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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

Crop 2007
2rs Barley €285.0-287.0 1.06%
6rw Barley €249.0-251.0 1.21%
2rs Malt €506.5-508.5 0.79%
6rw Malt €461.0-463.0 0.76%

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 35a, 2007

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Newsletter 34b, 2007

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Newsletter 34a, 2007

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Newsletter 34a, 2007

See this Newsletter!
Newsletter 33b, 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!


Available market price evolutions


E-malt.com graphs

All graphs issued with e-malt.com newsletters are published in "Graph" section of e-malt.com site.
Last five graphs

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Mexico Beer Production

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EU Malt Export Licence Fixations (1995/1996 - 2006/2007)

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World Leading Beer Companies by Production Volume in 2006

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EU-27 Malt Capacity and Demand (2008)

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Belgium Beer Production, Export and Consumption (1980 - 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 35b
August 30 - September 02, 2007

Quote of the week

"Every child is an artist. The problem is how to remain an artist once he grows up."

Pablo Picasso


Currency Rates
Base Currency: Euro, EUR
on 30-August-2007

1 EUR = 1.3615 USD
1 EUR = 0.6784 GBP
1 EUR = 1.4479 CAD
1 EUR = 1.674 AUD
1 EUR = 156.104 JPY
1 EUR = 2.7141 BRL
1 EUR = 34.9996 RUB
1 EUR = 10.2927 CNY
Base Currency: US Dollar
on 30-August-2007

1 USD = 0.7346 EUR
1 USD = 0.4983 GBP
1 USD = 1.0635 CAD
1 USD = 1.2296 AUD
1 USD = 114.657 JPY
1 USD = 1.9935 BRL
1 USD = 25.7074 RUB
1 USD = 7.56 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
Finland: Carlsberg may have to sell Hartwall if it acquires listed Scottish & Newcastle... Click here

Belgium: InBev profit advances 27% on Russia and Latin America... Click here

Poland: Grupa Zywiec to spend PLN 200 mln on increasing production capacity... Click here

The Netherlands: Heineken is expecting a response from EU over cartel appeal in November this year... Click here

Thailand: Higher excise taxes on spirits and no change on beer and wine in order to make the competition fairer... Click here

USA: Coors Brewing is creating a new subsidiary for developing high-end beers... Click here

Belarus: The CEO of Syabar brewery is still concerning over the quality of national malt... Click here

Canada: Barley production for 2007-2008 is estimated by AAFC to increase by 24%... Click here

Australia: Prices for barley are breaking records, registering an increase by AU$70 in three weeks... Click here

Canada: Western Canadian malting barley in high demand... Click here

More News
USA: Anheuser-Busch spent US$1.6 million to lobby the federal government ... More Info

Germany: New member of the board in Carlsberg Germany ... More Info

UK: Malting barley, the No 1 cereal crop in Scotland, is again twice the value ruling last September ... More Info

Finland: Finnish breweries for moderate drinking ... More Info

USA: Oskar Blues Inc. to open a second Colorado brewery and double its beer-making capacity ... More Info

Nigeria: N2 billion needed to revive Golden Guinea breweries ... More Info

Romania: Harvested barley this year reached only 65% of 2006 production because of drought & heat ... More Info

Canada: Russell Breweries Inc. grants incentive stock options ... More Info

UK: Diageo announces preliminary results for the year ended 30 June 2007 ... More Info

The Netherlands: Heineken is test-marketing the malt drink Charli for women ... More Info

UK: Guinness is to launch Red beer to attract new drinkers ... More Info

The Philippines: San Miguel Beer brands awarded at ceremonies held in Brussels, Belgium ... More Info

USA: Pyramid introduces Imperial Hefeweizen, a craft beer category first ... More Info



Brewery News
Finland: Carlsberg may have to sell Hartwall if it acquires listed Scottish & Newcastle

Carlsberg, the Danish brewery group, is likely to face antitrust challenges if it acquires listed Scottish & Newcastle (S&N), two independent Finnish competition experts said, according to Financial Times August 29th. In Finland, this could involve the sale of Hartwall, the country’s second largest brewery, which S&N acquired in 2002, other industry sources noted. Other areas of high overlap include the UK and Portugal.

Rumours linking Carlsberg and S&N have resurfaced this month, although they have not been confirmed. Carlsberg shares are up 5.5% in the last three months to DKK 713. Scottish & Newcastle is down 7% to GBP 6.02 over the same period

Should a deal emerge, it is likely that the EC would assume antitrust jurisdiction due to the size of the companies and their combined market shares, the two legal experts said. S&N had a turnover of about GBP 4bn (EUR 5.9bn) in 2006, of which 14% came from Finland. Carlsberg’s turnover in 2006 was DKK 41bn (EUR 5.5bn), but its Finnish revenues were not disclosed.

A potential deal could be approved at EC level with conditions on structural changes at the national level, the experts noted. Beer markets and brands are usually defined along national ...
More Info


Belgium: InBev profit advances 27% on Russia and Latin America

InBev (Euronext: INB), the world’s leading brewer, announced on August 30th its results for the second quarter 2007 (2Q07):

Volume growth: beer sales volume grew organically by +4.6% in 2Q07 year-on-year (yoy). Challenging conditions prevailed in Western Europe and North America, while volumes grew in the other Zones.

Top line growth exceeded volume growth: revenue increased organically by 7.6% during 2Q07, as a result of volume growth and a 2.5% increase in revenue per Hl, or +4.1% eliminating the impact of the change in geographic mix.

Persistent tight grip on costs and expenses: 2Q07 cost of sales (CoS) were impacted by some commodity cost pressures, leading to an increase in CoS per Hl of 3.6%, yearon- year. Operating expenses declined by 1.8% on an organic basis, as a consequence of our ongoing focus on identifying and reducing non-working expenses.

Double digit EBITDA growth and further margin expansion: normalized EBITDA grew organically by 16.5%, resulting in an EBITDA margin of 33.1% in 2Q07 versus 30.8% in 2Q06, an organic increase of 253 basis points and a sixth consecutive quarter of margin expansion. Importantly, all Zones achieved organic EBITDA growth during 2Q07, reflecting InBev’s ongoing objective to achieve balanced growth across its operations. ...
More Info


Poland: Grupa Zywiec to spend PLN 200 mln on increasing production capacity

Listed brewer Grupa Żywiec is planning investments to meet the expected growth of the beer market, Warsaw Business Journal posted on August 30th.

The firm will expand its production capacity by 1.5 million hl by Q1 2008 at a cost of zł.200 million. Żywiec has so far not provided data on its quantitative H1 sales, but it is known that the leading brands recorded a growth.

The highest growth in sales was recorded by Warka, whose sales rose 31%. This is an important achievement, as the brand is a direct competitor to Kompania Piwowarska's Tyskie brand. Sales of Heineken increased by 21%, which was related to changing the packaging and introducing 5-liter kegs to the market.

"Interest in the product surpassed our expectations," said Chris Barrow, president of Grupa Żywiec. The main brand, Żywiec, had a growth of sales of 15.5% and for the first time the brand sold three million hl to the consumers in summer. Foreign sales rocketted by 47% in the first six months of the year.


The Netherlands: Heineken is expecting a response from EU over cartel appeal in November this year

Heineken NV said it expects a response in November from the European Commission on its appeal to a fine for involvement in an alleged beer cartel with peer Dutch brewers Royal Grolsch NV and Bavaria NV, AFX News communicated on Augsut 29th.

The EC fined Heineken, Grolsch and Bavaria a combined 273.8 mln eur in April for alleged price-fixing in the 1990s. Belgian brewer InBev SA avoided a commission fine because it acted as the cartel whistleblower.

Heineken appealed the fine in June and chief executive officer Jean-Francois van Boxmeer said today the company expects a response from the EC in November.

But he added at a press conference after Heineken reported better-than-expected first half results this morning that the entire legal process might take until 2010 before it is resolved.

Van Boxmeer also repeated Heineken's statement that it is not guilty of alleged price fixing. Both Grolsch and Bavaria are also appealing the EC fine.


Thailand: Higher excise taxes on spirits and no change on beer and wine in order to make the competition fairer

Cabinet approved on August 28th higher excise taxes on spirits and tobacco from August 29th, according to Bangkok Post news. Spirits go up by 9-12 baht a bottle and cigarettes by 1-3 baht a pack.

Deputy government spokesman Chodchai Suwanaporn said the cabinet agreed with the Finance Ministry the increase was in order to make competition fairer among the producers of liquor, special liquor, wine and beer. "Spirits with a higher alcohol content should face higher taxes," he said.

Excise Department director-general Wisudhi Srisuphan said sin tax revenue was expected to increase by six billion baht per year.

At the same time, the higher taxes should lower consumption of spirits by 60-65 million litres a year and cigarettes by 20 million packs. Last year, 450 million litres of alcoholic drinks were consumed in Thailand and 1.7 billion packs of cigarettes.

"The tax increases have been introduced under the old law," he said. "The department also plans to raise the tax on white spirit when the new excise tax bill is enforced. The same thing will be done with beer."

The government raised the excise tax on white spirit, blended spirit and special spirit, which all have a higher alcohol content than beer and wine. The ...
More Info


USA: Coors Brewing is creating a new subsidiary for developing high-end beers

The third-largest U.S. beer maker by sales, Coors Brewing Co, a unit of Molson Coors Brewing Co, has created a new subsidiary to develop high-end beers, the Wall Street Journal reported in its online edition on August 29th.

AC Golden Brewing Co will "introduce above-premium beers to the market-place" at a deliberate pace, Coors Brewing told beer wholesalers in an email last week, the Journal reported.

The formation of the subsidiary comes amid slow growth in the American beer business, where upscale "craft" beers and imports have outperformed conventional domestic beers, the report said.

The company, the third-largest U.S. beer maker by sales, said it would cultivate the upscale beers at a similar pace to how it built Blue Moon, a Belgian-style wheat ale, over a decade, the report said. The new unit will be run by Glenn Knippenberg, an industry veteran who worked previously for Coors Brewing, the report said.

A Molson Coors spokesman was not immediately available for comment.

Malt News
Belarus: The CEO of Syabar brewery is still concerning over the quality of national malt

The chief executive of the Babruysk-based Syabar brewery has reiterated concern about the quality of Belarusian-produced malt, BelaPAN reported.

Syarhey Levin told reporters in Minsk on August 28th that the quality of barley grown in the country this year had been reported to be good, but it was not yet clear whether the content of protein in the crop was in compliance with the company's standards, which he noted differed from those established elsewhere in the country.

In 2006, domestic breweries were allowed to import only limited amounts of malt amid the government's claims that domestically-grown barley was of a proper quality.

They buy the product from the country's monopoly, Belsolad, which charges a much higher price than Russian and Ukrainian suppliers. Mr. Levin said that Syabar planned to buy in 2008 22,000 tons of malt from Belsolad whose annual production capacity totaled 65,000 tons.

He said that the company also bought the product from private farms, noting that it was "much easier to conduct a dialogue" with them.

The brewery was founded in February 2004 by Detroit Belarus Brewing Company (DBB Company), which belongs to Detroit Investments Ltd. and the International Finance Corporation, and by the Babruysk-based Dzednava brewery ...
More Info

Barley News
Canada: Barley production for 2007-2008 is estimated by AAFC to increase by 24%

For 2007-2008 barley production is estimated by Agriculture and Agri-Food Canada (AAFC) to increase by 24% to 11.8 Mt, close to the 10-year average, due to a larger seeded area. However, supply is expected to only increase slightly due to significantly lower carry-in stocks.

Barley exports for 2007-2008 are forecast to rise sharply, while domestic use is expected to be marginally lower. Carry-out stocks are projected to decrease by 13%. The average off-Board feed barley price (No.1 CW I/S Lethbridge) is forecast to remain at a historically high level, but slightly lower than in 2006-07, as the increased supply and the strong Canadian dollar more than offsets the support of slightly higher US corn prices.


Australia: Prices for barley are breaking records, registering an increase by AU$70 in three weeks

Prices for wheat and barley are breaking records, fuelling concerns customers could be paying even more for staple foods, Food Week posted on August 28th.

Bread, baked goods, beef, chicken, eggs, beer, and a range of other products are all exposed to grain prices.

The AWB has this week increased its estimated pool return for its harvest by AU 30 a ton, making it AU $300 a ton for the first time.

The coming barley harvest is in a similar situation, rising to AU 325 a ton for feed barley and $336 for malt barley– a jump of nearly AU $20 in a week, or AU $70 in three weeks.

This has been blamed on problems in the Ukraine, one of the bigger suppliers to Saudi Arabia, the biggest feed barley imported in the world.

“We have never seen prices like this,” said WA-based grain group CBH’s acting senior trading manager Jason Craig. “This is unknown territory.”

Goodman Fielder told the West Australian that it aimed to recover raw material cost rises from customers, while George Weston Foods has put in a 2.8% price increase, its third in a year, due to higher input costs.


Canada: Western Canadian malting barley in high demand

Quality losses to the European and American barley crops have left the Canadian Wheat Board (CWB) as the world’s dominant two-row malting barley marketer, boosting sales prices and prospects for western Canadian malting barley, CWB published in a press release on August 29th. The outlook for the later Australian and Argentine malting barley harvests remains uncertain.

“The CWB has taken advantage of being the only major global seller of malting barley since August 1,” said CWB Chief Operating Officer Ward Weisensel. “With certainty returned to barley marketing, we have been able to capitalize on import demand from China, the United States and other markets at a time when barley is in short supply.”

An aggressive CWB sales program into the current high world market is translating into increased returns for Prairie barley farmers.

“The prices we are asking in certain world markets are the highest that our barley marketers can remember in U.S. dollar terms,” Weisensel said. “This is an ideal situation for single-desk marketing as there are no competing sellers to push down the price, while the CWB is able to successfully price discriminate between markets in order to extract the highest return that each buyer is capable of paying for ...
More Info


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.3615 August 30, 2007 
 Crop year   2007 
 Parity   FOB Creil 
 Position   July 2007 
Type   Variety  EURO  USD 
2RS  Scarlett  288.00  392.50 
2RS  Prestige  287.00  391.00 
2RS  Cellar  286.00  389.50 
2RS  Sebastien  285.00  388.50 
2RS  Astoria  285.00  388.50 
2RS  Cork   285.00  388.50 
6RW  Esterel   250.00  340.50 

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

Theoretical malt prices.
  EURO = USD 1.3615 August 30, 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  510.00  694.00  532.50  725.00  526.50  716.50  537.00  731.00 
2RS  Prestige  508.50  692.50  531.50  723.50  525.50  715.00  536.00  729.50 
2RS  Cellar  507.50  691.00  530.50  722.00  524.00  713.50  534.50  727.50 
2RS  Sebastien  506.50  689.00  529.00  720.00  522.50  711.50  533.50  726.00 
2RS  Astoria  506.50  689.00  529.00  720.00  522.50  711.50  533.50  726.00 
2RS  Cork   506.50  689.00  529.00  720.00  522.50  711.50  533.50  726.00 
2RS   Average price  507.50  691.00  530.50  722.00  524.00  713.50  534.50  727.50 
6RW  Esterel   462.00  630.50  486.00  661.50  479.50  653.00  490.50  667.50 
Asia Malt 70/30  494.00  672.50  517.00  703.50  510.50  695.50  521.50  709.50 
**  Asia Malt 50/50  485.50  660.50  508.00  691.50  502.00  683.50  512.50  697.50 

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
Black Sea: Barley Production Forecast

in 1000 tonnes20062007
Ukraine11,3006,800
Russia18,00016,300
Kazakhstan2,0001,900
Moldova200100
Source: UkrAgroConsult
Newsletter SummaryTop

Graph of the week


Source: HGCA, August 2007

These Days in Business History
August 30
1895 Belgium begins compulsory Roman Catholic education
1979 1st recorded occurrance-comet hits sun (energy=1 mil hydrogen bombs)
1993 150,000,000 millionth visitor to Eiffel Tower

August 31
1895 Thomas Edison patented his movie camera (Kinetograph)
1918 Belgium starts paying old age pensions
1997 Diana Spencer, princess of England, dies in car crash in Paris at 36

September 01
1905 Alberta & Saskatchewan become 8th & 9th Canadian provinces
1923 7.9 earthquake strikes Tokyo & Yokohama, kills 142,000
1962 UN announces Earth population has hit 3 billion

September 02
1930 1st non-stop airplane flight from Europe to US (37 hrs)
1941 Film Academy copyrights Oscar statuette
1987 Philips introduces CD-video
Agenda
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


November 2007:
The International Hop Growers' Convention (IHGC) Meetings, Germany
International convention for the drink technology and PET industry, India

More events are available on site e-malt.com

Copyright © E-Malt s.a. 2007