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Newsletter Summary
Currency rates
Equities of largest breweries
Market prices change trend
Brewery news
Malt news
Barley news
More news
Theoretical malt prices
Malting barley prices
Barley market price evolution
Table of the week
Graph of the week
On These Days
Agenda
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Average market prices
Change trend
12 Mar - 14 Mar, 2007
Crop 2006
2rs Barley €215.0-217.0
6rw Barley €187.0-189.0
2rs Malt €424.5-426.5 0.71%
6rw Malt €388.5-390.5 0.78%
Crop 2007
2rs Barley €170.0-172.0
6rw Barley €152.0-154.0
2rs Malt €353.0-355.0 0.57%
6rw Malt €330.0-332.0 0.61%

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 10, 2007
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Newsletter 09b, 2007
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Newsletter 08b, 2006
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Newsletter 08a, 2007
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Newsletter 07b, 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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EU Malt Demand estimated 2006-2007
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Japan Beer Sales (1997-2006)
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Canada Barley Production
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Germany Beer Sales (1995-2006)

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 11a
March 12 - March 14, 2007
Quote of the week

"Beer ... a high and mighty liquor.
Julius Caeser


Currency Rates
Base Currency: Euro, EUR
on 14-March-2007

1 EUR = 1.3189 USD
1 EUR = 0.683 GBP
1 EUR = 1.5443 CAD
1 EUR = 1.6793 AUD
1 EUR = 154.592 JPY
1 EUR = 2.7641 BRL
1 EUR = 34.5091 RUB
1 EUR = 10.2305 CNY
 Base Currency: US Dollar
on 14-March-2007

1 USD = 0.7583 EUR
1 USD = 0.5178 GBP
1 USD = 1.1709 CAD
1 USD = 1.2732 AUD
1 USD = 117.217 JPY
1 USD = 2.0958 BRL
1 USD = 26.1649 RUB
1 USD = 7.7568 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
South Africa: Heineken N.V. regains Amstel brand in South Africa and announces new brewery... Click here

USA: Boston Beer reports 13% increase in fourth quarter net revenue and a 19% diluted EPS increase for the full year... Click here

China: Tsingtao Brewery expects double-digit growth before Olympic Games... Click here

Germany: Oetker group plans to acquire breweries in Bavaria... Click here

USA: Anheuser-Busch chairman August Busch III received $12.8 mil in compensation... Click here

EU: The latest malt production figures in EU... Click here

EU: Price levels of malting barley and malt of crop 2007... Click here

Australia: Current season barley prices hold firm... Click here

Canada: For 2006-07 barley exports are forecast by AAFC to decrease significantly due to lower exports of feed barley... Click here

EU: Winter malting barley to balance total supply and demand in the EU... Click here

More News
EU: Malting barley shortage could cost brewers ... More Info

Romania: Ursus Breweries to launch alcohol-free beer ... More Info

UK: SABMiller is looking for a PR agency for its Pilsner Urquell ... More Info

Australia: SA and Victorian barley growers share $3.4 million in pool ‘top up’ payments ... More Info

USA: Boston Beer forecasts earnings growth in 2007 despite increased production costs ... More Info

Japan: Steel Partners urges Sapporo shareholders to reject defence ... More Info

Chile: CCU announces Ch$77.62 per share definitive dividend ... More Info

South Korea: Jinro’s shareholders cut IPO price ... More Info

Turkey: Anadolu Efes is increasing its registered share capital from 200 Million YTL to 900 Million YTL ... More Info

Netherlands: Heineken announces new UEFA Champions League advertising campaign ... More Info

Czech Republic: Body wraps in brewers' grains from May ... More Info

USA: Granite City Food & Brewery Ltd. sells $14 mil of common stock ... More Info

UK: Shepherd Neame, Britain's oldest brewer, toasts its new 'brewster' ... More Info

USA: Anheuser-Busch offers to shareholders a green alternative to its Annual Report ... More Info

UK: Kent brewer Shepherd Neame is to spend in excess of £300,000 refurbishing a pub ... More Info



Brewery News
South Africa: Heineken N.V. regains Amstel brand in South Africa and announces new brewery

Heineken N.V. announced on March 12 that with immediate effect its subsidiary Amstel Brouwerij (“Amstel”) has exercised its right to terminate the contract with South African Breweries for the production, marketing, sale and distribution of Amstel Lager in Southern Africa. This follows an arbitration award by the International Court of Arbitration of the International Chamber of Commerce in favour of Amstel.

In addition, Heineken also announced that it has taken an in-principle decision to construct a brewery in South Africa.

Amstel Lager will be marketed, sold and distributed in South Africa through Brandhouse Beverages (Pty) Ltd., the Cape Town headquartered joint venture between Heineken, Diageo and Namibia Breweries. Until the new brewery is complete, the production of Amstel Lager will be sourced from existing Amstel breweries in Europe.

Tom de Man, Regional President Africa and the Middle East of Heineken N.V., commented, “Regaining the Amstel brand is an important development for both the Heineken and Brandhouse businesses. It allows us to further strengthen the existing Brandhouse portfolio and it represents a significant step in building our business in this profitable beer market.”

Brandhouse Managing Director, Simon Litherland, commented, "We are delighted with Heineken's announcement and the developments ... More Info

USA: Boston Beer reports 13% increase in fourth quarter net revenue and a 19% diluted EPS increase for the full year

The Boston Beer Company, Inc. achieved fourth quarter 2006 net revenue of $73.3 million, an increase of 13% over fourth quarter 2005, PRNewswire communicated on March 13. The increase was driven by a 12% increase in shipment volume and a 1.0% increase in net revenue per barrel as compared to the same quarter last year. Fourth quarter 2006 diluted earnings per share were $0.17 and net income was $2.5 million, an increase of $0.01 per diluted share and $0.2 million, respectively, from the same quarter last year. The earnings per diluted share in the fourth quarter of 2006 includes an after tax impact of $0.06 per diluted share from stock-based compensation expense due to the impact of performance-based stock options and the adoption of FAS 123R, Accounting for Stock-Based Compensation. For the fiscal year ended December 30, 2006, the Company recorded diluted earnings per share of $1.27 and net income of $18.2 million, up $0.20 per diluted share and $2.6 million, respectively, from the 2005 fiscal year. The earnings per diluted share in 2006 includes an after tax impact of $0.11 per diluted share from stock-based compensation expense due to performance-based stock options and the adoption of FAS 123R. Net ... More Info

China: Tsingtao Brewery expects double-digit growth before Olympic Games

Tsingtao Brewery Co. Ltd, the country's largest beer maker, hopes next year's Beijing Olympic Games will spur sales on top of expected double-digit growth this year, its president said, according to Reuters, March 7.

Tsingtao, which is 27 percent-owned by top U.S. brewer Anheuser-Busch Cos. Inc., is one of the third-tier sponsors of the 2008 Olympics. The Beijing games are expected to attract 4.8 million tourists to China's capital.

"The game is an exciting event, when people are excited, they only think of drinking beer," said Jin Zhiguo, president of China's oldest brewery. Tsingtao was established a century ago in the port city of Qingdao, which will host the sailing events. “The games provide us a good opportunity to promote sales, and even better, a chance to promote our brand," he told reporters on the sidelines of the annual parliament congress.

Jin declined to estimate how much growth the event could bring for the company.

Tsingtao expects profit growth in the double-digits this year, despite higher costs for power and grains.

The company posted a 22.5 percent rise in first-half net profit in 2006. Its full-year results will be announced in a few weeks.

"There is not much room for us to raise prices because of ... More Info

Germany: Oetker group plans to acquire breweries in Bavaria

Oetker, the German conglomerate, is planning to acquire breweries in southern Germany, notably Bavaria, Die Welt reported March 8.

It will aim, through acquisitions, to increase its share of the beer market from 16 per cent to 20 per cent in the coming five years. Its current brands include Radeberger and Jever. Possible takeover candidates are reported to include Erdinger and Augustiner, while the company has also indicated interest in the Munich-based Paulaner Brauerei, but the stake held in this brewing company by the Dutch group Heineken is regarded as an obstacle. Management has indicated that the group's brewing activities meet its targeted return of 12 per cent of tied up group capital.

Cost containment for communications vendors and their carrier customers can be achieved on two fronts. Click here to find out what they are and how to streamline the development and maintenance costs associated with building the product.

Over the past decade, consumer debt has surged at an alarming pace. The likelihood of recovering debt, however, decreases with each passing day. Click here to learn how to maximize revenue.

Shipping also counts among the Oetker group's activities, contributing around 43 per cent of its turnover, and is regarded as ... More Info

USA: Anheuser-Busch chairman August Busch III received $12.8 mil in compensation

Anheuser-Busch Cos. Inc. Chairman August Busch III, who retired last year as the brewer struggled amid flat beer sales, received an estimated $12.8 million in total compensation during 2006, according to a regulatory filing, Associated Press reported March 12.

Busch was also paid $37 million in pension benefits he earned over 49 years with the company, according to the filing. Since retiring, he has also received $27.8 million from nonqualified deferred compensation accounts.

Busch III retired Nov. 30, 2006, one day before his son August Busch IV became chief executive of the firm. The nation's biggest brewer reported profit of $1.97 billion last year, up from $1.74 billion in 2005.

Busch III received a base salary of $973,000, a bonus of $1.2 million, stock options and awards with an estimated value of $10.4 million, $158,900 in pension and deferred compensation, and $137,000 in all other compensation through Dec. 31, 2006, according to the company's annual proxy filing with the Securities and Exchange Commission.

Anheuser-Busch President and Chief Executive Patrick Stokes also retired last year.

Stokes received executive compensation valued at $6 million. He received a base salary of $1.4 million, a bonus of $3 million, $1.4 million in pension and deferred earnings, and $231,000 in ... More Info

Malt News
EU: The latest malt production figures in EU

Germany: July – November 692,000 tonnes. If the monthly production figures remain unchanged, final figure for the crop year will be 1.66 million tonnes versus 1.85 million tonnes in 2005/06. Production in the former Weissheimer plants may pick up, but stoppages are expected in South Germany. On paper the German capacity is 2.1 million tonnes. It seems, however, that the reported figure was exaggerated. Capacities should nevertheless still be between 1.9 and 2.0 million tonnes, which means that at best 85 % of the malting capacities will be used during this campaign.

France: Barley usage July – December 751,000 tonnes versus 853,000 tonnes a year ago. The ONIGC forespells a total usage of 1.57 million tonnes, as compared to 1.66 million tonnes in 2005/06. As per early statistical figures usage may only be 1.50 million tonnes. Two large and one small factory were shut down in 2006.

U.K.: Barley usage July - December 834,000 tonnes, only 1 % less than a year ago. Total barley use during the crop year is forecast to reach almost 1.7 million tonnes. The reduction of malt production was achieved by factory closures totalling 150,000 tonnes of malt, during the past years.

The Czech Republic ... More Info

EU: Price levels of malting barley and malt of crop 2007

After the first buying wave of new crop malting barley in November/December of 2006 markets were inactive and weaker during a few weeks of the Christmas/New Year period. Meantime activities in the malt market picked up again, and most maltsters covered their malt sales back to back in malting barley. Barley markets reacted promptly, price levels are back to the highs of December, and it is difficult to find enough offers in the market.

Barley News
Australia: Current season barley prices hold firm

ABB Grain has reviewed on March 14, 2007 its gross barley pool indicators for 2006/2007 season barley and has left its estimates for malt and feed barley unchanged for both South Australia and Victoria.

ABB’s executive manager group marketing, Gary Spiel, said whilst the global prices for feed barley had come off the recent highs, partly due to increased export activity in the Black Sea region, ABB continued to maintain its pool estimate for feed.

“The global tightness for quality feed barley that we’ve been witnessing over the past few months has eased as a result of additional supply becoming available from Eastern Europe,” Mr Spiel said.

“The market has been stabilising since early February but our pools have been able to capture good returns for growers despite the declining price trend.”

Mr Spiel said the estimated returns for malt barley had also been maintained even though many buyers were not yet back in the malt market following Chinese New Year celebrations.

“World supply and demand is quite stable and the recent volatility emanating from Chinese commodity markets is not expected to have any significant impact on the world malting barley market,” Mr Spiel said.

Gross estimates for 2006/2007 season barley are:

South Australian Pools

No. 1 malting ... More Info

Canada: For 2006-07 barley exports are forecast by AAFC to decrease significantly due to lower exports of feed barley

For 2006-07, Canada barley exports are forecast by Agriculture and Agri-Food Canada (AAFC) to decrease significantly due to lower exports of feed barley. Carry-out stocks are forecast to decrease to the second lowest in recent history. Off-Board feed barley prices are expected to average significantly higher than 2005-06, due to high corn prices in the US and low supplies of barley in Canada.

For 2007-08, Barley production is forecast to increase by 31% due to higher area seeded and yields. Total supply is also forecast to rise sharply. Exports, feed use and food use are expected to increase due to increased supply. Carry-out stocks are expected to increase significantly. The average off-Board feed barley price is forecast to fall by 6%, as the pressure from higher production in Canada and Australia more than offsets the support from higher corn prices.

The CWB February PRO for feed barley Pool A is C$182/t vs. C$190/t for the 2006-07 Pool B and C$240/t for Special Select tworow designated barley vs. C$205/t for 2006-07.

EU: Winter malting barley to balance total supply and demand in the EU

A large production of winter malting barley is necessary to balance total supply and demand in the EU. In France 1.190 million ha of winter barley have been planted, almost unchanged from 2006.

Estimates are, however, that plantings of Esterel have dropped from 338,000 ha last year to 200 – 250-000 HA. Part of the difference (50,000 ha?) is replaced by the new variety Cervoise. Two-row winter barley Vanessa may remain unchanged at 120,000 ha.

A private forecast for the U.K, puts the acreage of all winter barley at 385,000 ha, almost unchanged from last year, but the percentage of malting varieties at only 35 % in England/Wales, which would lead to an availability of about 400.000 tons of winter malting barley in the U.K. compared to 560,000 tonnes in 2006.

Winter malting barley plantings are negligible in Germany and almost absent in other EU countries. The climatic problems of recent years, especially the warmer temperatures in Europe, will probably lead to an increase of winter malting barley cultivation in the future.


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.3189 March 14, 2007 
 Crop year   2006   2007 
 Parity   FOB Creil   FOB Creil 
 Position   July 2006   July 2007 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  218.00  287.50  173.00  228.50 
2RS  Prestige  217.00  286.50  172.00  227.00 
2RS  Cellar  216.00  285.00  171.00  225.50 
2RS  Sebastien  215.00  283.50  170.00  224.50 
2RS  Astoria  215.00  283.50  170.00  224.50 
2RS  Cork   215.00  283.50  169.00  223.00 
6RW  Esterel   188.00  248.00  153.00  202.00 

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

Theoretical malt prices.
  EURO = USD 1.3189 March 14, 2007 
Crop year  2006 
Parity  FOB Antwerp 
Position  Mar 2007-Sept 2007 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  427.50  564.00  450.50  594.00  444.50  586.00  455.00  599.50 
2RS  Prestige  426.50  562.50  449.50  592.50  443.00  584.50  453.50  598.00 
2RS  Cellar  425.50  560.50  448.00  590.50  441.50  582.50  452.50  596.50 
2RS  Sebastien  424.00  559.00  446.50  589.00  440.50  581.00  451.00  595.00 
2RS  Astoria  424.00  559.00  446.50  589.00  440.50  581.00  451.00  595.00 
2RS  Cork   424.00  559.00  446.50  589.00  440.50  581.00  451.00  595.00 
2RS   Average price  425.50  560.50  448.00  590.50  441.50  582.50  452.50  596.50 
6RW  Esterel   389.50  515.50  413.50  545.50  407.50  537.00  418.00  551.00 
*  Asia Malt 70/30  415.00  547.00  437.50  577.00  431.50  569.00  442.00  583.00 
**  Asia Malt 50/50  408.00  538.00  430.50  568.00  424.50  560.00  435.00  574.00 

* - 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: Agriculture and Agri-Food Canada; March 12, 2007

Table of the week

USA Barley Supply and Distribution

MY June/May, TY Oct/Sept 1999/00 2000/01 2001/02 2002/03 2003/04 2004/05 2005/06 2006/07f
Area harvested, thousand ha 1,851 2,104 1,729 1,669 1,913 1,627 1,323 1,194
Yield, t/ha 3.2 3.3 3.1 3.0 3.0 4.0 3.0 3.0
Production, thousand metric t 5,922 6,919 5,407 4,940 6,059 6,091 4,613 3,920
Imports / Mkt Year, thousand metric t 602 636 521 402 449 264 117 327
Imports / Trade Year, thousand metric t 644 663 538 282 497 157 124 300
Exports / Mkt Year, thousand metric t 613 1,258 575 659 409 506 605 544
Exports / Trade Year, thousand metric t 853 1,068 517 552 384 771 357 500
Feed Dom. Cons., thousand metric t 2,827 2,951 2,272 1,819 1,617 2,238 1,133 1,089
Domestic Cons., thousand metric t 6,571 6,407 5,661 5,179 4,990 5,672 4,571 4,464
Ending Stocks, thousand metric t 2,424 2,314 2,006 1,510 2,619 2,796 2,350 1,589
Source: USDA, March 2007, *f - forecast
Newsletter SummaryTop
Graph of the week


These Days in Business History
March 12
1365 University of Vienna founded
1970 Digital Equipment Corporation introduces PDP-11 minicomputer
1986 210.25 million shares traded in New York Stock Exchange

March 13
1986 Microsoft Corp. goes public at an initial offering price of $21 a share, raising $61 million just one day after Oracle Corp.'s own IPO. Microsoft closes the day at $28.
1974 Charles de Gaulle Airport opens near Paris France
1979 European Monetary System is established, ECU created

March 14
1634 Académie Française opens
1821 On one of the quietest days in Wall Street history, the market is open, but not a single share of stock changes hands.
1950 General Motors reports net earnings of $656,434,232 (record)
Agenda
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

May 2007:
European Grain & Oilseed Convention 2007, Brussels
31-st International Congress of the European Brewery Convention , Italy
Hofex - 2007, China
InterFood Azerbaijan 13th Azerbaijan International Food Industry and Agriculture Exhibition
InterFood Astana , Kazakhstan, 9th Astana International Exhibition for Food, Beverages, Technologies



More events are available on site e-malt.com
Copyright © E-Malt s.a. 2007