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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
08 May - 10 May 2006
Crop 2005
2rs Barley €117.00-119.00   
6rw Barley €104.00-106.00   
2rs Malt €247.50-249.50   
6rw Malt €231.00-233.00   
Crop 2006
2rs Barley €115.50-117.50   
6rw Barley €105.00-107.00   
2rs Malt €241.50-243.50   
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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Newsletter 16b, 2006

Market price evolutions

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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 19a
May 08 - May 10, 2006
Quote of the week

"Trouble brings experience, and experience brings wisdom."
Anonymous


Currency Rates
Base Currency: Euro, EUR
on 10-May-2006

1 EUR = 1.2712 USD
1 EUR = 0.6839 GBP
1 EUR = 1.4109 CAD
1 EUR = 1.6532 AUD
1 EUR = 141.761 JPY
1 EUR = 2.6324 BRL
1 EUR = 34.4473 RUB
1 EUR = 10.1896 CNY
 Base Currency: US Dollar
on 10- May-2006

1 USD = 0.7867 EUR
1 USD = 0.538 GBP
1 USD = 1.1099 CAD
1 USD = 1.3003 AUD
1 USD = 111.53 JPY
1 USD = 2.0708 BRL
1 USD = 27.0978 RUB
1 USD = 8.0156 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
Colombia: SABMiller seals its ownership of Bavaria beverage company... Click here

Denmark: Carlsberg’s net revenue climbed 6% in the first quarter... Click here

World: Underlying beer and brewing major trends... Click here

Philippines: San Miguel Q1 net income up 7 % on overseas growth... Click here

USA: Pyramid Breweries Inc. reporting general growth in the first quarter 2006... Click here

UK: Scottish & Newcastle announces first quarter results from BBH... Click here

EU: Maltsters must operate in a more responsible manner than in the past few years... Click here

China: The latest figures on China’s malting barley imports... Click here

New Zealand: Exploring the health benefits of hops... Click here

More News
USA: Lakeport Brewing Income Fund first-quarter sales up 16% ... More Info

India: Foster's has reopened an auction to sell its brewing assets in India ... More Info

USA: New President & Chief Operating Officer for Lakeport Brewing ... More Info

Denmark: New director at Carlsberg Research Centre ... More Info

USA: Krusovice Imperial won the Best Bohemian-style Pilsner top honours ... More Info

Germany: Huppmann now officially part of GEA Process Engineering Division ... More Info

EU: Brewing public revenues ... More Info

Thailand: Thai Beverage goes Singapore for a historical initial public offering ... More Info

UK: Supermarket chain to market Caledonian Brewing Company’s beer ... More Info

USA: Beer sales to show steady growth ... More Info

UK: Coors’ sale director Holberry in charge of UK combined sales operation ... More Info

Finland: Pleading for spirits and beer tax increase in EU ... More Info

USA: Assessment of the economic significance of beer industry ... More Info

Croatia: Karlovacka Pivovara gets a new CEO ... More Info

Russia: Stepan Razin Brewery launches a new beer brand ... More Info

USA: Brewers attempting to ease beer tax ... More Info

Serbia and Montenegro: Two and a half centuries of brewing interrupted ... More Info

Belgium: Beer against deposits of stomach fat ... More Info

Russia & Ukraine: Statistics on plantings of barley ... More Info

USA: Portland to be the nation ... More Info

Belgium: InBev’s Chief Commercial Officer to seize new career opportunity ... More Info

USA: Anheuser-Busch to distribute Monster, Lost and Rumba energy drink brands ... More Info

China: Domestic and foreign brewers boost competition ... More Info

Denmark: Carlsberg Laboratory in Copenhagen to host the Emil Christian Hansen 2006 Prize awarding ... More Info

Australia: ABB Grain Ltd to consolidate grain processing and export container operations ... More Info

Germany: Bud faces tough taste test in World Cup Germany ... More Info

UK: InBev proceeds to further personnel changes ... More Info

USA: Saint Arnold Brewing celebrates American Craft Beer Week ... More Info

Belgium: New evidence on moderate beer drinking ... More Info

USA: Anheuser-Busch makes further commitments to World Cup sponsorship ... More Info


Brewery News
Colombia: SABMiller seals its ownership of Bavaria beverage company

A unit of London-based brewer SABMiller Plc said on May 09 it will offer to buy remaining shares of Colombian beverage company Bavaria between May 10 and May 20, sealing its ownership of the firm, Reuters informed on May 09.

SABMiller bought 97 percent of Bavaria last year for about $9 billion in a stock-and-cash deal, including debt and interests in subsidiaries, which it said created the world's second-largest brewer by volume.

SABMiller subsidiary Racetrack Colombia LLC said it will offer 44,089.73 pesos per share for the remaining 3 percent of Bavaria. That is under the 44,398.81 pesos per share paid by SABMiller when it bought most of the company in December.

The difference in price reflects payments of dividends, said a statement issued by Delaware-based Racetrack.

Bavaria shares were trading at 44,080 pesos late Tuesday morning.

"Those who accept this offer can present themselves between May 10 and May 20 at any office of Santander Bank," Racetrack said.

Denmark: Carlsberg’s net revenue climbed 6% in the first quarter

According to the interim report made public on May 10, beer sales in the first quarter 2006 were 13.2m hl (calculated pro rata), which is 2% higher than sales in the same period of last year, corrected for the volume contribution from Hite Brewery. This development conceals a larger volume, particularly in Asia, and a smaller volume in Western Europe. Total sales of soft drinks etc. were 4.1m hl, an increase of 2%.

The Carlsberg brand achieved an increase of around 1% and the Tuborg brand continued its positive trend with global growth of around 6%, primarily as a result of strong development in BBH.

The Operational Excellence programmes continue to contribute to the increased efficiency and standardisation of work processes. The initiatives within production, procurement and administration are being followed by an equivalent programme for logistics, with the first pilot programmes now being implemented in Sweden and the UK. In the short term, efficiency measures and cost savings will continue to be the major source of improved profitability in Western Europe.

Profit improvements were achieved in the quarter, helping to underpin the positive full-year expectations. However, it is important to emphasise that earnings in the first quarter, as in ... More Info

World: Underlying beer and brewing major trends

World beer sales totaled 157.8 billion liters in 2005 with the top 10 companies accounting for approximately 60% of global volume of branded beer.

Although twenty large multinational and regional producers head the industry tables on branded beer volume, small production dominates total beer production when “commodity” beer products are considered (“commodity” beer is 62% of total beer production), the International Center for Alcohol Policies provided on its March 2006 report.

Although the largest global brewers have significant international production, their brands are essentially local. Due to its large volume, beer is generally produced in the country in which it is consumed.

International brands, when available outside their “home” countries, are usually produced locally either by a brewery established by the brand owner or under license by a local brewery.

Exports are important only for a few countries with prominent brands (e.g., Heineken, Carlsberg, Stella Artois or Guinness), which are produced by some of the world’s largest brewing companies.

Over the past five years, changes in beer consumption patterns have varied by region. In low and middle-income countries, the main developments have been shifts from consumption of unrecorded, locally produced beer to commercial, regional brands.

Also noteworthy in low and middle-income countries is the ... More Info

Philippines: San Miguel Q1 net income up 7 % on overseas growth

San Miguel Corp (SMC), Philippine food and beverage giant, will focus on increasing efficiency and sustaining growth this year after a series of ambitious acquisitions abroad, its chairman, Eduardo Cojuangco, said Tuesday, May 9, according to a statement of Agence France-Presse.

On May 9 San Miguel Corp reported net income in the first quarter hit 2.17 billion pesos ($42 million), 7% increase from the same period last year, as foreign acquisitions boosted sales.

Speaking at the annual SMC stockholders' meeting, Chairman Eduardo Cojuangco said "management's focus over the next few years will be to help build long-term value for San Miguel shareholders."

"With all the moving parts in place, we now shift our focus from an outward-looking, expansionist phase to one characterized by strengthening organic growth and enhancing operating efficiency," he said. "We need to drive our cash flow and strive for continual improvement of our core working capital," he said. "Our priorities now are to sustain all the gains we have made over the last eight years and build on them" he said, referring to the expansion into Asia Pacific countries over the past nine years.

Cojuangco cited the recent acquisition of National Foods of Australia which included Lactos, a specialty cheese ... More Info

USA: Pyramid Breweries Inc. reporting general growth in the first quarter 2006

Pyramid Breweries Inc. announced on May 04 the results for the first quarter of 2006. Gross sales revenue for the quarter ended March 31, 2006 was $11.5 million, representing overall growth of 10%, or $1.0 million, as compared to the first quarter a year ago. This growth was driven primarily by increased shipment volume of 32% in the core Pyramid Brand Family and contributed to the 65% increase, or $976,000, in gross margin to $2.5 million. Favorable pricing, combined with a decrease in per barrel costs related to consolidating production operations, also contributed to the gross margin increase. Additionally, gross margin as a percentage of sales increased to 23% in the quarter ended March 31, 2006 from 15% in the same period in 2005. Net loss for the quarter improved 55% to $505,000, or ($0.06) per share, compared to a $1.1 million loss or ($0.13) per share a year ago. Company EBITDA for the quarter improved 183% to $255,000 from a loss of $307,000 last year.

"The entire brewing industry performed exceptionally well during the first quarter, with the craft beer category continuing to flourish," said John Lennon, the Company's Chief Executive Officer. "Benefiting from this trend and our renewed ... More Info

UK: Scottish & Newcastle announces first quarter results from BBH

Scottish & Newcastle announced on May 10 first quarter results from its 50% owned joint venture Baltic Beverages Holding AB (BBH).

Within a Russian market estimated to grow at 3-5% in the medium term, share is expected to be gained whilst achieving price increases just below the level of local food and beverage price inflation. Following outstanding margin performance in 2005, margins are expected to remain stable at around 20%. The legal integration of our Russian businesses will be completed by the end of 2006 allowing BBH to consolidate its position as market leader in a competitive market.

EBIT margin declined by 1.1%pts in the first quarter to 11.9%. BBH continued to invest in consumer facing activity in the period including sales and trade marketing. This is part of their strategy to drive volume and market share gains in BBH’s markets going forward. There are two factors impacting margin movement in the period. The first quarter saw a one off reorganisation charge in Ukraine, adjusting for which, margins would be broadly in line with Q105. In addition, as reported in Q1 2005, prior year margin was unusually high due to a refocusing of marketing spend to later in the year. BBH expects ... More Info

Malt News
EU: Maltsters must operate in a more responsible manner than in the past few years

The feeling in the market is that Weissheimer will come out of their crisis. Even so, the effect of their threatening breakdown will remain, market analysts have recently commented.

The advise of experts is that maltsters must operate in a more responsible manner than in the past few years. They will need profits to satisfy their shareholders and bankers, and they are confronted by an ever rising cost of energy. They also run the risk of higher barley markets, due to dissatisfaction of barley farmers and the market's appetite for oilseeds and bio-ethanol commodities, maize, wheat and sugar.

At present malt contracts in domestic markets for 2007 are done at levels between € 270,-/280,-, delivered breweries.

Barley News
China: The latest figures on China’s malting barley imports

Specialists have estimated that China imported 710,000 tonnes of malting barley in January/March this year, of which 460,000 tonnes from Australia, 236,000 tonnes from Canada, 15,000 tonnes from France.

Canada will have not much more barley available before the arrival of new crop in October, and the EU cannot compete with Australian prices.

Hops News
New Zealand: Exploring the health benefits of hops

Better beer is in the pipeline as brewers and researchers explore the health benefits and flavours of hops, the New Zealand’s The Press reported on May 08.

Clinical trials have revealed compounds in hops that may have positive effects on human health and diseases such as cancer. The discovery has coincided with the swing in consumer demand for a greater variety of beers with more flavour.

Hops, one of the flavour bases of beer, also contain a number of unique polyphenols that have been linked to antioxidant benefits for humans.

A HortResearch hop breeder, Dr Ron Beatson, of Riwaka, is halfway through a four-year breeding programme to increase the polyphenol levels in hops.

Clinical trials in Belgium, Germany and the United States are examining their effect on illnesses such as cancer, bone deterioration, obesity and diabetes, said Beatson. Currently, polyphenols are not harnessed in sufficient quantities by traditional brewing methods.

The industry was now seeking ways to increase levels of polyphenols in beer, and HortResearch is looking to breed hop hybrids with higher polyphenol content.

"We are undertaking research and looking at ways of getting DNA markers to identify the polyphenol compounds," said Beatson.

HortResearch was also involved in developing downstream ... More Info

Scientific Digest
The Effect of Germination Temperature on Malt Quality of Buckwheat
H. H. Wijngaard and H. M. Ulmer, Department of Food and Nutritional Sciences and National Food and Biotechnology Centre, University College Cork, College Road, Cork, Co. Cork, Ireland; and E. K. Arendt,1 Department of Food and Nutritional Sciences and National Food and Biotechnology Centre, University College Cork, College Road, Cork, Co. Cork, Ireland

Abstract: J. Am. Soc. Brew. Chem. 63(1):31-36, 2005 Common buckwheat (Fagopyrum esculentum) with and without hull was malted at four germination temperatures, 9.5, 14.9, 16.5, and 20.2°C. Optimum characteristics of malts and resulting worts were obtained when buckwheat was germinated at 16.5 and 20.2°C. Buckwheat without hull germinated at these temperatures showed similar values in soluble nitrogen and free amino nitrogen to barley malt. Both a- and ß-amylase activity levels were low in malted buckwheat. The maximum activity level of a-amylase was 47.79 units g–1 (wet wt) in buckwheat without hull and germinated at 16.5°C. The maximum activity level of ß-amylase was induced in buckwheat germinated at 20.2°C: 129.80 and 125.68 units g–1 (wet wt) were found in buckwheat with and buckwheat without hull, respectively. Maximum apparent fermentability (56%) was reached when buckwheat was germinated at a temperature of 20.2°C. Although amylolytic activity and fermentability levels were low in malted buckwheat, buckwheat malt appears to have potential as a brewing ingredient once malting and mashing conditions are optimized.
... Load full article, 6 pages, 98 Kb, PDF file


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.2712 May 10, 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  155.50  119.00  151.50 
2RS  Prestige  119.00  151.50  118.00  150.50 
2RS  Cellar  117.50  149.50  116.00  147.50 
2RS  Sebastien  117.00  149.00  115.50  147.00 
2RS  Astoria  116.00  147.50  115.50  147.00 
2RS  Cork   115.00  146.50  115.00  146.50 
6RW  Esterel   105.00  133.50  106.00  135.00 
Theoretical malt prices.
  EURO = USD 1.2712 May 10, 2006 
Crop year  2005 
Parity  FOB Antwerp 
Position  May 2006-Sept 2006 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  253.50  322.50  268.00  340.50  268.00  340.50  282.50  359.00 
2RS  Prestige  250.00  317.50  264.50  336.00  264.50  336.00  279.00  354.50 
2RS  Cellar  248.00  315.50  262.50  333.50  262.50  333.50  277.00  352.00 
2RS  Sebastien  247.50  314.50  262.00  333.00  262.00  333.00  276.50  351.50 
2RS  Astoria  246.50  313.00  260.50  331.50  260.50  331.50  275.00  349.50 
2RS  Cork   245.00  311.50  259.50  329.50  259.50  330.00  274.00  348.00 
2RS   Average price  248.50  316.00  262.50  334.00  263.00  334.00  277.50  352.50 
6RW  Esterel   232.00  296.00  247.00  314.00  247.00  314.00  261.50  332.50 
*  Asia Malt 70/30  243.50  310.00  258.00  328.00  258.00  328.00  272.50  346.50 
**  Asia Malt 50/50  240.50  306.00  255.00  324.00  255.00  324.00  269.50  342.50 

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

Table of the week

EU Malt Export Licence Fixations

(in tonnes)   2001-2002   2002-2003   2003-2004  2004-2005   July 01, 2005 -
April 25, 2006  
 France   701,134  661,772  774,761  674,140  562,638 
 Germany   468,314  408,063  422,047  295,876  196,021 
 Belgium   296,368  287,850  317,292  418,344  439,312 
 U.K. 350,621  294,995  443,501  201,892  155,349 
 Finland   91,890  100,758  114,165  64,986  52,297 
 Denmark    96,812  94,791  90,452  74,743  50,592 
 Sweden   101,000  76,916  78,369  88,840  88,500 
 Netherlands   51,310  66,219  80,703  49,128  79.198 
 Ireland   35,145  31,140  38,900  56,924  7,001 
 Austria   8,840  8,620  60,211  16,954  26,443 
 Spain   2,400  5,640  10,000  -  - 
 Greece   1,744  1,306  979  130  - 
 Portugal   221  85  695  850  884 
 Italy   -  2  -  -  - 
 Czech Republic       34,340  82,062  59,756 
 Poland       7,604  32,084  167 
 Hungary       2,830  85,792  16,478 
 Slovakia       1,000  76,916  54,953 
 Total EU   2,205,799  2,038,157  2,477,849  2,219,661  1,789,589 

  Total Wheat malt, tonnes  
Total 2001-2002    12,805 
Total 2002-2003    30,908 
Total 2003-2004    15,768 
Total 2004-2005    8,162 
July 01 – April 25, 2006   3,457 
   
  Total Roasted malt, tonnes  
Total 2001-2002    23,480 
Total 2002-2003    23,603 
Total 2003-2004    24,438 
Total 2004–2005    27,212 
July 01 - April 25, 2006   19,769 

Newsletter SummaryTop
Graph of the week


Agenda
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
Seattle International Beerfest , USA


July 2006:
American Beer Month July, 2006 What is American Beer Month
Portland International Beerfest , USA. Taste the greatest beers
Witton Castle country and western festival
Brew at the Zoo Beer Tasting and Free Food.


More events are available on site e-malt.com
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