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Newsletter Summary
Currency rates
Equities of largest breweries
Market prices change trend
Brewery news
Barley news
More news
Theoretical malt prices
Malting barley prices
Barley price evolution
Table of the week
Graph of the week
On These Days
Agenda
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Average market prices
Change trend
01 Feb - 04 Feb, 2007
Crop 2006
2rs Barley €210.0-212.0 0.48%
6rw Barley €184.0-186.0
2rs Malt €408.5-410.5 0.49%
6rw Malt €375.5-377.5 0.13%
Crop 2007
2rs Barley €157.0-159.0
6rw Barley €142.0-144.0
2rs Malt €331.0-333.0
6rw Malt €311.5-313.5

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 Prices are theoretical and based FOB Antwerp being estimated on French malting barley prices. The changes are compared to last Newsletter's prices. Arrows indicate the direction of the change.

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Newsletter 05a, 2007
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Newsletter 04b, 2007
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Newsletter 04a, 2007
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Newsletter 03b, 2006
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Newsletter 03a, 2007

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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World Barley Exports
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China Beer Consumption (1991-2006e)
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Australia Malt Export (1997-2007f)
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USA Beer Production (1993-2005)

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 05b
February 01 - February 04, 2007
Quote of the week

"Sooner or later, those who win are those who think they can."
Richard Bach


Currency Rates
Base Currency: Euro, EUR
on 02-February-2007

1 EUR = 1.3026 USD
1 EUR = 0.6627 GBP
1 EUR = 1.5335 CAD
1 EUR = 1.6802 AUD
1 EUR = 157.13 JPY
1 EUR = 2.7576 BRL
1 EUR = 34.503 RUB
1 EUR = 10.1195 CNY
 Base Currency: US Dollar
on 02-February-2007

1 USD = 0.7678 EUR
1 USD = 0.5087 GBP
1 USD = 1.1773 CAD
1 USD = 1.2899 AUD
1 USD = 120.636 JPY
1 USD = 2.117 BRL
1 USD = 26.488 RUB
1 USD = 7.7687 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
Canada: Labatt Breweries of Canada signs support agreement to acquire Lakeport Brewing Income trust units... Click here

Vietnam & Denmark: Vietnamese Government delays Carlsberg’s plans ... Click here

USA: Anheuser-Busch's fourth-quarter profit rose 31%... Click here

UK: Cobra Beer forecasts retail revenue of 150 mln pounds in 2007... Click here

India: Carlsberg enters joint venture in India... Click here

Kenya: East African Breweries is among the top 10 best performing businesses in sub-Saharan Africa... Click here

UK: Scottish & Newcastle continues the fight in PwC court case... Click here

World: Tight barley market may boost beer prices... Click here

More News
UK: Scottish & Newcastle to announce 2006 preliminary results on February 20 ... More Info

Australia: Beer drinkers and smokers to pay more from midnight tonight ... More Info

USA: Corn prices affect wheat, beef, barley ... More Info

Belgium: InBev announces 300 mln share buy-back program ... More Info

Canada: Russell Breweries Inc doubles brewing capacity ... More Info

UK: Scottish & Newcastle is to raise wholesale beer prices by 3.9% from next month ... More Info

Ukraine: Exporters hope to resume barley exports ... More Info

USA: Gambrinus sells Moosehead brand back to brewery ... More Info

Italy: New CEO for Carlsberg Italia ... More Info

UK: SABMiller’s shares recover after Altria rejected speculation of its stake’s sale ... More Info

UK: Carlsberg launches on-pack promotion for Wembley Stadium opening ... More Info

UK: Greene King pleased with smoke-free Scottish pubs ... More Info



Brewery News
Canada: Labatt Breweries of Canada signs support agreement to acquire Lakeport Brewing Income trust units

InBev announced in its press release of February 1, that Labatt Brewing Company Limited has entered into a Support Agreement with Lakeport Brewing Income Fund to acquire all of the outstanding units of Lakeport at a purchase price of CDN $28.00 (18.30 euro) per unit in cash for an aggregate purchase price of just over CDN$201.4 million (131 million euro). A take-over bid circular, containing the full terms of the Offer will be mailed to Lakeport’s unit holders together with the Board of Trustee’s circular and other related documents in connection with the Offer. The Offering Documents will be mailed by the third week of February.

Under the Agreement, the Board of Trustees of Lakeport unanimously recommends that unit holders accept the Offer, which represents a premium of 36% based on the $20.57 closing price for the Lakeport units on the Toronto Stock Exchange on January 31, 2007.

Miguel Patricio, Zone President North America said, “I am pleased to announce this agreement with Lakeport. Lakeport has had great success growing their brands in the value segment of the highly competitive Ontario beer market and we look forward to building on Lakeport’s success in this area. This announcement demonstrates ... More Info

Vietnam & Denmark: Vietnamese Government delays Carlsberg’s plans

An important part of Carlsberg’s strategic battle plan in Southeast Asia has suffered a minor blow as their plans to buy up crucial shares in Hanoi Beer Company are being stalled by the local government, Scandasia announced February 1.

The state-owned brewery Hanoi Beer Company (Habeco) is facing privatization, and Carlsberg is hoping to get a considerable share of the company. However, the government in Hanoi recently decided that only a maximum of 10 pct. of the shares can be sold to a foreign investor. To begin with, the Hanoi government intends to keep 76 pct of the shares themselves, but eventually the main shareholder’s cut might drop to 51 pct – but not any lower than that.

In a growth plan for the booming Vietnamese market, Carlsberg is expecting to achieve ownership of 25 pct of the Habeco shares within three years’ time. Habeco Brewery is Vietnam’s second-largest brewery and is dominating the northern part of the country, including the capitol of Hanoi.

A Mutual Understanding

Almost two years ago, Carlsberg signed a so-called ‘memorandum of understanding’ with the Vietnamese central government concerning a strategic cooperation with Habeco, and the Danish beer giant has therefore kept itself from investing in other brewery ... More Info

USA: Anheuser-Busch's fourth-quarter profit rose 31%

Anheuser-Busch Cos. Inc. reported in its press release, February 1 that full year 2006 net sales increased 4.5 percent and diluted earnings per share (excluding one-time items in both years) increased 9.1 percent. For the fourth quarter of 2006, net sales increased 1.8 percent and diluted earnings per share improved 31.6 percent.

“2006 was a successful year for the company,” said August A. Busch IV, president and chief executive officer of the company. “Growth momentum was restored in the domestic beer business, significant progress was made on several strategic initiatives to enhance shareholder value, and earnings per share were up at the high end of our 7 percent to 10 percent long-term growth objective.”

In the domestic beer business, Anheuser-Busch shipments were up 1.2 percent for the year and wholesaler sales to retailers were up 1.1 percent, with a strong performance in the fourth quarter. Revenue per barrel 2/ was up 1.4 percent in 2006 and productivity improvement reduced costs by almost $100 million.

The company has made substantial progress to increase its participation in the high-margin and fast-growing import and craft segments of the beer market, including import alliances with InBev, Grolsch, Kirin, Tiger and the Czechvar brand, the acquisition of ... More Info

UK: Cobra Beer forecasts retail revenue of 150 mln pounds in 2007

Cobra Beer, the fast-growing UK brewer, expects retail revenues of 150 million pounds ($295 million) for fiscal year 2007, up 56 percent over 2006, the founder and chief executive officer Lord Karan Bilimoria said on Thursday, according to Reuters, February 2.

Bilimoria said retail revenues for the privately held company were already running at 130 million pounds for the current fiscal year ending in July.

"At the end of 2006 revenues from retail sales were 96 million pounds. They are now running at 130 million and by the end of fiscal year 2007 are likely to hit 150 million," Bilimoria told Reuters in an interview.

Bilimoria said the company would decide by mid-2009 on whether to issue stock in the company.

"We'll know by July 2009 whether we issue shares, enter a joint venture or get bought by a larger brewer," he said.

Cobra began its operations in Bangalore, India in 1990 but eventually pulled out in 1997 due to quality problems.

"Then when I saw India was taking off five years ago, I said it was time to go back to India. It was always my dream to sell Cobra in India for India," he later told investors at an Indian business conference sponsored by ... More Info

India: Carlsberg enters joint venture in India

Carlsberg will hold 45% of the shares, The Danish governmental organization Industrialisation Fund for Developing Countries will hold 10%, and the remaining 45% will be owned by a group of investors, lead by Carlsberg's partner in Sri Lanka.

Carlsberg has entered into a joint venture in India with the aim of building a green field brewery in the state of Rajasthan. On Wednesday 31 January, the ground breaking ceremony took place, attended by representatives of the joint venture and officials from the local municipality, industrial estate, excise-authorities etc, according to Food Ingredients News.

The name of the joint venture is South Asia Breweries Ltd. The brewery will have a capacity of 450,000 hl and will be operational in Q1 2008.

Carlsberg will hold 45% of the shares, The Danish governmental organization Industrialisation Fund for Developing Countries ("IFU") will hold 10%, and the remaining 45% will be owned by a group of investors, lead by Carlsberg's partner in Sri Lanka, The Lion Brewery Ceylon Ltd. The main office of the joint venture will be in the national capital Delhi.

The potential for growth in the Indian beer market is significant. The annual beer consumption per capita is among the lowest in Asia, ... More Info

Kenya: East African Breweries is among the top 10 best performing businesses in sub-Saharan Africa

East African Breweries (EABL) is among the top 10 best performing businesses in sub-Saharan Africa, according to Exotix Limited, a London-based corporate equity research company, AllAfrica posted on February 2.

Ranking is based on market capitalisation and the firm is placed seventh out of 30 listed companies.
The firm studied more than 200 listed companies in 13 countries.

It further indicates that stock markets in sub-Saharan Africa have out-performed those in South Africa, the Far East and Eastern Europe. This is a result of improved macro and micro-economics and social political landscape in the region in recent years.

The research firm reckons that economic rebound in Kenya over the past three years has seen great improvements in the service and consumer sector. Good corporate governance, transparency and high market share in the individual sectors have been major contributors to the success of companies like EABL.

On EABL, it said that high operating margins, new product development and high sales had ensured excellent returns for investors. EABL has a market capitalisation of Sh96 billion making it the second best listed company at the Nairobi Stock Exchange. Returns to shareholders have gone up ten fold in four years.


In the last financial year, the beer market ... More Info

UK: Scottish & Newcastle continues the fight in PwC court case

Scottish & Newcastle (S&N) is to continue pursuing a damages claim against Big-Four accountancy firm PricewaterhouseCoopers (PwC) in the hope of winning tens of millions of pounds in financial compensation, Business Scotsman announced February 1.

The claim, filed last year, arose after PwC provided consultancy advice on the restructuring of supply arrangements at the Edinburgh brewer's Scottish Courage arm between 2001 and 2003. However, in early 2003, S&N rattled investors with a profit warning and an admission that its supply chain project had come unstuck, sending its share price to a two-year low.

Legal experts say the English high court claim is unusual in that most allegations of negligence arise from bread-and-butter audit work rather than consultancy advice, despite the latter being a massive growth area for the big accountancy practices. Such disputes are often resolved before reaching court.

Alayne Swanson, a specialist in commercial litigation at Scottish law firm Maclay Murray & Spens, said: "There are a large number of cases in the building industry where the engineers or architects are consultants, but it is unusual in relation to management consultancy work. Any case might also depend on what the contract between the parties actually said."

She added: ... More Info

Barley News
World: Tight barley market may boost beer prices

“If U.S. breweries are talking about increasing beer prices to reflect a huge jump in barley costs, can Canada be far behind?” commented The Edmonton Journal on Thursday, February 01, 2007

A severe drought in Australia and production problems in Europe have sent barley prices soaring, and beer titan Anheuser-Busch, along with several smaller companies, are planning a price increase to recover the higher costs of raw materials, including the grain.

Brewers of Canada, an industry umbrella group, declined to comment on potential beer price increases or how much their costs have risen in recent months. But they have said the 2002 Western Canada drought, which decimated barley crops and caused big price increases, was a wake-up call.

They want to deal directly with producers to ensure an adequate supply, but that's not possible under the Canadian Wheat Board marketing monopoly.

Farmers can sell feed barley directly into certain local markets, but malting barley must be sold to the CWB, which in turn sells it onto end users.

In a recent report, the CWB said malting barley customers continue to buy hand to mouth because of the high global prices. "Tight Australian and European old crop malting barley stocks are expected to provide ample opportunities ... More Info


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.3026 February 02, 2007 
 Crop year   2006   2007 
 Parity   FOB Creil   FOB Creil 
 Position   July 2006   July 2007 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  213.00  277.50  160.00  208.50 
2RS  Prestige  212.00  276.50  159.00  207.50 
2RS  Cellar  211.00  275.00  158.00  206.00 
2RS  Sebastien  210.00  273.50  157.00  204.50 
2RS  Astoria  210.00  273.50  157.00  204.50 
2RS  Cork   210.00  273.50  156.00  203.50 
6RW  Esterel   185.00  241.00  143.00  186.50 

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

Theoretical malt prices.
  EURO = USD 1.3026 February 02, 2007 
Crop year  2006 
Parity  FOB Antwerp 
Position  Feb 2007-Sept 2007 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  412.00  536.50  434.50  566.50  428.50  558.00  439.00  572.00 
2RS  Prestige  410.50  535.00  433.50  564.50  427.50  556.50  438.00  570.50 
2RS  Cellar  409.50  533.50  432.50  563.00  426.00  555.00  436.50  568.50 
2RS  Sebastien  408.50  531.50  431.00  561.50  425.00  553.50  435.50  567.00 
2RS  Astoria  408.50  531.50  431.00  561.50  425.00  553.50  435.50  567.00 
2RS  Cork   408.50  531.50  431.00  561.50  425.00  553.50  435.50  567.00 
2RS   Average price  409.50  533.50  432.50  563.00  426.00  555.00  436.50  568.50 
6RW  Esterel   376.50  491.50  400.50  521.50  394.00  513.50  404.50  527.00 
*  Asia Malt 70/30  400.00  521.00  422.50  550.50  416.50  542.50  427.00  556.00 
**  Asia Malt 50/50  393.50  512.50  416.50  542.00  410.00  534.00  420.50  548.00 

* - 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 2007 are available on site www.e-malt.com/MarketPrices

Canada Barley Price Evolution
Prices evolution
Source: AAFC January 12, 2007

Table of the week

EU-25 Barley Supply and Disappearance

Marketing Year Area Harvested
mln ha		 Yield
t/ha		 Production
mln mt		 Imports
mln mt		 Exports
mln mt		 Feed Consumption
mln mt		 Total Consumption
mln mt		 Ending Stocks
mln mt
1999/00  13.9  4.1  57.5  1.1  10.4  37.3  51.6  11.6 
2000/01  13.6  4.3  58.8  1.1  7.7  40.4  54.9  9.0 
2001/02  13.5  4.2  57.0  1.6  3.8  39.0  53.9  9.9 
2002/03  13.3  4.2  56.5  1.5  5.0  38.7  54.4  8.5 
2003/04  13.4  4.1  54.8  0.6  2.8  41.0  56.9  4.3 
2004/05  13.1  4.7  61.7  0.5  2.9  37.5  52.9  10.7 
2005/06  13.0  4.1  52.8  0.2  3.1  37.2  52.5  8.1 
2006/07  13.1  4.2  54.8  0.4  3.0  39.5  54.8  5.4 
Source: USDA
Newsletter SummaryTop
Graph of the week


These Days in Business History
February 1
1788 1st US steamboat patent issued, by Georgia to Briggs & Longstreet
1884 1st volume of the Oxford English Dictionary, A-Ant, published
1898 1st auto insurance policy in US issued, by Travelers Insurance Co
1968 World trade conference Unctad 2 opens in New Delhi

February 2
1914 The Hong Kong Stock Exchange (formerly the Association of Stock Brokers in Hong Kong) is established.
1947 Edwin H. Land, founder of Polaroid Corp., demonstrates the instant camera to 650 scientists assembled at the annual meeting of the Optical Society of America.
1995 Barings Bank, one of the oldest and most distinguished investment banks in the world, declares bankruptcy after rogue trader Nick Leeson loses more than $1.4 billion on unauthorized (and apparently unsupervised) trades in Japanese stock futures.

February 3
1690 1st paper money in America issued (colony of Mass)
1815 World's 1st commercial cheese factory established, in Switzerland
1848 For $15 million, the United States purchases the entire territories of Arizona, California, New Mexico, and Texas, along with parts of Colorado, Nevada, and Utah, from Mexico under the Treaty of Guadalupe Hidalgo.

February 4
1847 1st US telegraph company established in Maryland
1874 Robert Liefmann, German economist is born
1917 Belgium Council of Flanders established
1957 1st electric portable typewriter placed on sale (Syracuse NY)
Agenda
February 2007:
Singapore international beer festival.
WBA International Diploma in Brewing Technology Program Chicago
Grainworld 2007, Canada.

March 2007:
Beer Day, Iceland.
WorldFoodUzbekistan - 2007.
World Barley Malt & Beer Conference.
The 2nd International Trading Summit: Grains & Oilseeds, Turkey.


April 2007:
InterFood St. Petersburg
15th Annual International Beer Festival, USA.
The International Hop Growers’ Convention (IHGC) Meetings, France.
24th ANNUAL INTERNATIONAL BEER FESTIVAL SAN FRANCISCO



More events are available on site e-malt.com
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