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E-Malt.com Newsletter 31b
July 30 - August 03, 2008
Open!
Click here to get full size Newsletter


Quote of the week

"Beer is living proof that God loves us and wants us to be happy."
Benjamin Franklin
Currency Rates
Base Currency: Euro, EUR
on 31-July-2008

1 EUR = 1.5583 USD
1 EUR = 0.7869 GBP
1 EUR = 1.5954 CAD
1 EUR = 1.6449 AUD
1 EUR = 168.368 JPY
1 EUR = 2.4453 BRL
1 EUR = 36.5418 RUB
1 EUR = 10.6586 CNY
Base Currency: US Dollar
on 31-July-2008

1 USD = 0.6418 EUR
1 USD = 0.505 GBP
1 USD = 1.0238 CAD
1 USD = 1.0555 AUD
1 USD = 108.054 JPY
1 USD = 1.5693 BRL
1 USD = 23.4503 RUB
1 USD = 6.84 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

July 31, 2008

Type Crop 2007 Crop 2008
2rs Barley nq   €199.0-201.0 1.48%
6rw Barley nq   €185.0-187.0 1.06%
2rs Malt €535.5-537.5 €440.0-442.0 0.79%
6rw Malt €503.0-505.0 €422.0-424.0 0.59%
Feed Barley €156.0-158.0 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

UK: SABMiller reports falling beer volumes for Q1 ...Click here
Germany: Beer sales decline by 1.7 per cent in the first half of 2008 ...Click here
China: China’s brewers struggle with higher input costs and dip in sales squeezing their margins ...Click here
Netherlands & Germany: Heineken rumoured to be buying Germany's Krombacher ...Click here
Canada: JPMorgan analyst downgrades Molson Coors for “risky” relations with SABMiller ...Click here
Russia: Deputies to toughen the law of beer consumption ...Click here
USA: More details about InBev – Anheuser-Busch takeover ...Click here
Canada: New malting barley grading established by the Canadian Grain Commission for 2008 - 09 ...Click here
Europe: Feed and malting barley market overview ...Click here
Australia: Up to AU$220/t in pool payments for barley growers ...Click here




Russia: 71% of Russians aged 25 – 44 drink beer, poll shows ...More Info
USA: InBev invites banks to support its $45 bln jumbo loan ...More Info
UK: Diageo will not sell the St Francis Abbey Brewery site until at least the end of 2012 ...More Info
USA: Anheuser-Busch’s beers to be brewed on green technologies ...More Info
Tunisia: Leading beer consumer among Maghreb countries ...More Info
Canada: Molson Coors Brewing Company declares quarterly dividend of USD0.20 per share ...More Info
USA: Anheuser-Busch will keep on marketing its brands ...More Info
Australia: Coopers Brewery contends for South Australian Telstra Business Awards in two nominations ...More Info
Switzerland: The Swiss drank more alcohol in 2007 compared to previous year, though not so much as in the 1980ies ...More Info
Netherlands: Learn more about Heineken in the company’s museum in Amsterdam ...More Info
USA: Granite City Food & Brewery lost more than predicted in Q2 ...More Info
USA: Nisa Investment Advisors L L C sell 10.69% of their shares in Boston Beer ...More Info
USA: Saint Arnold Brewing Company grows more than four times compared to the craft brewing industry nationwide ...More Info
Iran: Iran invites bids for feed barley ...More Info
Australia: Up to AU$340/t in advances for grain delivered into ABB Grains’ 2007 pools ...More Info
Go to our news database with more than 13214 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

UK: SABMiller reports falling beer volumes for Q1

Brewing giant SABMiller Plc reported a below-forecast 1.6 percent fall in first-quarter underlying beer volumes and warned of challenging trading in South Africa, sending its shares lower, Reuters reported on July 31.

The beer volumes for the April-June first quarter were predicted to show between growth of 3.5 percent and a fall of 1.0 percent. A Reuters poll of analysts pointed to an average growth of around 1.3 percent.

Shares in the London-based maker of Miller Lite, Peroni and Pilsner Urquell fell 3.4 percent to 10.66 pounds by 1135 GMT after trading around 10.90 pounds before the trading update.

The brewer reported a 7 percent rise in underlying volumes for its financial year to end-March 2008, but analysts had expected slower growth in the first quarter as beer price rises hit volume growth and it faced tough comparative figures.

Analyst Matthew Webb at Cazenove says he expects to trim his earnings forecasts by around two percent to reflect conditions in South Africa and says the shares trade on 13.1 times his 2009 earnings forecast, against the brewing sector's 12.3 times.

"We believe that SABMiller's organic growth rate will be below the rest of the sector in the short term, which makes it hard to argue ...More Info


Germany: Beer sales decline by 1.7 per cent in the first half of 2008

German beer sales declined anew in the first half of this year. The country's brewers sold 10.93 billion pints (5.17 billion litres) of beer between January and June. That was a decline of 1.7 percent - 190 million pints, or 90 million litres - from the first half of last year, the Associated Press quoted data provided by Germany’s Federal Statistical Office on July 30.

The decline was caused by a number of factors. Much of Germany had a poor early summer, it is reported. On top of that came higher prices - a result of rising energy costs and higher prices for hops and malt - and partial bans on smoking in bars and restaurants that have gradually been taking effect across the country.

The nation’s increasing health-consciousness is cited as another reason for Germany’s steadily falling beer consumption.

Sales of beer mixed with soft drinks and fruit juices were unchanged in the first half at 486 million pints, or 230 million litres, the statistical office said.

Wednesday's figures did not include alcohol-free beer or imports from outside the European Union. Of the total sales, 85 percent were within Germany.

Exports to other EU countries declined by 2.5 percent in the first half, while ...More Info


China: China’s brewers struggle with higher input costs and dip in sales squeezing their margins

China's leading brewers face mounting challenges as they attempt to expand market share while their margins are squeezed by higher input costs and a recent dip in sales, XFN-ASIA quoted Goldman Sachs on July 30.

Goldman Sachs announced it had downgraded Tsingtao's Hong Kong shares to "neutral" from "buy" and its A-shares to "sell" from "neutral" due to likely weak second quarter results and a more challenging competitive landscape.

The brokerage cut its Tsingtao H-share target price to 20 hkd from 27 hkd, and its A-share target to 12.5 yuan from 28.5 yuan.

On July 29, Tsingtao's H-shares were reported to close at 17.1 in Hong Kong, while in the morning of July 30 its A-shares were up 0.04 pct at 24.1 yuan in Shanghai.

Meanwhile, Yanjing Brewery remains "neutral," but its price target has been cut to 17.1 yuan from 18 yuan. The brewer's shares were up 0.96 pct at 16.76 yuan July 30 in the morning.

Goldman Sachs explained the changes in China’s competitive landscape by the merger of InBev and Anheuser-Busch, which will become the country's number two player with significant exposure to both the premium and mass markets.

However, as the integration InBev and A-B will take some time, the immediate ...More Info


Netherlands & Germany: Heineken rumoured to be buying Germany's Krombacher

Heineken NV, the Dutch brewer that sells beer in more than 170 countries, wants to buy Germany's Krombacher Brauerei GmbH, Bloomberg cited a report by Financial Times Deutschland on July 30.

Without naming the source of its information, the FTD stated that at the moment Heineken is examining how Germany's biggest family-owned brewer could be integrated into the company. One option would be to give Krombacher owners a minority stake in Heineken and allow them to keep running the German business.

A Heineken spokeswoman declined to comment to the FTD, while a Krombacher spokesman said there is ``no truth'' in the speculation, according to the newspaper.


Canada: JPMorgan analyst downgrades Molson Coors for “risky” relations with SABMiller

A JPMorgan analyst cut his rating on shares of Molson Coors Brewing Co. on July 30, saying the brewer's joint venture with SABMiller PLC involves some risks, CNN Money quoted the Associated Press.

Analyst Dara Mohsenian lowered his rating to "Neutral" from "Overweight" and dropped his $65 price target. He also removed the company from JPMorgan's U.S. Equity Analysts' Focus List.

A strong rebound in sales trends in the U.S., market share improvement in Canada and cost-cutting is at least partially offset by "higher execution risk" with the joint venture, the analyst said in a note to investors.

Molson Coors is combining its U.S. operations with the U.S. arm of SABMiller PLC, the maker of Miller beers. The brewing operations are expected to be combined in 2009.

Mohsenian called the work of combining the companies "a complex process that involves significant risk."

"Given the large number of breweries (eight) involved in this process, as well as two different types of brewing processes primarily used by each company, we think execution risk is high in this combination," he said. "We also think the joint venture structure adds to risk as two separate management teams try to mesh into one culture."

The analyst acknowledged that the joint venture ...More Info


Russia: Deputies to toughen the law of beer consumption

On July 28, Russian State Duma started considering amendments to the Administrative Codex and to the law of alcohol consumption, RIA Novosty announced. The amendments are to make tougher already existing restriction of alcohol consumption in public places and to rise the fixed fines.

The Duma deputies want to prohibit drinking beer and beer-based beverages not only in streets, parks and public gardens but also in apartment blocks entrances, staircase enclosures and on the beaches.

Besides, the submitted bill prohibits “light” alcohols (less than 12 % ethyl alcohol, such as wine) in any kind of public transport, at tram, trolleybus and bus stations.

Violation fine is to be 500 – 1000 roubles.

The new amendments ban 12% and more alcohol beverages in crowded places and in proximity of sources of increased danger, that is, in railway stations, airports, metro stations and trains, military facilities. Violating the law in such places will cost 1000 – 1500 roubles. At present, alcohol is prohibited on the territory of kindergartens, schools, medical centres, sport facilities and in public transport. Current fines make just 100 – 300 roubles.


USA: More details about InBev – Anheuser-Busch takeover

According to Anheuser-Busch, investment banking, legal and accounting services connected to the $52 billion transaction will cost the company about $120 million in cash in the second half of 2008, STLToday wrote on July 26. The deal is expected to close this year.

Besides, the company anticipates incurring a $72 million non-cash charge in the fourth quarter because of the accelerated vesting of stock compensation awards. There also will be about $40 million in cash payments under an enhanced officer bonus program and cash payments of $71 million for deferred compensation and retirement plans for officers and directors of the company.

As it was reported, two lawsuits stemming from InBev's takeover proposal have been dropped.

One month ago, InBev filed a lawsuit against Anheuser-Busch in Delaware Chancery Court. InBev asked the court to rule that Anheuser-Busch's stockholders were permitted to remove all of the company's directors without cause. On July 23, InBev dropped the lawsuit.

On July 24, Anheuser-Busch dropped its case against InBev, filed July 7 in federal court in St. Louis. Anheuser-Busch had alleged that InBev made false and misleading statements regarding its nonbinding buyout proposal.


Barley News

Canada: New malting barley grading established by the Canadian Grain Commission for 2008 - 09

The Canadian Grain Commission (CGC) announced grain grading changes for western Canada's 2008-09 crop year that will come into effect on August 1, 2008, Country Guide reported on July 29.

Malt barley is to be graded separately as either two-row or six-row Select Malt Barley, to reflect the industry's handling and marketing practices.

Tolerances for sclerotinia were revised in specific grades of general purpose barley and rye, which are the same as the tolerances for ergot.

The Commission also released the grade schedule for the new general purpose wheat class as well as a revised grade schedule for Canada Western Red Winter wheat with the aim of enhancing domestic and international marketability.

The CGC is the federal agency responsible for establishing and maintaining Canada’s grain quality standards. Its programs result in shipments of grain that consistently meet contract specifications for quality, safety and quantity. The CGC regulates the grain industry to protect producers’ rights and ensure the integrity of grain transactions.


Europe: Feed and malting barley market overview

The situation on the European market as of July 30 with regard to barley is described as follows:

Feed barley

Feed barley in high demand by cattle breeders, as always. The gap between feed wheat and feed barley created more possibilities for fodder producers who proceeded to rebuild their stocks. The market is growing steadily, according to the French La Dépêche.

Malting barley

No interest from buyers. The market shows less activity. Prices fell due to harvest. In France, Germany, and UK, where the harvest just began, the yield reveals good quality and volume. The protein content is 11 – 12% higher in Germany compared to the other two countries. A second period of fall is expected with the beginning of harvest in the Scandinavian region, especially in Denmark.


Australia: Up to AU$220/t in pool payments for barley growers

Since July 29 Australian barley growers were to receive up to AU$220/tonne in second distribution payments for supporting ABB Grains’ 2007 pools, ABB Grain posted this week.

According to managing director Michael Iwaniw, “These substantial distributions range from AU$220/tonne for malting barley and AU$130/tonne for feed barley in the harvest pool, to $5/tonne for malting and feed barley grades in the select pool.”

“Of course, growers who chose ABB’s select barley pool received the bulk of their return in mid- April when the first distribution was sent out.

“These payments demonstrate our pools have performed exceptionally well and ABB has delivered on its commitment to growers to deliver solid returns from our pools,” he added.

ABB’s 2007 barley pools performed exceptionally well despite operating in a difficult market and a below-average harvest. Mr Iwaniw confirmed ABB would be running competitive commercial pool options for growers in the coming harvest and full details would shortly be available.

Scientific Digest

Fungal Hydrophobins in the Barley-to-Beer Chain

Tuija Sarlin, A. Vilpola, E. Kotaviita, J. Olkku and A. Haikara

Abstract

J. Inst. Brew. 113(2), 147–153, 2007 Fungal hydrophobins have been shown to induce gushing of beer. In order to study the occurrence and fate of hydrophobins at different stages of the production chain of beer, barley samples artificially infected in the field with Fusarium culmorum, F. graminearum and F. poae were collected during the growing period as well as during various stages of the malting process. In addition, naturally infected malt was brewed in pilot scale and samples were collected throughout the process. The samples were assayed for hydrophobin content using an ELISA method. The results showed that fungi produced hydrophobins that accumulated during barley grain development in the field, but that production was more pronounced during malting. Prolonged storage of barley tended to reduce the ability of fungi to produce hydrophobins in malting. Studies on the fate of hydrophobins during the brewing process revealed that mashing released hydrophobins from the malt into the wort. Some loss of hydrophobins occurred throughout the brewing process with spent grains, cold break (wort boiling) and surplus yeast. In addition, the beer filtration step reduced hydrophobin levels. Despite the substantial loss of hydrophobins during brewing, the level was high enough to induce the gushing detected in the final beer. Key words: Brewing, Fusarium, hydrophobins, malting. Load full article, 7 pages, 534 Kb, PDF file

Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.5583 July 31, 2008 
 Crop year   2007   2008 
 Parity   FOB Creil   FOB Creil 
 Position   July 2007   July 2008 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  nq  nq  202.00  315.00 
2RS  Prestige  nq  nq  201.00  313.50 
2RS  Cellar  nq  nq  200.00  312.00 
2RS  Sebastien  nq  nq  199.00  310.50 
2RS  Tipple  nq  nq  199.00  310.50 
2RS  Henley  nq  nq  199.00  310.50 
6RW  Esterel   nq  nq  186.00  290.00 

French Feed Barley Prices. Nominal prices
EURO = USD 1.5583 July 31, 2008
Crop year 2007
Parity FOB Creil
Position July 2007
Type EURO USD
Feed Barley 157.00 245.00

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

Theoretical Malt Prices

EURO = USD 1.5583 July 31, 2008
Crop year  2007 
Parity  FOB Antwerp 
Position  July 2008 - Sep 2008 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  539.50  840.00  570.50  889.00  562.50  877.00  577.00  899.00 
2RS  Prestige  538.00  838.50  569.50  887.00  561.50  875.00  575.50  897.00 
2RS  Cellar  536.50  836.50  568.00  885.00  560.50  873.00  574.50  895.00 
2RS  Sebastien  535.50  834.50  566.50  883.00  559.00  871.00  573.50  893.50 
2RS  Tipple  535.50  834.50  566.50  883.00  559.00  871.00  573.50  893.50 
2RS  Henley  535.50  834.50  566.50  883.00  559.00  871.00  573.50  893.50 
2RS   Average price  536.50  836.50  568.00  885.00  560.50  873.00  574.50  895.00 
6RW  Esterel   504.00  786.50  536.00  835.00  528.50  823.00  542.50  845.50 
Asia Malt 70/30  527.00  821.50  558.50  870.00  550.50  858.00  565.00  880.50 
**  Asia Malt 50/50  520.50  811.50  552.00  860.00  544.50  848.00  558.50  870.50 


EURO = USD 1.5583 July 31,2008 
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  443.50  691.00  474.50  739.50  467.00  727.50  481.50  750.00 
2RS  Prestige  442.50  689.00  473.50  737.50  466.00  725.50  480.00  748.00 
2RS  Cellar  441.00  687.50  472.50  736.00  464.50  724.00  479.00  746.00 
2RS  Sebastien  440.00  685.50  471.00  734.00  463.50  722.00  477.50  744.00 
2RS  Tipple  440.00  685.50  471.00  734.00  463.50  722.00  477.50  744.00 
2RS  Henley  440.00  685.50  471.00  734.00  463.50  722.00  477.50  744.00 
2RS   Average price  441.00  687.50  472.50  736.00  464.50  724.00  479.00  746.00 
6RW  Esterel   423.00  660.50  455.00  709.00  447.50  697.00  461.50  719.00 
Asia Malt 70/30  436.00  679.00  467.00  727.50  459.50  716.00  473.50  738.00 
**  Asia Malt 50/50  432.50  673.50  463.50  722.50  456.00  710.50  470.50  732.50 

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

Table of the Week

First And Provisional EU Malting Barley Supply And Demand Estimate 2008/2009

(in 1,000 tonnes)  Malt Capacity end 2007  Barley Malt Production  Barley Demand  Spring Malting Barley Supply  Winter Malting Barley Supply  Net Plus/Minus Total 
Northwest             
Belgium  739  710  890  30  -860 
France  1273  1250  1560  1800  1600  1840 
Germany  2052  1950  2440  1270  70  -1100 
Ireland  128  125  155  255  100 
Netherlands  335  325  405  155  -250 
United Kingdom  1461  1450  1810  1710  650  550 
TOTAL Northwest  5988  5810  7260  5220  2320  280 
Baltic             
Denmark  277  270  340  1150  810 
Finland  172  160  200  200 
Lithuania  82  75  95  95 
Poland  311  300  375  150  -225 
Sweden  200  200  250  350  100 
TOTAL Baltic  1042  1005  1260  1945  685 
Southeast             
Austria  150  150  190  190 
Bulgaria  58  50  65  65 
Czech Republic  543  530  660  960  300 
Hungary  134  130  165  115  50 
Romania  80  70  90  40  50 
Slovakia  298  270  340  300  -40 
TOTAL Southeast  1263  1200  1510  1605  165  260 
Mediteranian             
Greece  45  45  60  10  -50 
Italy  70  70  90  30  30  -30 
Portugal  88  85  105  -105 
Spain  447  430  540  500  -40 
TOTAL Mediteranian  650  630  795  530  40  -225 
NET TOTAL  8943  8645  10825  9300  2525  1000 
Graph of the Week



These Days in Business History
30 July
1863 Henry Ford, car manufacturer was born
1897 German chemist named Felix Hoffman synthesizes a stable form of acetylsalicylic acid in a laboratory in Berlin. The head of Bayer’s pharmacological institute, Heinrich Dreser, soon names the product “aspirin,” and it becomes the best-selling drug of all time.
1928 George Eastman demonstrates 1st color movie

31 July
1790 1st US patent granted, to Samuel Hopkins for a potash process
1809 1st practical US railroad track (wooden, for horse-drawn cars), Phila
1925 Unemployment Insurance Act passed in England

01 August
1930 Clarence Birdseye is awarded a U.S. patent for the invention of packaged frozen food.
1950 Steve Wozniak, future co-inventor of the Apple computer, is born.
1981 Pres. Ronald Reagan signs into law the Economic Recovery Tax Act of 1981, the biggest tax cut in American history, which streamlines the Federal income tax brackets, lowers the top rate to 36%, and creates the universally-deductible Individual Retirement Account.

02 August
1858 1st street mailboxes-Boston, Mass.
1890 The BOVESPA (Bolsa de Valores de Sao Paulo, or Sao Paulo Stock Exchange), Brazil’s central securities market, is founded.
1984 Euro Court condemns phone-tapping.
2000 The New York Stock Exchange begins trading in decimals, ending the two-century-old practice of pricing stocks in increments of 1/8th of a dollar.

03 August
1887 Thomas Alva Edison receives a U.S. Patent for his new kinetoscope, the predecessor to the motion-picture camera.
1977 Tandy Corp. introduces one of the earliest affordable personal computers, the TRS-80 (soon to be affectionately nicknamed the "Trash 80"). It has 4 (yes, four) kilobytes of memory, a black-and-white monitor, and uses floppy disks that truly flop when you shake them. It retails for just $599.
1984 Total trading volume on the New York Stock Exchange exceeds 200 million for the first time, as 236,565,110 shares change hands.
Agenda