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E-Malt.com Newsletter 46b
November 15 - November 18, 2007
Open!
Click here to get full size Newsletter


Quote of the week
"Whenever there is a hard job to be done I assign it to a lazy man, he is sure to find an easy way of doing it"
Walter Chrysler
Currency Rates

Base Currency: Euro, EUR
on 16-November-2007

1 EUR = 1.465 USD
1 EUR = 0.7142 GBP
1 EUR = 1.4199 CAD
1 EUR = 1.6371 AUD
1 EUR = 162.723 JPY
1 EUR = 2.5589 BRL
1 EUR = 35.8934 RUB
1 EUR = 10.889 CNY
Base Currency: US Dollar
on 16-November-2007

1 USD = 0.6827 EUR
1 USD = 0.4875 GBP
1 USD = 0.9692 CAD
1 USD = 1.1175 AUD
1 USD = 111.079 JPY
1 USD = 1.7468 BRL
1 USD = 24.5013 RUB
1 USD = 7.433 CNY
Currency Rates, EUR/USD Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend
November 16, 2007
Crop 2007 Crop 2008
2rs Barley €308.0-310.0 0.32% 2rs Barley €264.0-266.0 0.75%
6rw Barley €276.0-278.0 6rw Barley €235.0-237.0 0.42%
2rs Malt €550.0-552.0 0.18% 2rs Malt €489.5-491.5 0.51%
6rw Malt €509.5-511.5 6rw Malt €453.0-455.0 0.22%

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.


Top Industry News

UK: SABMiller profit rises 21% in H1 2007 on emerging-market demand ...Click here
France: Beer sales down 4% in 2007 ...Click here
India: Carlsberg to set up two beer units of 0.45 mil hl each ...Click here
UK: Bad weather dampens beer sales in 2007 ...Click here
Denmark & Netherlands: Heineken & Carlsberg raise bid for S&N till £7.3 billion, S&N rejects the offer ...Click here
Russia: SABMiller says Russia one of most exciting beer markets in the world ...Click here
Argentina: Cargill to double the size of its Rosario malting facility ...Click here
Europe: Germany malt production estimates higher than in 2006-07, France’s and UK’s unchanged ...Click here
Canada: 2007-08 barley production to increase 23% to 11.8 Mt due to higher seeded area ...Click here
USA: Imports of 2row barley from Canada will be sharply up from last year because of summer draught ...Click here
Russia: Volume of barley collected by Baltika Brewing Company increased 87.5% y/y ...Click here




Denmark: Royal Unibrew 9 month 2007 profits fall 31% due to higher costs, financial year guidance cut ...More Info
Russia & Bahrain: Baltika started beer shipments to Bahrain ...More Info
USA: Organic beer production on the rise ...More Info
Belarus: Heineken executives hold talks at Rechytsapiva brewery ...More Info
Australia: Foster’s breweries cut potable water use as decade-long drought continues ...More Info
UK: Brewery jobs under threat as raw material prices rocket ...More Info
Go to our news database with more than 11724 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

UK: SABMiller profit rises 21% in H1 2007 on emerging-market demand

SABMiller plc, one of the world’s leading brewers with operations and distribution agreements in over 60 countries across six continents, reports its interim (unaudited) results for the six months to 30 September 2007, in a press release, November 15.

Operational Highlights

• Group lager volumes up 15% to 135 million hectolitres (hl), organic growth of 11%

• EBITA up 14%, and 10% on an organic constant currency basis

• Double digit volume growth in Europe with EBITA up 29%

• Miller returns to growth in the US with organic sales to retailers up 1.4% - EBITA up 19%

• Lager volumes in Latin America up 8%, in line with expectations - investment in brands and distribution depress margin in the current period

• Africa & Asia lager volumes increase by 29% - driven by China and India

• South Africa lager volume growth of 2% despite the expected loss of premium volumes

• Increased capital investment to provide for continuing growth

Graham Mackay, Chief Executive Officer of SABMiller, said:

"This has been a good start to the year, demonstrating the strength of our brand portfolio and the health of our businesses. We have delivered another excellent performance in Europe, a pleasing return to growth in North America, and our Asian businesses have continued their momentum and made market share ...More Info


France: Beer sales down 4% in 2007

French beer sales volumes are down 4% in 2007 or 2% in terms of money even if the Rugby World Cup brought foreign beer drinkers, according to Gerard Laloi, President of French Brewers, La Depeche published November 15.

The arrival of British, Australian, South-African and New Zeeland rugby fans increased beer consumption by 1.2% or 0.4% in terms of money compared to 2006. But this is not enough to compensate the consumption decrease in a bad weather summer.

Due to malt price which has doubled this year, the malt representing 7% of final product, the price of beer raised by 8%.


India: Carlsberg to set up two beer units of 0.45 mil hl each

Denmark headquartered global premium beer brand Carlsberg is in the process of setting up two greenfield manufacturing units in India, according to Debdatta Das, November 15.

“We are setting up two new beer manufacturing units in Alwar, Rajasthan and Aurangabad in Maharashtra,” said Joakim Sande, Marketing Director, South Asia Breweries Pvt Ltd. Both the facilities will have a capacity of 0.45 million hectolitres each per annum.

“Both plants will become operational between the first and second quarter of 2008 calendar year,” he added.

The two units will primarily manufacture Carlsberg super premium beer as well as Palone, the company’s mass segment strong beer. While Carlsberg will be a category creator, being the only super premium beer in India, Palone will be fighting it out with stalwarts such as Kingfisher and Haywards in the domestic market.

The company has also recently signed a joint venture with West Bengal-based Parag Breweries, to manufacture both Carlsberg and Palone, having a capacity of 0.15 million hectolitres per annum. “Though Carlsberg will be our primary focus area, we also realise the immense potential in the mass segment. Therefore, we decided to launch Palone as well,” said Sande.

While Palone is priced at par with its competitors Kingfisher and Haywards, Carlsberg ...More Info


UK: Bad weather dampens beer sales in 2007

Total beer sales in the UK off-trade rose just 0.3 per cent last year, the latest Nielsen figures have revealed, Off Licence News reported November 16.

The washed-out figures are mainly thanks to the summer that never happened, and the UK's top brands are counting the cost of a year with no major football tournament.

Market leader Stella Artois's sales dropped 5 per cent to £518 million, Carling's fell 3 per cent to £361 million and Budweiser's 8 per cent to £151 million.

As might be expected in a category regularly criticised for being sold below cost as a footfall driver, total beer volumes crept up a little more than value sales, by 0.8 per cent to 18.8 billion hl.

The wet summer also brought poor cereal crops and pushed up prices for raw materials - and many brewers are warning that beer prices, which have not seen inflation for years, will finally have to rise.

Neil Jardine, take-home director for Greene King, said: "My fear for next year is around rising costs, which is at odds with some retailers who believe it is all about driving prices down."

He added there were rises in the cost of glass, of which there is a shortage in ...More Info


Denmark & Netherlands: Heineken & Carlsberg raise bid for S&N till £7.3 billion, S&N rejects the offer

Heineken and Carlsberg (the “Consortium”) announce that they have made an increased proposal to the Board of Scottish & Newcastle plc (“S&N”) under which the Consortium would offer to acquire S&N for 750 pence per share in cash (the “Increased Proposal”), according to companies’ releases, November 15. The Consortium believes it is important that S&N shareholders are fully informed of the merits of the Consortium’s Increased Proposal in advance of S&N’s trading update on 20 November 2007. Key highlights of the Consortium’s Increased Proposal are:

• a full and fair offer price of 750 pence per share in cash, valuing the group at an equity value of £7.3bn and an enterprise value of approximately £9.7bn, substantially in excess of the standalone independent value of S&N;

• an increase of 30 pence per share;

• a premium of 41% to the share price of 531 pence being the closing price on 28 March 2007 (the date immediately before speculation first arose around a possible offer for S&N);

• a historic transaction multiple of 13.6x S&N’s EBITDA for the year ended 31 December 2006 (materially higher than those paid by S&N for its recent major acquisitions); and

• a high degree of certainty for S&N shareholders.

S&N Board recommendation and limited confirmatory due diligence ...More Info


Russia: SABMiller says Russia one of most exciting beer markets in the world

SABMiller PLC said the Russia is one of the most exciting beer markets in the world but has declined to reiterate comments that Western European markets are 'singularly unattractive', according to Thomson Financial, November 15.

In a conference call, chief executive Graham Mackay said: 'The Russian beer market is still growing very rapidly. It's one of the most exciting markets in the world and has been for some years now and obviously attracts a lot of attention.'

Mackay said SABMiller has a strong business in Russia -- growing in 'high-ish double-digits' consistently for at least the last five years -- though it is small and operates only in the premium beer segment.

'It's highly profitable for its size but it is not a mainstream player at all, so it doesn't have the bulk or scale of the three bigger players,' he said, adding the group has been rapidly expanding its business in the country.

'We've effectively been in an out-of-stock situation there for just about every summer for the last three of four years, so we have a capacity expansion going on and we are very pleased with our progress,' said Mackay.

The group earlier this year unveiled plans to invest 170 mln usd in ...More Info


Malt News

Argentina: Cargill to double the size of its Rosario malting facility

Cargill announced that it will expand its malting facility in Rosario, Argentina, according to the company’s report, November 15. The company plans to double the size of the Rosario facility.

Vendor selection will begin immediately and construction is expected to begin in early 2008. The expansion is expected to be complete and ready for malt production in early 2010.

“This new malt production capability will complement Cargill’s capacity at our Bahia Blanca, Argentina plant and will service brewing demand from current customers in the region,” said Doug Eden, president, Cargill Malt. “The addition to the Rosario facility will add 10 to 20 permanent jobs in both the malting and administrative areas,” he said.

According to Eden, the expansion will maximize the existing malting operation in Rosario, as well as increase synergies with the broader Cargill grain origination infrastructure and port facilities.

In addition, the expansion will extend Cargill’s relationship with local producers by adding significant new demand for high quality malting barley.

About Cargill

Cargill is an international provider of food, agricultural and risk management products and services. With 158,000 employees in 66 countries, the company is committed to using its knowledge and experience to collaborate with customers to help them succeed. For more information, ...More Info


Europe: Germany malt production estimates higher than in 2006-07, France’s and UK’s unchanged

Germany 2006-07 malt production was of 1.740 Mill. tons; in July 2007 of 160.000 tons, according to analysts, November 2. If that production level is maintained, the crop year production would be 1.9 Mill. tons,

France 1.5 Mill. tons of barley use is forecast for the crop year, July/August figures confirm the estimate. Figures are unchanged from last year, but 125.000 tons down from 2005/06.

U.K. barley use was 260.000 tons in the first 8 weeks of the crop year, which would result in a total usage of 1.7 Mill. tons, about unchanged from last year.


Barley News

Canada: 2007-08 barley production to increase 23% to 11.8 Mt due to higher seeded area

For 2007-08, barley production is estimated to increase by 23% to 11.8 Mt, close to the 10-year average, due to higher seeded area, according to Agriculture and Agri-Food Canada, November 15. However, supply is expected to only increase slightly due to significantly lower carry-in stocks.

Crop quality is slightly below average. Exports are forecast to rise sharply, while domestic use is expected to decrease slightly. Carry-out stocks are projected to decrease marginally. The average off- Board feed barley price (No.1 CW I/S Lethbridge) is forecast to increase from 2006-07 due to strong export demand.


USA: Imports of 2row barley from Canada will be sharply up from last year because of summer draught

The USDA reduced its barley crop estimate of the USA to 4,612 Mill. tons, according to analysts, November 2.

Nevertheless export sales of 864.000 tons have been notified, almost 20 % of the crop. The Midwest harvested a fine crop of 6row barley, but the Western 2row barley suffered from the summer draught. That is why imports from Canada will be sharply up from last year. Malting barley markets are very firm. First acreage estimates for 2008 are unchanged from this year.


Russia: Volume of barley collected by Baltika Brewing Company increased 87.5% y/y

Agroindustrial facilities of the Open Society "Brewing Company "Baltika" in 2007 have collected 150 thousand tons of barley, up 87.5% the similar parameter of the last year (80 thousand ton), AKM reported November 13.

Annually, collection of barley in the company increases up 15-20% in view of manufacture growth. The crop of barley collected in 2007 has made 25% of the company's needs.

The basic areas under crops of barley of "Baltika" are located in the Ryazan, Voronezh, Tambov and Tula areas, and also in the Rostov area where the company spends experiment on reception of winter barley.

"Baltika" since 1996 is the leader of the Russian brewing market, owns 10 breweries and 3 malt enterprises in 9 regions of Russia. The basic shareholder is Baltic Beverages Holding AB (BBH) which owns 86.32 % in the authorized capital of "Baltika" and 91.48 % of voting shares. In 2006 "Baltic" united with companies "Vena", "Pikra" and "Yarpivo".

Scientific Digest

Predicting Preharvest Sprouting Susceptibility in Barley: A Model Based on Temperature during Grain Filling

M. VERONICA RODRIGUEZ, MARTIN MARGINEDA, JUAN F. GONZALEZ-MARTIN, PEDRO INSAUSTI, AND ROBERTO L. BENECH-ARNOLD

Abstract
Preharvest sprouting (PHS) susceptibility in cereals is a consequence of low grain dormancy before harvest. Dormancy loss rate depends on genotype and may also be affected by environmental conditions during seed formation. To establish a quantitative relationship between temperature and PHS susceptibility, a malting barley (Hordeum vulgare L.) cultivar, ‘Quilmes Palomar’, was sown on different dates over a 3-yr period to obtain a range of thermal conditions during grain filling (soil type: Aeric Argiudoll). The period from pollination to physiological maturity (PM) was adjusted to a thermal time (TT) scale, which was then divided into 50C-day intervals. Mean temperature within each interval was calculated for the different sowing dates. Grain dormancy was monitored using a germination index (GI). We sought a linear relationship between temperature during grain filling and GI at some moment after PM. The strongest correla tion (P < 0.0001) was obtained between mean temperature values within the TT interval ranging from 300 to 350 C-day (Tm300-350 ) and GI values 12 d after PM (GI12DAPM ). This indicates that temperature during this sensitivity window explains variability in dormancy level interamong years and locations for this cultivar, and may therefore explain differences in PHS susceptibility. A regression model was generated for predicting GI values 12 d after PM, and tested on commercial plots. The linear relationship between temperature and GI after PM was confirmed, though the effect of one or more undescribed, environmental factors differing among tested locations was revealed.
... Load full article, 9 pages, 157 Kb, PDF file



Advertisement: TAU Competence

Malting barley prices.
French barley prices. Nominal prices
EURO = USD 1.465 November 16, 2007 
 Crop year   2007   2008 
 Parity   FOB Creil   FOB Creil 
 Position   July 2007   July 2008 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  311.00  456.00  267.00  391.50 
2RS  Prestige  310.00  454.50  266.00  390.00 
2RS  Cellar  309.00  453.00  265.00  388.50 
2RS  Sebastien  308.00  451.50  264.00  387.00 
2RS  Astoria  308.00  451.50  264.00  387.00 
2RS  Cork   308.00  451.50  264.00  387.00 
6RW  Esterel   277.00  406.00  236.00  346.00 

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

Theoretical malt prices

EURO = USD 1.465 November 16, 2007
Crop year  2007 
Parity  FOB Antwerp 
Position  Nov 2007-Sept 2008 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  553.50  810.50  577.00  845.00  569.00  833.50  583.00  854.00 
2RS  Prestige  552.00  808.50  575.50  843.50  567.50  831.50  581.50  852.50 
2RS  Cellar  551.00  807.00  574.50  841.50  566.50  829.50  580.50  850.50 
2RS  Sebastien  549.50  805.00  573.50  839.50  565.00  828.00  579.50  848.50 
2RS  Astoria  549.50  805.00  573.50  839.50  565.00  828.00  579.50  848.50 
2RS  Cork   549.50  805.00  573.50  839.50  565.00  828.00  579.50  848.50 
2RS   Average price  551.00  807.00  574.50  841.50  566.50  829.50  580.50  850.50 
6RW  Esterel   510.50  749.50  535.00  784.00  527.00  772.00  541.50  792.50 
Asia Malt 70/30  539.00  789.50  562.50  824.50  554.50  812.50  568.50  833.00 
**  Asia Malt 50/50  531.00  778.00  555.00  812.50  546.50  801.00  561.00  821.50 


EURO = USD 1.465 November 16, 2007 
Crop year  2008 
Parity  FOB Antwerp 
Position  Oct 2008-Sept 2009 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO USD EURO  USD EURO USD  EURO  USD
2RS  Scarlett  493.00  722.00  516.50  757.00  508.50  745.00  522.50  765.50 
2RS  Prestige  491.50  720.50  515.50  755.00  507.50  743.00  521.50  764.00 
2RS  Cellar  490.50  718.50  514.50  753.50  506.00  741.50  520.50  762.00 
2RS  Sebastien  489.50  716.50  513.00  751.50  505.00  739.50  519.00  760.50 
2RS  Astoria  489.50  716.50  513.00  751.50  505.00  739.50  519.00  760.50 
2RS  Cork   489.50  716.50  513.00  751.50  505.00  739.50  519.00  760.50 
2RS   Average price  490.50  718.50  514.50  753.50  506.00  741.50  520.50  762.00 
6RW  Esterel   454.00  666.50  478.50  701.00  470.50  689.00  484.50  710.00 
Asia Malt 70/30  480.00  703.00  503.50  737.50  495.50  725.50  509.50  746.50 
**  Asia Malt 50/50  472.50  692.50  496.50  727.00  488.50  715.50  502.50  736.00 

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

The world’s top 40 brewing groups as of 31 december 2006

Rank Brewery Country Production volume
2006 in mill. hl
Percentage of world
beer production
1 InBev Belgium222.0 13.1 %
2 SABMiller United Kingdom216.012.7 %
3 Anheuser-Busch USA 183.2 10.8 %
4 Heineken Netherlands 131.9 7.8 %
5 Molson-Coors USA/Canada 49.5 2.9 %
6 Modelo Mexico 49.4 2.9 %
7 Carlsberg (without BBH) Denmark 49.2 2.9 %
8 Tsingtao China 45.7 2.7 %
9 Baltik Beverage Holding (BBH)* Russia 45.5 2.7 %
10 Femsa Mexico 37.7 2.2 %
11 Yan Jing China 35.3 2.1 %
12 Scottish & Newcastle (without BBH) United Kingdom 29.7 1.7 %
13 Asahi Japan 23.8 1.4 %
14 Kirin Japan 23.7 1.4 %
15 Diageo (Guinness) Ireland 19.5 1.1 %
16 Efes Turkey 18.8 1.1 %
17 Schincariol Brazil 18.0 1.1 %
18 Chong Qing China 17.3 1.0 %
19 Polar Venezuela 16.9 1.0 %
20 Gold Star China 16.6 1.0 %
21 San Miguel Philippines 16.1 0.9 %
22 BGI/Castel France 15.2 0.9 %
23 Radeberger Germany 14.0 0.8 %
24 Mahou - San Miguel Spain 11.6 0.7 %
25 Hite South Korea 10.3 0.6 %
26 Beer Thai (Chang) Thailand 9.8 0.6 %
27 Obolon Ukraine 9.3 0.5 %
28 Singha Thailand 9.2 0.5 %
29 Foster‘s Australia 9.1 0.5 %
30 Petropolis Brazil 9.0 0.5 %
31 Lion Nathan Australia/New Zealand 8.5 0.5 %
32 Sapporo Japan 8.1 0.5 %
33 Bitburger Germany 8.0 0.5 %
34 Oettinger Germany 7.4 0.4 %
35 Damm Spain 7.2 0.4 %
35 CCU Cerv. Unidas Chile 7.2 0.4 %
37 Suntory Japan 6.8 0.4 %
38 Dezhou KeDaiEr China 6.5 0.4 %
39 Shenzen Jinwei China 6.5 0.4 %
40 San de Li China 6.4 0.4 %
TOTAL 1,435.9 84.5 %
WORLD BEER PRODUCTION 1,699.0 100.0 %
Source: Barth-Haas Group
Graph Of The Week


These Days in Business History
November 15
1904 King C Gillette patents Gillette razor blade
1971 Intel advertises 4004-processor

November 16
1841 Life preservers made of cork are patented by Napoleon Guerin
1875 William Bonwill, patents dental mallet to impact gold into cavities
1904: British physicist John A. Fleming invents the thermionic two-electrode valve, or diode, later known as the vacuum tube, which soon makes the radio possible -- and ultimately powers the earliest modern computers.

November 17
1801 1st edition of New York Evening Post
1869 Suez Canal (Egypt) opens, links Mediterranean & Red seas
1914 U.S. declares Panama Canal Zone neutral

November 18
1793 Louvre officially opens in Paris
1963 Bell Telephone introduces push button telephone
Agenda