursday its first-quarter net profit was 74.91 million Chinese yuan ($9.35 million), up from 68.92 million yuan the year before. Earnings per share for the period stood at 0.057 yuan from 0.065 a year earlier.

Tsingtao said its first-quarter revenue was 2.39 billion yuan ($298 million), up from 2.03 billion yuan a year earlier.

The company said its sales of beer in the first quarter increased by 15 % to 8.69 million hectoliters from the year before. One hectoliter equals 100 liters. 'First quarter beer sales were up up 15 pct at 869,000 kiloliters, with sales of our flagship Tsingtao beer brand up 19 pct at 315,000 kiloliters,' the company said in its earnings statement.

'With the coming summer peak season upon us, due to extensive restructuring of our operations, we are ready to expand our market presence despite increasing competition at home and abroad,' the statement said.

Tsingtao was listed in July 1993. It was the first so-called H-shares listed in ... More Info

Russia: SUN Interbrew announces its financial results for twelve months of 2005

SUN Interbrew Limited, the leading brewer in Russia and Ukraine, announced on April 27 its financial results for twelve months of 2005 ended 31 December 2005.

Operational Highlights

-Net turnover was up by +29.4% vs. FY2004
-Net Profit in FY2005 was up by +8.1% vs. previous year

In Russia, the market growth was 6.3%, while Sun Interbrew’s domestic beer volumes grew by +20.9% vs. the same period last year.

In Ukraine, the market grew +24.3%, with Sun Interbrew beer volume growing +25.2%.

SUN Interbrew ended the year in both countries with record market shares: 17.8% in Russia and 35.8% in Ukraine.

Good sales results achieved in the 2005, despite the increased competition in Russia and slower market growth, confirm the chosen strategy. We believe that with the continued strong innovations introduced on the markets we will be able to outperform the competitors and expand our share in both countries in 2006.

SUN Interbrew Limited is the second largest brewer in Russia and the largest brewer in Ukraine. The company was set up in 1999 as a strategic partnership between InBev, the No. 1 global brewer, and the SUN Group, operating in the region since 1958, and in the beer sector of ... More Info

Mexico: FEMSA reports double-digit growth in top-line and in profitability for 1Q06

Fomento Econуmico Mexicano, S.A. de C.V. (“FEMSA”) announced on April 28 its operational and financial results for the first quarter of 2006.

1Q06 Highlights:

Consolidated total revenues increased 15%, income from operations increased 14.5%, and net majority income increased 45%. All operating units contributed to this growth.

Coca-Cola FEMSA total sales volume increased 6.4% and income from operations increased 8%. Brazil and Mexico stand out with 9% and 8% respective increases in sales volume.

FEMSA Cerveza (excluding Kaiser) total revenues increased 11% and income from operations increased 18%. Domestic sales volume increased 3.6% and export sales volume increased 42% due to strong sales growth in the U.S. and a favorable comparison.

Oxxo increased its revenues by 19% driven by 73 net new stores and a 7.4% increase in same-store sales. There are now over 4,200 Oxxo stores throughout Mexico.

“Driven by the focus and determination of our team, we delivered a quarter of solid growth in each one of our business units. We are facing positive trends in Mexico and Brazil and we are capitalizing on this by increasing innovation and enhancing execution. We continue to bring our soft drinks, beer, and Oxxo store operations closer together. We are confident that an integrated ... More Info

Denmark: Royal Unibrew revealed its financial results for Q1 2006

Royal Unibrew A/S, one of the largest Danish beer companies, announced on April 27 that the company’s Supervisory Board of Royal Unibrew A/S has considered and adopted the Q1 Report at 31 March 2006. The company posted:

HIGHLIGHTS (FOR Q1 2006)
• Loss before tax amounting to DKK 52.4 million
• Consolidated loss amounting to DKK 37.7 million
• Considerable marketing expenses, due to among others the introduction of “Egekilde”
• Net revenue up by 3% to DKK 648 million
• Free cash flow amounting to a negative DKK 76.9 million compared to a negative DKK 75.9 million in
2005
• Unchanged expectations of consolidated profit for the full year of DKK 310‐350 million

FINANCIAL HIGHLIGHTS AND KEY RATIOS
The Q1 Report 2006 has been prepared under the measurement and recognition provisions of IFRS. Compared to the accounting policies applied in the Annual Report for 2005, the policy for valuation of inventories of serving equipment has been changed. The change affects consolidated profit/(loss) in Q1 2006 and 2005 by a negative DKK 0.8 million and a negative DKK 0.3 million, respectively. Financial highlights and key ratios for 2004, 2005 and 2006 have been restated to reflect the changed accounting policies, whereas financial highlights and key ratios for 2002‐2003 have been ... More Info

Barley News
World: IGC forecast of 2006-2007 world barley supply and demand

World barley production for 2006/2007 is forecast by IGC (International Grains Council) at 147 million tonnes, 1 million tonnes more than forecasted in March and 8 million tonnes up from last year production, IGC reported on April 27.

EU barley production is expected to rise by 4 million tonnes to 58 million tonnes due to better yields, and Russia’s crop should also be larger, but plantings in Canada and the US will be lower.

Plentiful rainfall in Morocco should lead to a much larger harvest, IGC said.

World barley consumption in 2006/07 is projected at 146 million tonnes, 3 million tonnes than the previous year. Better availabilities in the EU, particularly in Spain, will increase feed use at the expense of wheat, but malting may decline.

Malting barley consumption in China and the CIS countries will grow because of their expanding malt production capacity.

World barley trade in 2006/07 is forecast to decline by 0.5 million tonnes to 17.6 million tonnes. Feed barley imports will likely decline because of reduced needs by North Africa and Saudi Arabia but stronger sales to China may lift world malting barley imports.

With increased supplies, feed ... More Info

Hops News
USA: The 2006 sold ahead position for the US hop industry is up 9 points from the 2005

The 2006 sold ahead position for the US hop industry is up nine points from the 2005 position, United States Department of Agriculture posted on March 27, 2006. The following years’ positions are mostly higher than the 2005 survey, but lower when compared with preceding surveys.

US sold ahead position for 2006 crop is 40,178,989 pounds of hops (75.93 % of crop); for 2007 crop 20,327,911 pounds (28.42%) for 2008 14,034,657 pounds (26.52%); for 2009 8,767,139 pounds (16.57%)

The survey data are reported by hop growers from Idaho, Oregon and Washington. Data from the survey are used to calculate a percentage and quantity of the US hop crop sold for 2006, and following years.

Scientific Digest
Relationship between malt qualities and ß-amylase activity and protein content as affected by timing of nitrogen fertilizer application
CHEN Jin-xin, DAI Fei, WEI Kang, ZHANG Guo-ping (Department of Agronomy, Zhejiang University, Hangzhou 310029, China)

Abstract: The effects of different timing of N fertilizer application at the same rate on grain ß-amylase activity, protein concentration, weight and malt quality of barley were studied. Grain ß-amylase activity and protein concentration were significantly higher in treatments where all top-dressed N fertilizer was applied at booting stage only or equally applied at two-leaf stage and booting stage than in the treatment where all top-dressed N fertilizer was applied at two-leaf age stage only. On the other hand, grain weight and malt extract decreased with increased N application at booting stage. There were obvious differences between barley varieties and experimental years in the grain and malt quality response to the timing of N fertilizer application. It was found that grain protein concentration was significantly and positively correlated with ß-amylase activity, but significantly and negatively correlated with malt extract and Kolbach index. The effect of grain protein concentration on malt quality was predominant over the effect of grain ß-amylase activity. Journal of Zhejiang University SCIENCE B
Key words: Barley, Nitrogen fertilizer, ß-amylase, Malt quality
... Load full article, 6 pages, 290 Kb, PDF file


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.2466 April 28, 2006 
 Crop year   2005   2006 
 Parity   FOB Creil   FOB Creil 
 Position   July 2005   July 2006 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  122.00  152.50  118.00  147.50 
2RS  Prestige  119.00  148.50  117.00  146.00 
2RS  Cellar  117.50  146.50  115.00  143.50 
2RS  Sebastien  117.00  146.00  114.50  143.00 
2RS  Astoria  116.00  145.00  114.50  143.00 
2RS  Cork   115.00  143.50  114.00  142.50 
6RW  Esterel   105.00  131.00  106.00  132.50 
Theoretical malt prices.
  EURO = USD 1.2466 April 28, 2006 
Crop year  2005 
Parity  FOB Antwerp 
Position  Apr 2006-Sept 2006 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  253.00  315.50  267.50  333.50  267.50  333.50  282.00  351.50 
2RS  Prestige  249.50  311.00  263.50  328.50  264.00  329.00  278.50  347.00 
2RS  Cellar  247.50  308.50  262.00  326.50  262.00  326.50  276.50  344.50 
2RS  Sebastien  247.00  308.00  261.50  325.50  261.50  325.50  276.00  343.50 
2RS  Astoria  245.50  306.50  260.00  324.00  260.00  324.50  274.50  342.50 
2RS  Cork   244.50  305.00  259.00  322.50  259.00  322.50  273.50  340.50 
2RS   Average price  248.00  309.00  262.50  327.00  262.50  327.00  276.50  345.00 
6RW  Esterel   231.50  289.50  246.50  307.50  246.50  307.50  261.00  325.50 
*  Asia Malt 70/30  243.50  303.00  257.50  321.00  257.50  321.00  272.00  339.00 
**  Asia Malt 50/50  240.00  299.50  254.50  317.00  254.50  317.00  269.00  335.00 

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

Table of the week

The Black Sea Barley Market

Barley production, in million tonnes
Country  2005/06  2004/05 
Ukraine  8.8  10.6 
Russia  15.8  17.2 
Kazakhstan  1.8  1.6 
Romania  1.1  1.4 
Bulgaria  0.62  1.18 
Moldova  0.3  0.26 
Total Black Sea  28.42  32.24 
Barley exports, in million tonnes
Ukraine  3.8  4.3 
Russia  1.5  1.1 
Kazakhstan  0.15  0.1 
Romania  0.1  0.2 
Bulgaria  0.2  0.42 
Moldova  0.15  0.13 
Total Black Sea  5.9  6.25 

Newsletter SummaryTop
Graph of the week


Agenda
April 2006:
Gitchee Gumee Brewfest More than 120 beers from over 30 Upper Midwest brewers
Classic City Brew Fest Mini-festival this year because of venue problems
Master of Beer Styles & Evaluation program The Master of Beer Styles
4TH BREWING RAW MATERIAL SEMINAR (ROHSTOFFSEMINAR) Dealing with market and scientific topics
Newcastle Beer Festival Organized By: Tyneside & Northumberland Branch, Campaign for Real Ale
2006 Australian International Beer Awards
Helsinki Beer Festival 2006. April 7-8, 2006
Okanagon Fest-of-Ale British Columbia's second-largest festival
Taming of the Brew Beer from nearly 20 breweries and distributors
World Beer Cup Competition Judging
BREWER 2006
Craft Brewers Conference & BrewExpo America 2006
BEER. WINES & DRINKS International Beer, Wine and Spirits Manufacturing Exhibition
World Beer Cup Gala Awards Dinner
Spring Beer & Wine Festival
Planet Thanet Ale Festival
Stuttgart Spring Festival
Dunstable Beer Festival
Spring Festival Held on the same Oktoberfest grounds
Peoria Jaycees International Beer Festival
Best of the Midwest Brewers Festival Historic setting
Great Brews From Around the World Beer
City Paper Brew Fest Beer from more than 40 microbreweries
Hickory Hops Brew Festival
Wine&SpiritsAsia International Exhibition of Wine
Reading Beer Festival Organized
Stourbridge Beer Festival
Chippenham Beer Festival
Ballpark Festival of Beers Sampling of 100 to 125 American specialty beers
Reading Phillies Beer Fest Beer
TAP New York 2006 More than 100 beers from New York State craft
Hevelius International Beer Festival - Beverages and Gastronomy Devices Fair
2006 Great Petaluma Chili Cook-off, Salsa, and Beer Tasting Beer

May 2006:
THE 4 th EUROPEAN BEER AND HEALTH SYMPOSIUM
10th Annual Boonville Beer Festival
BIG BREW National Homebrew Day website
Great Japan Beer Festival
Beer Baron's World of Beer
TwinTrack Brewing Microbiology Program
Rugby Beer Festival
Australian International Beer Awards Beer Festival
Long Island Beer Festival Hundreds of beers from nearly 70 breweries
Calgary Brewfest 2006 Beer from Calgary
ALCO + SOFT International Specialized Exhibition of Drinks
Beer International Brewing Technology Exhibition
Iran food and drink tec International Food, Drink and Packaging Technology Trade
Mondial de la Biere Windsor Station & Courtyard


June 2006:
ProPak Asia International Food and Drink Processing and Packaging Technology Exhibition
BevTech / BrewTech International Exhibition of Beverage and Brewary Processing and Packaging
IGC GRAINS CONFERENCE 2006
For conference sponsorship opportunities
National Homebrewers Conference
Beer festival - 2006 St.Petersburg

More events are available on site e-malt.com
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