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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
Table of the week
Graph of the week
On These Days
Agenda
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Average market prices
Change trend
April 26 - April 29, 2007
Crop 2006
2rs Barley €204.0-206.0
6rw Barley €174.0-176.0
2rs Malt €424.5-426.5
6rw Malt €386.5-388.5
Crop 2007
2rs Barley €194.0-196.0 8.33%
6rw Barley €170.0-172.0 8.23%
2rs Malt €391.5-393.5 4.95%
6rw Malt €361.0-363.0 4.62%

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 . The changes are compared to last Newsletter's prices. Arrows indicate the direction of the change.

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Newsletter 17a, 2006
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Newsletter 16b, 2007
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Newsletter 15b, 2007
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Newsletter 15a, 2007

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Australia Barley Production and Malting Barley Exports (1997 - 2007f)
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Per capita Beer Consumption in Eastern Europe 2006e
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E-malt.com Newsletter 17b
April 26 - April 29, 2007
Quote of the week

"Success consists of going from failure to failure without loss of enthusiasm. "
Winston Churchill


Currency Rates
Base Currency: Euro, EUR
on 27-April-2007

1 EUR = 1.3626 USD
1 EUR = 0.6818 GBP
1 EUR = 1.5226 CAD
1 EUR = 1.64 AUD
1 EUR = 162.183 JPY
1 EUR = 2.7595 BRL
1 EUR = 35.0484 RUB
1 EUR = 10.5395 CNY
 Base Currency: US Dollar
on 27-April-2007

1 USD = 0.7339 EUR
1 USD = 0.5004 GBP
1 USD = 1.1174 CAD
1 USD = 1.2036 AUD
1 USD = 119.034 JPY
1 USD = 2.0251 BRL
1 USD = 25.7207 RUB
1 USD = 7.7346 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
USA: Heineken and FEMSA sign ten-year import agreement for U.S.A.... Click here

Hungary: Hungarian Supreme Court allows Anheuser-Busch to sell “Bud”... Click here

Russia: State Duma approved the beer tax raise... Click here

USA: Anheuser-Busch raises 2007 capital spending estimates to $950 mil from $900 mil... Click here

Chile: CCU reports consolidated 1st Quarter 2007 results... Click here

World: Malt stock reduction in many breweries must have been substantial... Click here

World: A decline in feed barley use for 2007/08 will be recovered by malting industry in the EU and growing demand for beer in China... Click here

USA: Barley markets remain steady... Click here

USA: North Dakota would become the largest barley state again... Click here

More News
EU: The discussion around grains and oilseeds for bio-energy is heating up ... More Info

UK: Scottish & Newcastle announced encouraging start of the year ... More Info

Czech Republic: Budvar reports 5.5% increase in production and record exports in 2006 ... More Info

Russia: Baltika is restyling brands aiming to become leader in all price segments ... More Info

Czech Republic & China: Černá Hora brewery plans expansion to China ... More Info

Canada: CWB blames stronger Canadian dollar for weaker results ... More Info

USA: Pittsburgh Brewing Acquisition's reorganization plan approved ... More Info

Czech Republic: Pardál beer sales surpassed all expectations ... More Info

USA: Granite City Food & Brewery Ltd. to announce 1Q financial results on May 3, 2007 ... More Info

USA: Farm bill proposal unfair to barley producers ... More Info

USA: Scientists revealed the formula for a perfect beer pint ... More Info

Denmark: Carlsberg Foundation intends to hold at least 51% of the votes and more than 25% of the share capital ... More Info

Canada: Lakeport Brewing re-launches Brava brand ... More Info

Turkey: Efes Beverage Group announces dividend distribution ... More Info

Australia: ABB Grain Community Fund is launched ... More Info

India: Associated Alcohols and Breweries Ltd announced 6% decline in net profit ... More Info

India: United Breweries announces 37% increase in net profit ... More Info



Brewery News
USA: Heineken and FEMSA sign ten-year import agreement for U.S.A.

Heineken N.V. and Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) announced that Heineken USA and FEMSA Cerveza have extended their existing three-year relationship in the United States for a period of ten years, according to Heneken’s press release, April 26. Heineken will continue to be sole and exclusive importer, marketer and seller of the FEMSA beer brands, Dos Equis, Tecate, Tecate Light, Sol, Bohemia and Carta Blanca, in the U.S.A.

The agreement will become effective 1 January 2008 and will run until 31 December 2017. The new agreement sets the conditions for strong volume growth and brand development driven by increased marketing investment while providing attractive business and economic terms for both companies. Heineken will receive an increased share of the profitability while FEMSA will receive a payment for the exclusive distribution rights.

Massimo von Wunster, Heineken N.V. Regional President of the Americas commented: “The relationship with FEMSA has been very successful for both companies. Our volume growth in the U.S.A. has significantly accelerated as a result of the powerful combination of Heineken’s Dutch and FEMSA’s Mexican beer brands. This new agreement will enable us to further increase our market share in the high-margin import segment in the U.S.A.”

Luis ... More Info

Hungary: Hungarian Supreme Court allows Anheuser-Busch to sell “Bud”

Anheuser-Busch Cos. convinced the Hungarian Supreme Court to cancel a rival’s right to sell "Bud" beer in Hungary, the St. Louis brewer announced April 26 in a press release.

The decision clears the way for A-B to claim exclusive rights to the Bud name in Hungary, a small but growing beer market. Also, an Egyptian court struck down a competitors rights to sell "Budweiser Budvar," strengthening A-B’s hold on the Budweiser name in Egypt, which it has held for 67 years.

The victories for Anheuser-Busch, the largest brewer in the U.S., are part of a nearly century-old international tug of war over the rights to "Bud" and "Budweiser." They came at the expense of Budejovicky Budvar, a brewer in the Czech Republic that has wrestled A-B over naming rights in dozens of countries.

The decision in Hungary, a central European nation of 10 million, "represents a significant expansion of our broad trademark rights in Europe," Tom Santel, president and chief executive officer of Anheuser-Busch International, said in a statement. "The ability to sell our flagship brand under the Bud name in Hungary positively will impact our business in this growing European beer market."

The appellation of origin dispute in Hungary runs ... More Info

Russia: State Duma approved the beer tax raise

State Duma deputies backed a bill Wednesday to raise the beer tax by half as President Vladimir Putin seeks to curb alcohol abuse, blaming it for a shrinking population, The Moscow Times published April 26.

The Duma approved the draft bill in a second of three required readings Wednesday, the Duma said on its web site. The tax will rise in increments to 3.09 rubles (12 cents) per liter in 2010 from 2.07 rubles now, the Russian Brewers Union said.

Putin has repeatedly urged Russians to curb drinking, saying alcohol abuse is a key reason the male life expectancy is one of Europe's lowest and the population of 143 million is falling by 700,000 per year.

The country's $3.4 billion beer market has been one of the world's fastest growing this decade, reaching $3.4 billion in sales last year, behind only the United States and China.

The Russian Brewers Union opposes the bill, saying higher taxes will not reduce alcohol consumption and may even be a health danger.

Beer companies will raise prices to offset the tax rise, forcing low-income drinkers to switch to cheaper, stronger and lower-quality beverages, such as bootleg vodka. Tainted homemade spirits kill thousands of Russians every year.

"Pricing is ... More Info

USA: Anheuser-Busch raises 2007 capital spending estimates to $950 mil from $900 mil

Anheuser-Busch raised its 2007 capital spending estimate to $950 million from $900 million, primarily for the construction of its new brewery in China, MarketWatch reported April 25.

Once completed, the facility will make 15 breweries in China owned and operated by the St. Louis-based company, Chief Financial Officer Randolph Baker said in a conference call with analysts and investors.

In the U.S., Anheuser-Busch continues to integrate brands from its partnership with Modelo Group into its distribution network, Baker said. He also confirmed there was some related disruption and confusion in the first quarter, such as issues on how to replenish import inventory more quickly.

Equity income, such as that derived from its partnerships, is expected to grow more than 20% in the 2007, Baker said, adding operating cash flow is expected to increase for the year.
For the first quarter, equity income increased $37 million, primarily due to the improved Modelo Group earnings, and includes a one-time $17 million benefit form the return of an advertising fund.

Elsewhere in 2007, revenue-per-barrel should increase 3% to 4%, primarily from its trademark names, while the cost-of-goods per barrel is expected to jump 4% to 5%, Baker said. Those estimates include the contribution of ... More Info

Chile: CCU reports consolidated 1st Quarter 2007 results

CCU announced its consolidated financial results, stated in Chilean GAAP for the first quarter 2007, in its press release, April 26. All US$ figures are based on the exchange rate effective March 31, 2007.

COMMENTS FROM THE CEO
We are very pleased with the results obtained during the first quarter of 2007. Consolidated volumes increased 8.0%, revenues grew 11.7%, operating income increased 26.6%, net income grew 21.5% and EBITDA increased 19.1%. These good results are attributable to a better performance in all of our business segments during the quarter, as a consequence of strong volumes, margins and a controlled cost structure.

Q1’07 Results

The Chilean beer segment had a good performance during this period, with 17.5% higher operating income, mainly explained by volumes and prices that increased 5.9% and 3.5%, respectively. The Argentine beer business grew its revenues by 26.9% and operating income by 38.9%, mainly due to 13.5% volume growth and 11.1% higher prices during the quarter.

Prices increased due to a higher mix of premium products, such as Heineken and Budweiser and one-way packaging, in addition to a price increase of approximately 4% carried out in January. During that month we also began with the production of Schneider done by ... More Info

Malt News
World: Malt stock reduction in many breweries must have been substantial

The smaller EU malt exports could not have been fully compensated by sales of other origin malt, therefore stock reduction in many breweries must have been substantial, market analysts commented recently. One must not only take into account the lower export numbers of the EU, but also the extraordinary increase of beer sales in 2006, round about five percent or 80 million hl.

China alone produced 45 million hl more than in 2005, the rest of the world 35 million hl. Malt requirements except China have risen by at least 400,000 tons in 2006, and may rise by a similar amount in 2007.

Barley News
World: A decline in feed barley use for 2007/08 will be recovered by malting industry in the EU and growing demand for beer in China

World barley production 2007/2008 is forecast by IGC to rise by 10m. tons, to 150m., with bigger crops in the EU, Canada and Australia, according IGC Grain Market Report from 26 April, 2007.

Total barley use in 2007/08 is projected to decrease by 1m. tons, to 146m. A decline in feed use as wheat becomes more competitive in feed markets, particularly in the EU, will be partly balanced by increased industrial use, with a recovery in the malting industry in the EU and growing demand for beer in China.

Underpinned by strong feed demand from Near East Asia, and better malting barley supplies in leading exporting countries, world barley trade is expected to recover by 2m. tons, to 17.6m.

USA: Barley markets remain steady

Barley prices for the most part of the last couple of weeks remained steady on both the feed and malting side of the ledger, Farm & Ranch Guide published April 26.

However, even though malting prices will probably continue on at fairly consistent level in coming weeks, Randy Brag from Valley Grain Services in Casselton, looks for a little softening in the feed barley side of things.

“Feed barley prices slid back a little bit after the planting intentions report and then perked up a little again, slid back again and now have picked up again,” Brag said. “But the deferred bids indicate that feed barley will decline slightly during the next few months until probably August - mainly due to the fact that we will have a new supply of barley coming at that time.

“The deferred bids at this time are about $2.85 railside, which would be $2.65 to the farmer,” he continued. “And that's not a terrible price, there was probably a time when a farmer could have contracted as high as $2.80, but the $2.65 is a good level.”

The 18 percent hike in planned barley acres in North Dakota for the upcoming crop season didn't astonish Brag, since he ... More Info

USA: North Dakota would become the largest barley state again

2007 Barley planting intentions are 1.499 million ha, 7 % more than last year. In the malting barley states of Idaho and Montana 4 % more acres are anticipated, in North Dakota 18 % more. If true, North Dakota would become the largest barley state again with 526,000 ha.


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.3626 April 27, 2007 
 Crop year   2006   2007 
 Parity   FOB Creil   FOB Creil 
 Position   July 2006   July 2007 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  207.00  282.50  197.00  268.50 
2RS  Prestige  206.00  281.00  196.00  267.50 
2RS  Cellar  205.00  279.50  195.00  266.00 
2RS  Sebastien  204.00  278.00  194.00  264.50 
2RS  Astoria  204.00  278.00  194.00  264.50 
2RS  Cork   204.00  278.00  194.00  264.50 
6RW  Esterel   175.00  238.50  171.00  233.50 

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

Theoretical malt prices.
  EURO = USD 1.3626 April 27, 2007 
Crop year  2006 
Parity  FOB Antwerp 
Position  Apr 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  582.50  450.50  613.50  444.50  605.50  455.00  619.50 
2RS  Prestige  426.50  581.00  449.50  612.00  443.00  603.50  453.50  618.00 
2RS  Cellar  425.50  579.50  448.00  610.50  442.00  602.00  452.50  616.50 
2RS  Sebastien  424.00  577.50  447.00  608.50  440.50  600.50  451.00  614.50 
2RS  Astoria  424.00  577.50  447.00  608.50  440.50  600.50  451.00  614.50 
2RS  Cork   424.00  577.50  447.00  608.50  440.50  600.50  451.00  614.50 
2RS   Average price  425.50  579.50  448.00  610.50  442.00  602.00  452.50  616.50 
6RW  Esterel   387.50  529.00  411.00  560.00  405.00  551.50  415.50  566.00 
*  Asia Malt 70/30  414.00  564.50  437.00  595.50  430.50  587.00  441.50  601.50 
**  Asia Malt 50/50  407.00  554.50  429.50  585.50  423.50  577.00  434.00  591.50 


  EURO = USD 1.3626 April 27, 2007 
Crop year  2007 
Parity  FOB Antwerp 
Position  Oct 2007-Sept 2008 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  395.00  538.00  417.50  569.00  411.50  560.50  422.00  575.00 
2RS  Prestige  393.50  536.50  416.50  567.50  410.50  559.00  421.00  573.50 
2RS  Cellar  392.50  534.50  415.50  566.00  409.00  557.50  419.50  571.50 
2RS  Sebastien  391.50  533.00  414.00  564.00  408.00  555.50  418.50  570.00 
2RS  Astoria  391.50  533.00  414.00  564.00  408.00  555.50  418.50  570.00 
2RS  Cork   391.50  533.00  414.00  564.00  408.00  555.50  418.50  570.00 
2RS   Average price  392.50  534.50  415.50  566.00  409.00  557.50  419.50  571.50 
6RW  Esterel   362.00  494.50  385.50  525.50  379.50  517.00  390.00  531.50 
*  Asia Malt 70/30  383.50  522.50  196.00  553.50  189.50  545.50  200.50  559.50 
**  Asia Malt 50/50  377.50  514.50  196.00  545.50  189.50  537.50  200.50  551.50 

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

Table of the week

EU Malt Export Licence Fixations

(in tonnes) 2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 July 01, 2006 -
Mar 27, 2007  
 France   701,134  661,772  774,761  674,140  648,338  405,814 
 Germany   468,314  408,063  422,047  295,876  236,735  158,784 
 Belgium   296,368  287,850  317,292  418,344  551,396  393,887 
 Bulgaria   -  -  -  -  -  1,090 
 U.K. 350,621  294,995  443,501  201,892  190,862  94,356 
 Finland   91,890  100,758  114,165  64,986  79,357  37,654 
 Denmark    96,812  94,791  90,452  74,743  68,809  47,028 
 Sweden   101,000  76,916  78,369  88,840  96,100  61,950 
 Netherlands   51,310  66,219  80,703  49,128  92,383  55,950 
 Ireland   35,145  31,140  38,900  56,924  7,001  2,250 
 Austria   8,840  8,620  60,211  16,954  38,932  18,144 
 Spain   2,400  5,640  10,000  -  -  - 
 Greece   1,744  1,306  979  130  -  - 
 Portugal   221  85  695  850  1,088  689 
 Czech Republic       34,340  82,062  77,036  33,768 
 Poland       7,604  32,084  167  - 
 Hungary       2,830  85,792  16,865  1,917 
 Slovakia       1,000  76,916  75,863  20,030 
 Lithuania      -  -  54  52 
 Total EU   2,205,799  2,038,157  2,477,849  2,219,661  2,180,986  1,332,943 

  Total Wheat malt, tonnes  
Total 2001 - 2002    12,805 
Total 2002 - 2003    30,908 
Total 2003 - 2004    15,768 
Total 2004 - 2005    8,162 
Total 2005 - 2006   4,693 
July 01, 2006 - March 27, 2007   3,302 
   
  Total Roasted malt, tonnes  
Total 2001 - 2002    23,480 
Total 2002 - 2003    23,603 
Total 2003 - 2004    24,438 
Total 2004 - 2005    27,212 
Total 2005 - 2006   23,257 
July 01, 2005 - March 27, 2007   21,092 
Newsletter SummaryTop
Graph of the week


These Days in Business History
April 26
1755 1st Russian university opens (Moscow)
1887 Huntsville Electric Co forms to sell electricity
1904 Bell Telephone Company of Antwerp Belgium forms

April 27
1914 W. H. Carrier patents air conditioner
1925 Netherlands and Great Britain return to gold standard
2005 Airbus A380 makes its first flight from Toulouse, France

April 28
1686 1st volume of Isaac Newton's "Principia" published
1989 Argentina, hit by rocketing inflation, runs out of money
2001 Dennis Tito becomes the first space tourist by paying $20 million to fly on a Soyuz mission to the International Space Station.

April 29
1813 Rubber is patented
1913 Swedish engineer Gideon Sundback of Hoboken patents all-purpose zipper
1977 British Aerospace forms
Agenda
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

June 2007:
Japan-Asia Beer Cup 2007, Tokyo
InterFood Mongolia
IGC Grains Conference 2007 London, England
Great Japan Beer Festival 2007 in Tokyo
Brasil Brau 2007
The International Hop Growers’ Convention(IHGC)
Practical Course on Malt and Malting Barley Canada
The 5th Canadian Barley Symposium & District Western Canada MBAA
Seattle International Beer Festival



More events are available on site e-malt.com
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