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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
More news
Theoretical malt prices
Malting barley prices
Price evolution
Table of the week
Graph of the week
On These Days
Agenda
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Average market prices
Change trend

May 14 - May 16, 2007
Crop 2006
2rs Barley €204.0-206.0
6rw Barley €174.0-176.0
2rs Malt €425.0-427.0
6rw Malt €387.0-389.0
Crop 2007
2rs Barley €196.0-198.0
6rw Barley €172.0-174.0
2rs Malt €394.0-396.0
6rw Malt €363.5-365.5

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


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Newsletter 17b, 2007



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USA Malt Import by Country of Origin

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Thailand Beer Sales (1991 - 2006)

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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 20a
May 14 - May 16, 2007

Quote of the week

"A meal of bread, cheese and beer constitutes the perfect food."
Queen Elizabeth I


Currency Rates
Base Currency: Euro, EUR
on 16-May-2007

1 EUR = 1.3556 USD
1 EUR = 0.6846 GBP
1 EUR = 1.4959 CAD
1 EUR = 1.6285 AUD
1 EUR = 163.151 JPY
1 EUR = 2.7161 BRL
1 EUR = 34.9482 RUB
1 EUR = 10.4305 CNY
Base Currency: US Dollar
on 16-May-2007

1 USD = 0.7378 EUR
1 USD = 0.505 GBP
1 USD = 1.1035 CAD
1 USD = 1.2013 AUD
1 USD = 120.363 JPY
1 USD = 2.0036 BRL
1 USD = 25.7808 RUB
1 USD = 7.6944 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
China: Kingway Brewery to unveil rights issue... Click here

India: Carlsberg accelerates brewing in India... Click here

Japan: April beer shipments up 2.7% y/y... Click here

France: Beer sales dropped 25% in 10 years... Click here

Bulgaria: Beer consumption up 22% in Q1 2007... Click here

Canada: Moosehead Breweries’ president says Canadian beer industry is being swallowed by foreign interests... Click here

EU: EU’s largest malt producers report latest figures... Click here

Russia: Barley crop forecast is 17.9 million tonnes... Click here

Canada: Anticipated elimination of barley single desk casts doubt on contracts... Click here

More News
Germany: Brewers announce price increase ... More Info

Peru: Prospects for malting barley sales have exploded thanks to double-digit increases in beer consumption ... More Info

UK: SABMiller’s shares on rise ... More Info

Canada: Brick Brewing reviewing strategic alternatives for enhancing shareholder value ... More Info

Denmark: Amendment of Carlsberg Foundation’s Charter approved ... More Info

Philippines: San Miguel Corp. considering $500 million bond ... More Info

Czech Republic: Starobrno shareholders to get Kc65 dividend ... More Info

Uganda: Bundibugyo district started growing barley ... More Info

Belgium: Inbev to sell stake in real estate unit Immobrew ... More Info

Ukraine: Barley sowings down 2.6% from 2006 ... More Info

Russia: Baltika Breweries shareholders approved the dividend pay-out for 2006 ... More Info

Sri Lanka: Ceylon Brewery reports sharp fall in profits due to advertising ban ... More Info

Philippines: San Miguel Pale Pilsen now with gold paper labels ... More Info

Romania: InBev Romania sells 40% more beer in the first three months of 2007 ... More Info

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



Brewery News
China: Kingway Brewery to unveil rights issue

Trading in shares of China's Kingway Brewery Holdings Ltd was frozen, pending details of an upcoming rights issue, expected to bankroll an ongoing business expansion, Reuters reported May 16.

A company spokesperson declined comment. Adding capacity – whether by expanding current plants or adding new ones – is proving cheaper than acquiring peers, Deutsche Bank said in a recent report.

Shares in Kingway closed on May 16 up 2.2%, after having shed 3.7% in the past 12 months.

"They are raising some money, which could be for expansion. But I doubt whether it is for acquisitions," said Alice Hui, an analyst for DBS Vickers.

Kingway -- which has a market value of roughly HK$4.5 billion (RM1.96 billion) -- has been building new plants at breakneck speed in the north, southwest and northwest of the country -- including plants in Tianjin, Chengdu, and Xian.

Last year, Chairman Ye Xuquan told Reuters the firm aimed to sell over one million tonnes of beer in 2007.

Its brands – including Kingway Classic, Kingway Draft, Kingway Gold, among others – are mainly sold in southern Guangdong province. Kingway -- about a fifth owned by Heineken NV via a joint venture -- commands over 50% of ...
More Info


India: Carlsberg accelerates brewing in India

Carlsberg's joint venture South Asia Breweries accelerates brewing in India, according to Carlsberg’s press release, May 14. This has been made possible after the company has acquired an existing brewery in the state of Himachal Pradesh north of the Indian capital of New Delhi,

Production at the brewery, which has a capacity of 150,000 hl and with possibilities for significant expansion of capacity, will be up and running shortly, whereas the construction of the greenfield brewery with an initial capacity of 450,000 hl in the state of Rajasthan south west of Delhi will be completed in Q1 2008.

The brewery in Himachal Pradesh is ten years old. It is one of the very few breweries in North India with brewing equipment as per European standards, and the brewery has a unique location due to its close proximity to most of the beer consuming north Indian states. New Delhi is at a distance of only 280 km from the brewery.

Portfolio at the brewery will include a number of brands from The Carlsberg Group.
Both the brewery in Himachal Pradesh and in Rajasthan will be managed from South Asia Breweries' head office in New Delhi.

About South Asia Breweries:

The ...
More Info


Japan: April beer shipments up 2.7% y/y

Shipments of beer by the five largest Japanese brewers amounted to 277,039 kiloliters last month, 2.7 pct more than a year earlier and up for the second straight month, according to data from industry groups, XFN-Asia reported May 15.

Increased marketing efforts helped raise beer shipments last month, the beer association said.

Shipments of low-malt "happoshu" drinks climbed 0.7 pct to 130,115 kiloliters, the first increase in two months while shipments of "third-sector" beverages fell 37.3 pct to 100,608 kiloliters.

Japan's five largest brewers are listed firms Sapporo Breweries Ltd, Asahi Breweries Ltd and Kirin Brewery Co Ltd, as well as Suntory and Orion.


France: Beer sales dropped 25% in 10 years

In 30 years the bar number decreased to 40,000 from 200,000, accompanied by a 25% drop in beer sales – 25% in 10 years and 3.6% for 2006. In order to stop the fall in beer consumption, Yves Couette, President of Kronenbourg, announced a refocus of commercial and marketing policy, 500 sales persons being deployed for that.

At this moment 3800 sales points have Excelsius equipment and the rise in beer sales volume reaches 5% (10.3 for 18-34 age group).


Bulgaria: Beer consumption up 22% in Q1 2007

Beer sales in the first four months of 2007 reached 1.366 million hectolitres, Union of Brewers in Bulgaria (UBB) said, according to Sofia Echo, May 16.

Beer sales increased by 22 per cent compared to figures for the same period of 2006, investor.bg reported.

Brewers sold 1.119 million hectoliters of beer in the first quarter of 2006. Sales growth for the first quarter is lower compared to the increase for the same period of 2006 but is still sufficiently high.

Beer sales reached 478 602 hectolitres in April 2007, nearly seven per cent higher than in April 2006.

UBB representatives already predicted in the beginning of 2007 a beer sales growth of 10 per cent for the entire year.

Zagorka maintains its position of leading brand, having sold 159 025 hectolitres in April and 450 019 hectolitres for the first quarter of 2007. The company's export reached 167 hectolitres.

Kamenitsa ranks second, achieving sales of 139 867 hectolitres in April and 370 451 hectolitres for the first quarter of 2007. The company ranks first in export with 5185 hectolitres.


Canada: Moosehead Breweries’ president says Canadian beer industry is being swallowed by foreign interests

Canadian-owned breweries are disappearing faster than a cold beer on a hot day, and the president of one of the last remaining home-grown beer companies says it's happening with the tacit approval of Canadians, Canadian Press reported may 13.

Steven Poirier, president of New Brunswick-based Moosehead Breweries, says a huge slice of Canada's brewing industry has been swallowed by foreign interests - mostly U.S. brewing giants.

"Close to 90 per cent of all beer sold in Canada today is controlled by foreign brewers," Poirier says in a speech prepared for delivery on Monday in Saint John, N.B. "This is probably the highest percentage in the world."

The rapid rate of change in Canada's once proud brewing industry has left only a few small voices, like Moosehead, to proclaim, "I am Canadian."

Moosehead, which traces its roots to 1867, is now the largest Canadian-owned brewery. Its products account for about 5.5 per cent of national beer sales.

Poirier says the three fastest growing beer brands in Canada are U.S. brands that have invested millions in advertising and promotional campaigns.

He says Canadian consumers have bought into the U.S. campaigns, which often use Canadian images and themes.

Poirier says consumers are not seeing the big picture.

"Are we destined to ...
More Info

Malt News
EU: EU’s largest malt producers report latest figures

Germany produced 977,000 tons of malt in July/January versus 1,110,000 tonnes a year earlier. It looks like a production of 1.7 million tonnes for the crop year, plus 100,000 tonnes of wheat malt, but still 200,000 tonnes less than available malt capacity.

France produced 700,000 tons of malt during the same period, which is 100,000 tonnes less than last year. We assume that France will produce close to 1.2 million tonnes of barley malt and at least 50,000 tonnes of wheat malt, close to its total capacity.

The U.K. reports a production of 890,000 tons of malt in July 1 – February 24, unchanged from a year ago. The pace of production has picked up during winter, therefore we estimate a total production of 1.4 million tonnes in the present campaign, 75,000 tonnes below the known capacity figure.

Barley News
Russia: Barley crop forecast is 17.9 million tonnes

Russian farmers are still in the process of planting spring grains, media posted on May 2. In general, the moisture situation is considered satisfactory, but late frosts delay seeding. A private barley crop forecast is 17.9 million tonnes versus 18.1 million tonnes last year.

On April 17 only 12.3 % of all spring grains had been planted, ranging from 53 % in the Central District down to 2 – 3 % in the Northwest and Far East. By April 15 Russia had exported 1.28 million tonnes of barley and imported 148,000 tonnes, mainly malting barley. Further shipments are on their way to Russia.


Canada: Anticipated elimination of barley single desk casts doubt on contracts

On April 21st 2007, Canada published its proposed regulations amending the Canadian Wheat Board (CWB) regulations, the purpose of which is to remove the CWB’s monopoly (single desk) powers over inter-provincial and export trade in barley, according to USDA report, May 14.

The government has given August 1st, 2007 as the implementation date. With a global supply shortage and high market prices for barley, producers who have not yet delivered to the CWB may not honor their contracts with grain companies, thereby potentially forcing the latter to pay the current, higher, market price.

Both the federal government and the CWB appear to be unwilling to force grains producers to honor their contracts, as doing so would risk alienating them before a possible upcoming national plebiscite on retaining the single desk for wheat. In addition to the Canadian and U.S. grain companies, their customers – Canadian and some U.S. malting companies – also stand to be adversely impacted by this situation.


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.3556 May 16, 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  281.00  199.00  270.00 
2RS  Prestige  206.00  279.50  198.00  268.50 
2RS  Cellar  205.00  278.00  197.00  267.50 
2RS  Sebastien  204.00  276.50  196.00  266.00 
2RS  Astoria  204.00  276.50  196.00  266.00 
2RS  Cork   204.00  276.50  196.00  266.00 
6RW  Esterel   175.00  237.50  173.00  234.50 

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

Theoretical malt prices.
  EURO = USD 1.3556 May 16, 2007 
Crop year  2006 
Parity  FOB Antwerp 
Position  May 2007-Sept 2007 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  428.50  580.50  451.00  611.50  445.00  603.00  455.50  617.50 
2RS  Prestige  427.00  579.00  450.00  609.50  443.50  601.50  454.00  615.50 
2RS  Cellar  426.00  577.00  448.50  608.00  442.50  599.50  453.00  614.00 
2RS  Sebastien  424.50  575.50  447.50  606.50  441.00  598.00  451.50  612.50 
2RS  Astoria  424.50  575.50  447.50  606.50  441.00  598.00  451.50  612.50 
2RS  Cork   424.50  575.50  447.50  606.50  441.00  598.00  451.50  612.50 
2RS   Average price  426.00  577.00  448.50  608.00  442.50  599.50  453.00  614.00 
6RW  Esterel   388.00  527.00  411.50  558.00  405.50  549.50  416.00  564.00 
Asia Malt 70/30  414.50  562.00  437.50  593.00  431.50  584.50  442.00  599.00 
**  Asia Malt 50/50  407.50  552.00  430.00  583.00  424.00  574.50  434.50  589.00 


  EURO = USD 1.3556 May 16, 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  397.50  538.50  420.50  569.50  414.00  561.00  424.50  575.50 
2RS  Prestige  396.50  537.00  419.00  568.00  412.50  559.50  423.50  574.00 
2RS  Cellar  395.00  535.50  417.50  566.50  411.50  558.00  422.00  572.00 
2RS  Sebastien  393.50  533.50  416.50  564.50  410.50  556.00  421.00  570.50 
2RS  Astoria  393.50  533.50  416.50  564.50  410.50  556.00  421.00  570.50 
2RS  Cork   393.50  533.50  416.50  564.50  410.50  556.00  421.00  570.50 
2RS   Average price  395.00  535.50  417.50  566.50  411.50  558.00  422.00  572.00 
6RW  Esterel   364.50  495.50  388.50  526.50  382.00  518.00  392.50  532.00 
Asia Malt 70/30  386.00  523.50  196.50  554.50  190.50  546.00  201.00  560.00 
**  Asia Malt 50/50  380.50  515.50  196.50  546.50  190.50  538.00  201.00  552.00 

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

Table of the week

EU Malt Export Licence Fixations

(in tonnes) 2001-2002 2002-2003 2003-2004 2004-2005 2005-2006 Jul 01, 2006 -
April 24, 2007  
 France   701,134  661,772  774,761  674,140  648,338  425,829 
 Germany   468,314  408,063  422,047  295,876  236,735  187,760 
 Belgium   296,368  287,850  317,292  418,344  551,396  452,056 
 Bulgaria   1,090 
 U.K. 350,621  294,995  443,501  201,892  190,862  98,082 
 Finland   91,890  100,758  114,165  64,986  79,357  38,654 
 Denmark    96,812  94,791  90,452  74,743  68,809  59,244 
 Sweden   101,000  76,916  78,369  88,840  96,100  64,950 
 Netherlands   51,310  66,219  80,703  49,128  92,383  63,550 
 Ireland   35,145  31,140  38,900  56,924  7,001  2,250 
 Austria   8,840  8,620  60,211  16,954  38,932  18,644 
 Spain   2,400  5,640  10,000 
 Greece   1,744  1,306  979  130 
 Portugal   221  85  695  850  1,088  791 
 Czech Republic       34,340  82,062  77,036  38,326 
 Poland       7,604  32,084  167 
 Hungary       2,830  85,792  16,865  2,787 
 Slovakia       1,000  76,916  75,863  20,970 
 Lithuania      54  72 
 Total EU   2,205,799  2,038,157  2,477,849  2,219,661  2,180,986  1,475,052 

  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 - April 24, 2007   3,910 
   
  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 - April 24, 2007   24,165 
Newsletter SummaryTop
Graph of the week


These Days in Business History
May 14
1872 Metropolitan Gas Company lamps lit for 1st time
1881 World's 1st elec tram goes into service in Lichterfelder (near Berlin)

May 15
1878 The Tokyo Stock Exchange Co., Ltd., is established, primarily to trade bonds.
1905 Las Vegas, Nevada founded
1941 The world’s first successful jet aircraft, a Gloster E28/39 powered by a W1 engine designed by Frank Whittle, takes off and lands at Farnborough, England.

May 16
1911 Supreme Court dissolves Standard Oil with the Sherman Antitrust Act
1930 Two Texas engineers found a company called Geophysical Service Inc. to use seismographic technology to improve the business of exploring for oil.
1949 The Tokyo Stock Exchange, originally founded in 1878, reopens for business after the devastation of World War II.
Agenda
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


July 2007:
Olesummer Festival 2007
Portland International Beer Festival
51 Congress of The International Hop Growers Convention


August 2007:
Qingdao International Beer Festival, China
International Berlin Beer Festival
Great British Beer Festival
1st International Brewers Symposium Hop Flavor and Aroma
Great Japan Beer Festival 2007 in Osaka
Brew Drinks China 2007
The 13th Australian Barley Technical Symposium, Australia


September 2007:
Belgian Beer Weekend
Great Canadian Beer Festival
Great British Beer Festival
WBA Associate in Brewing Technology Program in Chicago
WBA International Diploma in Brewing Technology Program Chicago & Munich Campuses
WorldFood Moscow


October 2007:
The International Brewing Convention 2007 , UK
Newport International Oktoberfest, USA
World Beer Festival Durham , USA
Tasting Australia
2007 Master Brewers Association of the Americas Convention




More events are available on site e-malt.com
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