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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
Hops 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 €292.0-294.0 2.45%
6rw Barley €261.0-263.0 4.80%
2rs Malt €507.5-509.5 0.20%
6rw Malt €468.5-470.5 1.62%

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 35a, 2007

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Newsletter 34a, 2007

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Newsletter 34a, 2007



Market price evolutions

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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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UK Barley Exports by Seasons

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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)



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 36a
September 03 - September 05, 2007

Quote of the week

"Work is the medicine for poverty."

Beninese Proverb


Currency Rates
Base Currency: Euro, EUR
on 05-September-2007

1 EUR = 1.3604 USD
1 EUR = 0.6751 GBP
1 EUR = 1.4325 CAD
1 EUR = 1.6517 AUD
1 EUR = 157.637 JPY
1 EUR = 2.6655 BRL
1 EUR = 34.9187 RUB
1 EUR = 10.2846 CNY
Base Currency: US Dollar
on 05-September-2007

1 USD = 0.7351 EUR
1 USD = 0.4962 GBP
1 USD = 1.053 CAD
1 USD = 1.2141 AUD
1 USD = 115.875 JPY
1 USD = 1.9593 BRL
1 USD = 25.667 RUB
1 USD = 7.5597 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
China: China Resources Enterprise announces record interim results... Click here

Czech Republic: Starobrno brewery boosts H1 profit by 117%... Click here

Germany: SABMiller is eyeing acquisitions in Germany to strengthen premium beer sales in the country... Click here

Chile: Beer consumption is forecast to increase by about 8% each year during 2007-11... Click here

India: United Breweries marks the biggest investment flow into India’s rapidly growing beer industry... Click here

Japan: SABMiller to launch Peroni Nastro Azzurro in Japan, the brand’s first entry into the East Asian market... Click here

Czech Republic: Budvar could be partially sold off... Click here

EU: Malt offers for 2007 do not exist and are very scarce for 2008... Click here

Australia: Barley production for 2007-2008 is forecast up considerably from 2006-2007, but slightly less than in 2005-2006... Click here

World: Grain Markets are in panic... Click here

EU: Malting Barley Prices are going up; A lack of winter barley seeds is feared in France and Germany... Click here

USA: More than 1 million lbs losses of hops because of storms... Click here

More News
UK: Michael Jackson, a leading beer critic found dead ... More Info

Denmark: Carlsberg has 9.3 billion euro available for acquisitions ... More Info

Canada: Statement from CWB board chair on federal government move to appeal barley marketing ruling ... More Info

Asia: Scottish & Newcastle eyes rapid growth on the continent ... More Info

Philippines: San Miguel Brewery ups capital to P25 billion ... More Info

UK & Belgium: ING Financial Markets maintain their "buy" rating on InBev ... More Info

UK: Greene King announced profits on target despite floods ... More Info

The Netherlands: Brokerage ING price target for Heineken upped to 53 eur; 'buy' maintained ... More Info

Denmark: Royal Unibrew Q2 EBIT up 3 pct on the back of stronger sales ... More Info

Uganda: Nile Breweries has contributed sh90m towards the Commonwealth Business Forum ... More Info

World: Kingfisher beer set for new markets ... More Info

Ukraine: Beer production constituted 54 litres per capita in 2006 ... More Info

South Korea: Government moving to lift barley export restriction ... More Info

Denmark: Carlsberg names Eastern Europe head as new chief executive ... More Info

Portugal: Trinidade beer hall maintains tradition ... More Info

South Africa: Grey SA wins Amstel account ... More Info

USA: Beer Institute spent $310,000 to lobby congress for Busch, Coors and others ... More Info

Canada & Sweden: Two beers from King Breweries will be at festival in Sweden ... More Info



Brewery News
China: China Resources Enterprise announces record interim results

China Resources Enterprise, Limited (HKEx: 0291) (‘The Company’ or together with its subsidiaries, ‘The Group’) announced its interim results for the six months ended 30 June 2007, in a press release, September 5.

Consolidated turnover rose by 11% to another new high of HK$35.2 billion. Profit attributable to the Company’s shareholders amounted to a record HK$3,737 million, an increase of 195%. Excluding the after-tax effect of revaluation of investment properties and major disposals, which led to aggregate gains of HK$2,680 million and HK$366 million in the first half of 2007 and 2006 respectively, underlying net profit was up 17% to HK$1,057 million. The disposal of the Group’s non-core petroleum distribution operation in Hong Kong generated a gain of HK$2,393 million during the period under review. Core consumer-related businesses reported a 32% rise in underlying profit growth. Earnings per share were HK$1.58 compared to HK55¢ in the same period of 2006. The Board of Directors declared an interim dividend of HK15¢ per share, a 7% increase from last year.

There was encouraging profit growth among all retail operations with net margin expansion. Total retail earnings climbed 86% to HK$273 million on a 25% rise in turnover. Supermarket operation, in particular, delivered strong ...
More Info


Czech Republic: Starobrno brewery boosts H1 profit by 117%

The brewery Starobrno, subsidiary to the Netherland's Heineken group, generated profit of CZK 70 million in the first half of 2007, up 117 percent year-on-year, on sales growth of 9.2 percent to CZK 680 million, spokeswoman Katerina Eliasova told CTK, August 29.

Starobrno's share of the beer and non-alcoholic drinks market increased to 5.3 percent, and it is the third biggest producer in the country.

The lower profit for last year's Jan-June period was due to technology upgrade investment worth Kc115m, said Eliasova, adding that the company will invest in new technologies also this year.

The profit growth this year was caused by a very good weather which raised consumption of beer and non-alcoholic drinks.

Beer output rose by nearly 10 percent to 471,000 hl, and exports totalled 35,000 hl of beer, up 4.5 percent on the year.

Major buyer countries were Sweden, Austria, Germany, Bulgaria, Russia and Britain.

Sales of all kinds of drinks grew by 49,000 to 548,000 hl.

Starobrno employed 399 staff last year, 2.4 percent less year-on-year.


Germany: SABMiller is eyeing acquisitions in Germany to strengthen premium beer sales in the country

SABMiller PLC, the world's second largest brewer, is looking into acquisitions in Germany to boost sales of its premium beer brands in that country, the head of SABMiller's European business Alan Clark said in an interview with Financial Times Deutschland on September 3rd, according to Thomson Financial.

'Germany is interesting because of its size. But up to now we have not seen any potentially attractive acquisition target,' the paper quoted Clark as saying. 'I'm sure there are possibilities of acquisitions.'

Germany and the UK are the two national markets in Europe the company plans to expand in, he said. 'We will concentrate on the premium market segment in Germany,' he added.

SABMiller, which has annual volume sales of 210,000 hectolitres of beer in Germany through its Pilsner Urquell brand, aims to lift sales in the country to 1-2 mln hectolitres 'in the long term,' he said.

SABMiller is focusing on the higher end of the Western European beer market because it is growing, despite an overall decline in beer consumption in the region, Clark told the newspaper.


Chile: Beer consumption is forecast to increase by about 8% each year during 2007-11

Beer consumption is forecast to grow by between 5% and 8% each year during 2007-11, helped by continued firm economic growth and the introduction of new brands, The Economist Intelligence Unit posted on September 3rd.

Cervecerias Chile (CCh), which introduced the Brahma brand in September 2005, started to sell the Stella Artois and Becks brands in late 2006; other new imported labels are expected to be introduced during the forecast period.

According to ACNielsen, a market research firm, Brahma helped CCh to increase its market share by 4.5 percentage points to 15.6% in 2005, with almost all the rest taken by Compania Cervercerias Unidas (CCU), a Chilean company owned by Heineken, which has a virtual monopoly and manages a diverse brand portfolio. CCUs Cristal brand on its own accounts for slightly over 50% of the market.


India: United Breweries marks the biggest investment flow into India’s rapidly growing beer industry

Indian beer giant United Breweries (UB) will invest around Rs 1,200 crore to expand and upgrade brewing capacity by 2010, Economic India Times posted on September 5th. This marks the biggest investment flow into India’s rapidly growing beer industry and will increase UB’s annualised production capacity by a whopping 72 million cases.

“We are in investment mode beginning this financial year. We have lined up Rs 475 crore during the year, which will see our capacity move up by 1.5 million hectolitres (18 million cases) by March 2008,” UB CEO Kalyan Ganguly said.

UB currently has a capacity of about 8 million hectolitres (96 million cases) and intends to add 6 million hectolitres (72 million cases) by 2010.

“We see investing Rs 1,200 crore in the time frame. We have not yet decided on the funding mechanism, whether it will be equity, debt or both,” Mr Ganguly added. The expansion will see UB’s production base nearly double to 168 million cases within three years.

The current 96 million-case capacity includes a few contract brewing arrangements even though UB has been bringing down its dependence on third-party plants. UB controls nearly 47% share of the Indian beer market, which ...
More Info


Japan: SABMiller to launch Peroni Nastro Azzurro in Japan, the brand’s first entry into the East Asian market

SABMiller plc, one of the world’s leading brewers, announced on September 4th the launch of its premium Italian beer, Peroni Nastro Azzurro, in Japan

To mark the occasion there will be a launch party on September 4 in Toyko’s Instituto Italiano di Cultura. To establish the brand’s credibility and to reinforce its Italian style positioning, PNA will host a catwalk featuring Francesca Versace’s Central St Martin’s graduate collection – showing for the first time to an audience of Japan’s leading fashion commentators and opinion formers.

The company is investing in promoting the brand in Japan over the coming year to greatly increase its presence and consumer awareness. This will be supported by a strong marketing campaign that will communicate the effortless Italian style proposition. Nippon Beer, Japan’s leading importer of bottled beer, will be responsible for distribution.

Japan is the world’s third largest economy with a population of 127 million. It acts as a beacon for Asia in terms of consumer sophistication and setting new trends. Japanese consumers love all things Italian associating their goods with glossy, high-end quality and luxury.

Japan ranks number five globally for beer consumption – consuming 63.6 million hectolitres per year. Imported international ...
More Info


Czech Republic: Budvar could be partially sold off

State-owned Budejovicky Budvar could be partially sold off with a strategic shareholder preferably brought in, said the Czech minister of agriculture Petr Gandalovic in a debate on the country's public television network, AFX News Limited reported Septemeber 2.

'We can perhaps sell a minority stake to a strategic investor or on the Prague stock exchange,' Gandalovic said.

In the long term, Gandalovic said he believed a strategic investor should be brought in to run the country's third biggest brewer.

He added that whatever changes the government planned to introduce at the brewer it would do everything possible to ensure its trademarks were protected.

The transformation of Budejovicky Budvar into a shareholder company should be completed by April, Gandalovic said.

Deputy Prime Minister Jiří Čunek said he was opposed to the privatization.

Malt News
EU: Malt offers for 2007 do not exist and are very scarce for 2008

Malt offers for 2007 do not exist and are very scarce for 2008. EU nominal prices are EUR 500,- ex works, 520,-/530,- FOB. Australian/Canadian quotes are US$ 680,-/700,- FOB.

Barley News
Australia: Barley production for 2007-2008 is forecast up considerably from 2006-2007, but slightly less than in 2005-2006

For 2006-2007, the drought dramatically reduced crop yields and increased abandonment rates through much of the barley growing areas. For 2007-2008, yields and area harvested are expected to increase significantly, AAFC commented on August 31st in its Bi-weekly Bulletin.

Barley production for 2007-2008 is forecast by USDA-FAS at 9.0 Mt, up considerably from 3.8 Mt in 2006-2007, but slightly less than the 9.6 Mt of barley produced in 2005-2006. As crop yields recover and abandonment rates decline due to improved moisture conditions, available supplies are forecast at 9.9 Mt, up from 6.6 Mt in 2006-2007. As a result, exports are forecast to increase to 5.0 Mt, more than double the 2.0 Mt of barley exported in 2006-2007. Carry-out stocks for 2007-2008 are forecast to increase to 1.4 Mt from 0.9 Mt in 2006- 2007, which were even lower than those recorded in 2002-2003, and the lowest since 1999-2000.

The Australian barley sector once was highly regulated with single desk selling for domestic and export sales. The Australian Barley Board (ABB) was established in 1939 to coordinate the acquisition and marketing of all barley produced in Australia. In 1942, the ABB's jurisdiction changed to only Victoria and South Australia. Significant ...
More Info


World: Grain Markets are in panic

Markets are in panic, all EU grains are at unprecedented high price levels. Same is true for world markets with one important exception: North and South American maize cost half the price of wheat and barley, but the EU does not import GMO maize from the USA and Argentina, market analysts commented on September 3rd.

The production side does not look so bleak, as per IGC the world will harvest 1,653 Mill. tons of grains, 86 Mill. tons more than last year. 59 Mill. tons of the larger production are maize. Consumption will be higher again than production at 1,670 Mill. tons, driven by the fast growing industrial usage of grains.


EU: Malting Barley Prices are going up; A lack of winter barley seeds is feared in France and Germany

Malting Barley prices in the EU export markets were on August 30th:
France,
basis July, 2rS FOB Creil EUR 305,-, FOB Moselle 315,-, 6rW EUR 30/35 less.
Crop 2008, basis July, FOB Creil, 2rS EUR 255,-.
Denmark, basis 1HOct, 2rS, Fob Seaport coaster sizes EUR 291,-, crop 2008 EUR 247,-.

Reports are that French farmers pre-contracted a lower volume for 2008 than for this year’s crop. The general belief in the EU is that malting barley acres – winter and spring – will be expanded for next crop, although a lack of winter barley seeds is feared in France and Germany.

Hops News
USA: More than 1 million lbs losses of hops because of storms

US weather conditions have also been generally conducive for a good crop. But also the US has suffered from strong rain and hail storms. In early July, a short but severe hail storm hit the Northern Idaho growing region resulting in estimated crop losses of approx. 50% on several 100 hectares, Joh. Barth & Sohn GmbH & Co. KG commented in its Hop Market Telegram of August 2007.

Prolonged rains in Oregon in the middle of August caused the collapse of more than 100 ha of hop trellis. The estimated losses from these storms are likely to exceed 1 million lbs (450 mt) of hops. The estimate of the US crop based the official USDA acreage survey and visual appearance is 27.850 mt compared to 26.166 mt in 2006 and 24.001 mt in 2005.


Malting barley prices. French barley prices.
Nominal prices.

EURO = USD 1.3604 September 05, 2007 
 Crop year   2007 
 Parity   FOB Creil 
 Position   July 2007 
Type   Variety  EURO  USD 
2RS  Scarlett  295.00  401.50 
2RS  Prestige  294.00  400.00 
2RS  Cellar  293.00  398.50 
2RS  Sebastien  292.00  397.50 
2RS  Astoria  292.00  397.50 
2RS  Cork   292.00  397.50 
6RW  Esterel   262.00  356.50 

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

Theoretical malt prices.
  EURO = USD 1.3604 September 05, 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  511.00  695.50  534.00  726.00  527.50  717.50  538.50  732.00 
2RS  Prestige  510.00  693.50  532.50  724.50  526.50  716.00  537.00  730.50 
2RS  Cellar  508.50  692.00  531.50  723.00  525.00  714.50  535.50  728.50 
2RS  Sebastien  507.50  690.50  530.00  721.00  524.00  712.50  534.50  727.00 
2RS  Astoria  507.50  690.50  530.00  721.00  524.00  712.50  534.50  727.00 
2RS  Cork   507.50  690.50  530.00  721.00  524.00  712.50  534.50  727.00 
2RS   Average price  508.50  692.00  531.50  723.00  525.00  714.50  535.50  728.50 
6RW  Esterel   469.50  640.00  493.50  671.00  487.00  662.50  497.50  677.00 
Asia Malt 70/30  497.00  676.50  520.00  707.50  513.50  699.00  524.50  713.50 
**  Asia Malt 50/50  489.50  666.00  512.50  697.00  506.00  688.50  516.50  703.00 

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

Prices Evolution
Prices evolution

Table of the week
EU Malt Export Licence Fixations

(in tonnes) 2004-2005 2005-2006 2006-2007 July 01, 2007 -
August 28, 2007  
 France   674,140  648,338  460,829  60,013 
 Germany   295,876  236,735  239,633  50,842 
 Belgium   418,344  551,396  531,255  63,496 
 Bulgaria   1,270  940 
 U.K. 201,892  190,862  144,156  27,244 
 Finland   64,986  79,357  70,783  18,038 
 Denmark    74,743  68,809  72,374  16,695 
 Sweden   78,369  96,100  90,550  8,000 
 Netherlands   49,128  92,383  78,754  12,000 
 Ireland   56,924  7,001  2,250 
 Italy  181  660 
 Austria   16,954  38,932  22,743  1,866 
 Spain  
 Greece  
 Portugal   850  1,088  992  34 
 Czech Republic   82,062  77,036  41,769  3,547 
 Poland   167- 
 Hungary   85,792  16,865  5,474  1,006 
 Slovakia   76,916  75,863  23,157  2,100 
 Lithuania  54  172  800 
 Total EU   2,219,661  2,180,986  1,756,941  266,919 

  Total Wheat malt, tonnes  
Total 2004 - 2005  8,162 
Total 2005 - 2006  4,693 
Total 2006 - 2007  5,404 
July 01, 2007 - August 28, 2007  1,347 
   
  Total Roasted malt, tonnes  
Total 2004 - 2005  27,212 
Total 2005 - 2006  23,257 
Total 2006 - 2007  30,084 
July 01, 2007 - August 28, 2007  3,026 
Newsletter SummaryTop

Graph of the week



These Days in Business History
September 03
1778 City Amsterdam signs trade agreement with U.S. rebels
1935 1st automobile to exceed 300 mph, Sir Malcolm Campbell (301.337 mph)
1967 Sweden begins driving on right-hand side of road

September 04
1781 Los Angeles founded by 44 in Bahia de las Fumas, (Valley of Smokes)
1813 1st U.S. religious newspaper Religious Remembrancer
1870 3rd French republic proclaimed as they overthrow their king

September 05
1888 George Eastman patents 1st roll-film camera and registers "Kodak"
1957 Ford Motor Co introduces Edsel
1958 1st color video recording on magnetic tape presented, Charlotte NC
1997 Mother Teresa (Agnes Gonxha Bojaxhiu) dies of cardiac arrest at 87 Nobel (1979)
Agenda
September 2007:
Belgian Beer Weekend
Great Canadian Beer Festival
Bruxellensis Biere Festival
WBA Associate in Brewing Technology Program in Chicago
WBA International Diploma in Brewing Technology Program Chicago & Munich Campuses
Great Japan Beer Festival-Yokohama
WorldFood Moscow


October 2007:
The International Brewing Convention 2007, UK
Newport International Oktoberfest, USA
Grain Market Outlook Conference & Cereals Industry Forum Conference 2007 , UK
Great American Beer Festival
World Beer Festival Durham , USA
Belgian beer and chocolat festival
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

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