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E-Malt.com Newsletter 11b
March 13 - March 16, 2008
Open!
Click here to get full size Newsletter


Quote of the week

"If all the economists were laid end to end, they'd never reach a conclusion."
George Bernard Shaw
Currency Rates
Base Currency: Euro, EUR
on 14-March-2008

1 EUR = 1.5568 USD
1 EUR = 0.7666 GBP
1 EUR = 1.5377 CAD
1 EUR = 1.6599 AUD
1 EUR = 156.866 JPY
1 EUR = 2.6343 BRL
1 EUR = 36.8661 RUB
1 EUR = 11.0587 CNY
Base Currency: US Dollar
on 14-March-2008

1 USD = 0.6424 EUR
1 USD = 0.4924 GBP
1 USD = 0.9878 CAD
1 USD = 1.0661 AUD
1 USD = 100.769 JPY
1 USD = 1.6921 BRL
1 USD = 23.6807 RUB
1 USD = 7.1034 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

March 14, 2008
Type Crop 2007 Crop 2008
2rs Barley €275.0-277.0 0.36% €277.0-279.0 0.36%
6rw Barley €242.0-244.0 0.41% €246.0-248.0 0.40%
2rs Malt €531.5-533.5 0.19% €518.5-520.5 0.19%
6rw Malt €490.0-492.0 0.20% €479.5-481.5 0.21%
Feed Barley €200.0-202.0 4.15% nq   

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


Top Industry News

USA: Molson Coors plans to cut up to 390 jobs, outsource duties to Hewlett-Packard ...Click here
Ireland: Carlsberg cleared, but Heineken faces fresh probe in Scottish & Newcastle deal ...Click here
Russia: Beer sales stable in 2007, cans rise in popularity ...Click here
UK: Pub closures accelerate towards 30 per week ...Click here
Australia: Champ Private Equity and Castle Harlan considering a A$500 million offer for United Malt Holdings ...Click here
Japan & Canada: Malt import from Canada decreasing ...Click here
Denmark, Finland & Sweden: Malting barley 2007 crop experiences a free fall, the quality still presenting problems on protein and germination ...Click here
France: Malting barley market inactive for 2007 crop, feed barley prices continue to increase ...Click here
USA: Both feed, malting barley markets come off a mixed two-week period ...Click here




Russia: Federal Antimonopoly Service allowed Carlsberg to be the sole owner of Baltika ...More Info
Russia: Baltika Breweries signs agreement with Asahi Breweries to produce Asahi Super Dry beer ...More Info
UK: A reduced price waste glass collection ‘Carlsberg Green glass service’ could go national ...More Info
Russia: Baltika to raise dividends by 32% ...More Info
China: Tsingtao Brewery A-shares trading suspended for regulatory review ...More Info
Philippines: The Securities and Exchange Commission has approved the P23-billion initial public offering of San Miguel Brewery ...More Info
UK: S&N launches 'widget' versions of Foster's and Kronenbourg ...More Info
USA: Mexico’s leading beer brand reveals new advertising campaign to emotionally connect with Mexican adult consumers in the U.S ...More Info
USA: Fusarium head blight incidence almost inexistent in most U.S. barley producing states during 2007 ...More Info
Ukraine: Feed barley prices remain unchanged but very high ...More Info
Japan: Government buys 20,000 tonnes of feed barley via SBS tender ...More Info
Australia: ABB to raise its grower indicator rate by 0.25% ...More Info
Go to our news database with more than 12349 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

USA: Molson Coors plans to cut up to 390 jobs, outsource duties to Hewlett-Packard

Molson Coors Brewing Co. plans to eliminate up to 390 jobs in Canada, the United States and other parts of the world and outsource their duties to Hewlett-Packard Co, Canadian Press reported March 13.

The Canadian-American beer maker says the cuts will be divided about evenly among the company's three operating divisions: Coors Brewing Co. in Golden, Colo., Coors Brewers Ltd. in England and Molson Inc. in Toronto.

The cuts will be in human resources, information technology and finance.

Molson Coors spokeswoman Kabira Hatland said Wednesday the cuts are part of an effort to save US$250 million over three years. She says about a third of the savings is expected from the cuts and the rest from efficiency improvements.

About 40 Molson Coors workers are expected to transfer to HP, one of the world's biggest computer services companies, and up to 350 others will be laid off.

Molson Coors says functions to be taken over by HP will be done in Canada, Costa Rica, India, Puerto Rico and Poland.


Ireland: Carlsberg cleared, but Heineken faces fresh probe in Scottish & Newcastle deal

Heineken faces extra scrutiny from competition authorities in Ireland over its deal to buy Scottish & Newcastle, Drinks International reported March 12.

Ireland’s Competition Authority has asked the EU for permission to launch its own investigation into the Scottish & Newcastle (S&N) deal.

If granted, Heineken could face a prolonged period of limbo in the country, potentially extending beyond the EU’s April 4th deadline for a ruling, an European Commission spokesperson said.

The Dutch beer group agreed to take S&N's Irish business as part of a £7.8bn deal with Carlsberg to buy and carve up the UK brewer.

Heineken Ireland recently claimed a 22 per cent share of the Irish beer market, after sales rose four per cent last year to €346m.

Carlsberg, which is set to take S&N’s Kronenbourg business in France and operations in Greece, last week received clearance for its part of the takeover from the EU Competition Commission.

Officials said the deal “would not result in any significant change in France and Greece, as Carlsberg is currently not active in these markets”.


Russia: Beer sales stable in 2007, cans rise in popularity

Sales of domestic beer remained stable in 2007, Beer-Union has recently reported. Member companies of the Federation of the Brewing and Soft Drinks Industry sold a total of 426.3 million litres of beer, up 0.2 per cent on the previous year. Retail is still the largest distribution channel for beer, accounting for 78 per cent of sales.

The most significant change has been seen in beer containers. The transitional period for the elimination of taxes on cans drew to an end at the turn of the year and the industry prepared itself for this by stepping up sales of beer in cans. Sales of beer in Finland by cans rose from 22 per cent to 38 per cent. Draft sales by restaurants and bars remained virtually unchanged at 16 per cent, while the share accounted for by bottled beer declined to slightly under 46 per cent.

The share of all brewery beverage sales by cans rose from the previous year’s figure of 14 per cent to 23 per cent in 2007. Refillable plastic and glass bottles accounted for 63 per cent. Fourteen per cent of beverages were sold on draft at restaurants and bars.


UK: Pub closures accelerate towards 30 per week

Pubs have been closing at the rate of 27 a week - nearly four every day - over the past year, according to the latest figures released by the British Beer & Pub Association, media reported March 13. The current closure rate is seven times faster than in 2006 and 14 times faster than in 2005.

1,409 pubs closed during 2007. This is a sharp acceleration on previous years. Pub numbers were down 216 in 2006 - four a week - following a fall of 102 in 2005 – two a week.

Rob Hayward, Chief Executive of the BBPA, said: “Britain’s pubs are grappling with spiralling costs, sinking sales, fragile consumer confidence and the impact of the smoking ban. These figures show the stark reality of the pub trade today, in contrast to the hype surrounding the myth of “24-hour drinking” and extended pub opening hours. Pub closures at this rate are threatening an important hub of our social fabric and community history. What we need to stop the decline is support from Government and the general public."

Urban pubs have been hardest hit, with two per cent of all urban pubs closing in the last six months. Pubs without the room to ...More Info


Malt News

Australia: Champ Private Equity and Castle Harlan considering a A$500 million offer for United Malt Holdings

The private equity owners of United Malt Holdings, one of the world's largest producers of malt for the brewing and distilling industries, are considering a A$500 million ($467 million) float of the business, Australian media reported, according to Reuters, March 13.

The Australian Financial Review, citing no sources, said Australian buyout firm CHAMP Private Equity and its U.S. affiliate Castle Harlan were believed to be assessing options for a possible exit to take advantage of malt prices that have risen on strong demand.

According to CHAMP's Web site, UMH has revenues in excess of $400 million and has 14 plants in the United States, Canada, Australia and the United Kingdom. It is a major supplier to beer makers such as Foster's Group, the newspaper said.

CHAMP and Castle Harlan bought the businesses that make up UMH in 2006 from U.S.-based ConAgra Foods Inc and South African consumer goods group Tiger Brands.


Japan & Canada: Malt import from Canada decreasing

Japan’s malt imports have been declining due to lower beer sales. Consequently, import demand for Canadian malt has also been decreasing, according to Agriculture and Agri-Food Canada, March 7. This poses some challenges for Canadian maltsters as Japan accounts for a large portion of export malt sales.

Canadian malt exports to Japan have averaged around 160 kt over the last 5 years. For 2007-2008, exports to Japan are forecast at about 150 kt, similar to 2006-2007.


Barley News

Denmark, Finland & Sweden: Malting barley 2007 crop experiences a free fall, the quality still presenting problems on protein and germination

Crop 2007 has experienced a “free fall” from mid February till now by about 25-35 €/ton, slowly beginning to “look like” parity crop 2008, according to H. Abildstrøm & Co. ApS, March 13. Buyers absent while shipments still presenting some problems on protein and germination. They are covered “on paper” but still do not make any attempts to repurchase (at drifting prices). Crop 2008 is still to a certain degree directed by the developments in France and UK. Wheat traders have their CBT and Matif to watch, while the malting industry and its related clients have their Creill and Southampton plus developments on the southern part of the Globe. “Spilling over” from the wheat markets are still visible but less profound than last month.

Crop 2009 has had a period of “dormancy” but recently showing signs of waking up on the buying side. Availability also on this crop is linked to farmers` willingness to participate. So far price wise crop 2009 has positioned itself between 8 and 13 €/ton below parity periods 2008.

To make things rolling again will need completion of drilling in the major supply countries thereby leaving the whole crop in the hands of the weather. With extreme ...More Info


France: Malting barley market inactive for 2007 crop, feed barley prices continue to increase

Malting barley market is still little developed, according to La Depeche, March 13. The prices for 2007 crop have decreased this week due a total lack of interest from the buyers. The views are aimed mostly at 2008 crop, with vendors and buyers observing attentively the development of spring barley.

Feed barley market was calmer this week after the buyers had assured covering stocks from an increasing market. The prices have increased both in ports and inside the country.


USA: Both feed, malting barley markets come off a mixed two-week period

Cash prices for malting and feed barley were mixed since the last report, with prices for both classes up on some elevator boards and down on others, Farm & Ranch Guide reported March 13.

However, changes in either direction were rather minor as the barley markets stabilize while they wait for the results from the first planting intentions report that's due out the end of March.

Louis Arnold, president of the North Dakota Barley Council, feels there will a slight increase in barley acres as some of those who switched from raising barley a few years ago in favor of other crops, come back into the fold. The reason for this migration back to barley, according to Arnold, is due to two main factors - good price contracts being offered for the 2008 crop for both feed and malting barley, and lower input costs.

“I think our barley acreage is going to be up somewhat this year, not big time, but more acres than we had last year. And with the contracts as high as they are, there will quite a bit of that which will be contracted,” he said. “They are even offering feed barley contracts, and I can never remember that ...More Info

Scientific Digest

The Influence of Protein and Protein Blending on Modification and Malt Specifications

P. M. Tansing, S. J. Logue, S. Roumeliotis, R. Kaczmarek and A. R. Barr Adelaide University, Dept. of Plant Science, PMB1, Glen Osmond, SA, 5064, Australia


Introduction
In order to achieve malting grade, Australian barley must generally have a grain protein (GP) concentration of between 9.0 – 11.8 % (ABB Grain Ltd). For overseas markets, the trend is towards an even tighter GP range (10.0 – 11.5 % GP). Management of malting segregations can be difficult for bulk handling authorities, and therefore "active stack management" of grain that allows for the inclusion of a wider range of GP to achieve an ideal "average" GP is an attractive solution.
... Load full article, 7 pages, 323 Kb, PDF file

Malting barley prices.

French Malting Barley Prices. Nominal prices
EURO = USD 1.5568 March 14, 2008 
 Crop year   2007   2008 
 Parity   FOB Creil   FOB Creil 
 Position   July 2007   July 2008 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  278.00  433.00  280.00  436.00 
2RS  Prestige  277.00  431.50  279.00  434.50 
2RS  Cellar  276.00  430.00  278.00  433.00 
2RS  Sebastien  275.00  428.50  277.00  431.50 
2RS  Astoria  275.00  428.50  277.00  431.50 
2RS  Cork   275.00  428.50  277.00  431.50 
6RW  Esterel   243.00  378.50  247.00  384.50 

French Feed Barley Prices. Nominal prices
EURO = USD 1.5568 March 14, 2008
Crop year 2007
Parity FOB Creil
Position July 2007
Type EURO USD
Feed Barley 201.00 313.00

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

Theoretical malt prices

EURO = USD 1.5568 March 14, 2008
Crop year  2007 
Parity  FOB Antwerp 
Position  March 2008 - Sept 2008 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  535.00  832.50  558.50  869.50  550.50  857.00  564.50  879.00 
2RS  Prestige  533.50  831.00  557.50  867.50  549.50  855.00  563.50  877.00 
2RS  Cellar  532.50  829.00  556.50  866.00  548.00  853.00  562.50  875.50 
2RS  Sebastien  531.50  827.00  555.00  864.00  547.00  851.50  561.00  873.50 
2RS  Astoria  531.50  827.00  555.00  864.00  547.00  851.50  561.00  873.50 
2RS  Cork   531.50  827.00  555.00  864.00  547.00  851.50  561.00  873.50 
2RS   Average price  532.50  829.00  556.50  866.00  548.00  853.00  562.50  875.50 
6RW  Esterel   491.00  765.50  515.50  802.50  507.50  790.00  521.50  812.00 
Asia Malt 70/30  520.50  810.00  544.00  847.00  536.00  834.50  550.00  856.50 
**  Asia Malt 50/50  512.50  797.50  536.00  834.50  528.00  821.50  542.00  843.50 


EURO = USD 1.5568 March 14, 2008 
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  522.00  812.50  545.50  849.50  537.50  836.50  551.50  859.00 
2RS  Prestige  520.50  810.50  544.50  847.50  536.50  835.00  550.50  857.00 
2RS  Cellar  519.50  808.50  543.50  845.50  535.00  833.00  549.50  855.00 
2RS  Sebastien  518.50  806.50  542.00  843.50  534.00  831.00  548.00  853.00 
2RS  Astoria  518.50  806.50  542.00  843.50  534.00  831.00  548.00  853.00 
2RS  Cork   518.50  806.50  542.00  843.50  534.00  831.00  548.00  853.00 
2RS   Average price  519.50  808.50  543.50  845.50  535.00  833.00  549.50  855.00 
6RW  Esterel   480.50  749.50  505.00  786.50  497.00  773.50  511.00  795.50 
Asia Malt 70/30  508.00  791.00  531.50  827.50  523.50  815.00  538.00  837.00 
**  Asia Malt 50/50  500.50  779.00  524.00  816.00  516.00  803.50  530.00  825.50 

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

Prices Evolution

Prices evolution
Source: E-malt.com

Table of the week

Canada: Barley Supply and Disposition as of March 06, 2008

  2006-2007 2007-2008f 2008-2009f
  Seaded area, '000 ha 3,690  4,397  4,420 
  Harvested area, '000 ha 3,223  3,998  3,950 
  Yield, tonne/ha  2.97  2.75  3.06 
  Production, '000  metric tonnes 9,573  10,984  12,100 
  Imports, '000 metric tonnes 43  35  35 
  Total Supply, '000 metric tonnes 12,905  12,511  13,435 
  Exports, '000 metric tonnes  1,988  2,800  2,600 
  Food & Industry Use, '000 metric tonnes 147  150  150 
  Feed, Waste, Dockage, '000 metric tonnes 8,896  7,861  8,785 
  Total Domestic Use, '000 metric tonnes 9,426  8,411  9,335 
  Carry-out Stocks, '000 metric tonnes 1,492  1,300  1,500 
  Average Price, CA$/tonne 165  195-215  185-205 


f: forecast, Agriculture and Agri-Food Canada, March 06, 2008
Graph Of The Week



These Days in Business History
March 13
1974 Charles de Gaulle Airport opens near Paris France
1979 European Monetary System is established, ECU created
1986 Microsoft Corp. goes public at an initial offering price of $21 a share, raising $61 million just one day after Oracle Corp.'s own IPO. Microsoft closes the day at $28.

March 14
1634 Académie Française opens
1821 On one of the quietest days in Wall Street history, the market is open, but not a single share of stock changes hands.
1950 General Motors reports net earnings of $656,434,232 (record)

March 15
1817 The New York Stock Exchange officially prohibits the "fictitious sales," or wash sales, that had enabled speculators to manipulate individual stocks without even owning them.
1827 University of Toronto is chartered.
1892 1st escalator patented by inventor Jesse W. Reno (New York City)

March 16
1915 United States Trade Commission organizes
1933 President Franklin D. Roosevelt takes the U.S. off the gold standard, removing the yellow metal from coinage and circulation, even banning it as a collectible.
1987 IBM releases PC-DOS version 3.3
Agenda