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E-Malt.com Newsletter 36b
September 03 - September 07, 2008
Open!
Click here to get full size Newsletter


Quote of the week

"The victory of success is half won when one gains the habit of setting goals and achieving them. Even the most tedious chore will become endurable as you parade through each day convinced that every task, no matter how menial or boring, brings you closer to fulfilling your dreams."
Og Mandino
Currency Rates
Base Currency: Euro, EUR
on 04-September-2008

1 EUR = 1.4469 USD
1 EUR = 0.8144 GBP
1 EUR = 1.5465 CAD
1 EUR = 1.7388 AUD
1 EUR = 157.178 JPY
1 EUR = 2.4124 BRL
1 EUR = 36.2933 RUB
1 EUR = 9.9173 CNY
Base Currency: US Dollar
on 04-September-2008

1 USD = 0.6912 EUR
1 USD = 0.5628 GBP
1 USD = 1.0688 CAD
1 USD = 1.2017 AUD
1 USD = 108.631 JPY
1 USD = 1.6672 BRL
1 USD = 25.0831 RUB
1 USD = 6.8541 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

September 04, 2008

Type Crop 2007 Crop 2008 Crop 2009
2rs Barley nq   EUR188.0-190.0 2.07% EUR194.0-196.0 2.09%
6rw Barley nq   EUR171.0-173.0 1.71% EUR177.0-179.0 3.49%
2rs Malt EUR536.5-538.5 EUR430.0-432.0 1.15% EUR428.0-430.0 1.18%
6rw Malt EUR503.5-505.5 EUR408.5-410.5 0.85% EUR406.0-408.0 1.88%
Feed Barley nq   EUR150.0-152.0 5.00% 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

Belgium: InBev expects its shareholders to approve the Anheuser-Busch acquisition on September, 29 ...Click here
China: China Resources Breweries reports a 28.44% increase in earnings for H1 2008 ...Click here
Belgium & South Korea: InBev said to be considering the sale of its South Korean brewery ...Click here
Czech Republic: H1 2008 beer output falls by 0.5%, exports rise by 7.8% ...Click here
The Netherlands: If government raises duties on beer next year, the whole Dutch economy will suffer, CBK chairman asserts ...Click here
Japan: Sapporo Brewery abandoning beer coupon sales in February, 2009 ...Click here
World: Beer industry will be buoyed by emerging markets and demand for diversity and premium brands, a report states ...Click here
EU: Malt exporters do not have to book export licences any more ...Click here
World: General feed barley market review ...Click here
EU: Feed barley falling in price by €10/tonne, malting barley still in low activity ...Click here
Canada: Statistics Canada forecasts total barley crop less than 1% lower than last year’s ...Click here
UK: Hop growers in Kent expect a good quality harvest despite a soggy August ...Click here




Ukraine: Ukraine’s beer production rises by 7.5% in January – July 2008, though falling by 1.9% in the last month ...More Info
United States: Anheuser-Busch presents 9th Street Beverages, a new non-alcoholic subsidiary ...More Info
Russia & Ukraine: Record barley harvest and lack of storage, transportation, and port capacities ...More Info
Ireland: Diageo to increase the price of Guinness by 10 cent a pint on September 15 ...More Info
Russia: 20.5 mln tonnes of barley harvested as of September, 2 ...More Info
Moldova: The European Bank for Reconstruction and Development to grant a credit of $18 mln to Moldova’s leading Efes Vitanta Brewery ...More Info
United Kingdom: Coors Brewers to try a rosé beer as a way of attracting women consumers ...More Info
South Africa: SABMiller to introduce Dreher beer in the South African market ...More Info
Canada: Brick Brewing to launch Belgian Palm beers on the Ontario market in partnership with Latis Imports ...More Info
Australia: SQP pool returns for feed barley increase to AU$250-$270 due to a weakening Australian dollar and declining international shipping rates ...More Info
Denmark & Ukraine: Baltic Beverages Holding Ukraine renamed Slavutich Carlsberg Group ...More Info
The Netherlands: John Nicolson appointed regional president of Heineken Americas ...More Info
United States: Colorado, America’s first beer producing state, complains of soaring costs, increases sales, and displays creativity ...More Info
World: Beer industry is world’s main buyer of glass ...More Info
Go to our news database with more than 13453 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

Belgium: InBev expects its shareholders to approve the Anheuser-Busch acquisition on September, 29

Shareholders of InBev SA will vote on September, 29 about the company's US$52 billion bid for U.S. rival Anheuser-Busch Cos., InBev announced on September, 4.

The company is also going to ask shareholders to back a capital increase and the issuing of new shares that would raise up to US$10 billion to pay for part of the deal.

The sum would cover the existing equity bridge financing of US$9.8 billion in place since the deal was announced in July, the brewer said.

InBev said it did not plan to increase capital by more than US$9.8 billion but was adding an extra margin to cover any significant currency fluctuations until the company's board decides how many new shares to issue and at what price.

Three-quarters of InBev's shareholders must approve the Anheuser-Busch acquisition, the capital increase and changing the name of the company to Anheuser-Busch InBev.

At least half of the shareholders represented at the meeting also must approve the appointment of Anheuser-Busch chief executive August Busch IV as a company director and changing control of the company's existing US$45 billion senior credit facility and the equity bridge financing of US$9.8 billion.

InBev says its controlling shareholder - Stichting InBev, which owns a 52 percent stake in ...More Info


China: China Resources Breweries reports a 28.44% increase in earnings for H1 2008

China Resources Enterprise Ltd., China’s top beer brewer, announced it had increased by 28.44 per cent its first-half earnings, Reuters communicated on September 3.

The achievement was realised due to rising incomes and booming domestic consumption, the company said.

A net profit of HK$1.49 bln (about $190.8 mln) was posted for the six months ended June 2008. The same period last year revealed a HK$1.16 bln net profit, Reuters calculations state.

The company’s turnover amounted to HK$8.7 bln rising by 30% over last year’s data, Trading Markets posted.

Beer sales by volume in the first half added 4.6% and grew to 3.49 mln kilolitres led by a 21.7 percent gain in sales of its premium "SNOW" brand, with sales volume of 2.89 million litres, despite the losses from the major earthquake in Sichuan earlier this year.

In money terms, the company's sales hit HK$31.81 billion, compared with HK$35.15 billion a year ago. Earnings per share were HK$0.62 against last year's HK$1.58.

Beer prices have risen significantly this year to compensate for increased raw material and financing costs.

The company declared an interim dividend of HK$0.15.

As of end June, the company operates 60 breweries across China with a total capacity of 11 million kilolitres. Beijing-backed China Resources ...More Info


Belgium & South Korea: InBev said to be considering the sale of its South Korean brewery

InBev is considering selling its South Korean beer business to help raise $2 billion for its $52 billion takeover of Anheuser-Busch, Reuters quoted unnamed sources on September, 2.

Deutsche Bank and JPMorgan Chase will run the auction for the business, called Oriental Brewery.

However, the the auction is not likely to start until the closing of InBev's planned $52 billion takeover of Anheuser-Busch.

Earlier, InBev said it was considering the disposal of noncore assets.

"Financing for the combination with Anheuser-Busch includes a $7 billion bridge financing for divestitures of noncore assets from both companies," a spokeswoman for InBev said.

"However, we cannot comment at this stage on which businesses specifically would be considered," she added.

Oriental Brewery sold 6.9 million hectoliters (182.3 million gallons) of its product in 2007, a figure that in part led sources to estimate the roughly $2 billion price tag. The business is South Korea's second-largest brewer behind Hite Brewery Co Ltd.

JPMorgan and Deutsche Bank also advised InBev on the deal with Anheuser, which ended in an amicable resolution after a month-long saga that had become increasingly hostile. According to sources, Japanese brewers Kirin Holdings Co Ltd and Asahi Breweries Ltd may be among the interested bidders for the unit.

Oriental Brewery ...More Info


Czech Republic: H1 2008 beer output falls by 0.5%, exports rise by 7.8%

Czech breweries saw their output fall by 0.5% on the year to 9.873 million hectolitres of beer at end-June, Jan Vesely, chairman of the Czech Beer and Malt Association, was quoted as saying by ČTK on September, 4.

According to Vesely, domestic sales decreased by 2.3 percent to less than 8 million hl, while exports rose by 7.8 percent to a record 1.92 million hl of beer.

"The first-half results of our breweries confirm the trend of recent years, namely domestic market stagnation and ongoing very solid growth in exports," said Vesely.

In spite of the strong crown and the market’s stagnation, domestic breweries manage to penetrate foreign markets, he added.

In 2007, a record beer output amounted to 19.897 mln hl.

While in H1 2000, the share of beer exports in the output of domestic breweries stood at 9 percent, by end-June 2008 it climbed to 19 percent.

The highest exports went to Germany (700,000 hectolitres), Slovakia (330,000 hectolitres) and Russia (161,000 hectolitres).

Czech breweries export mainly lagers but interest in Czech draught beer has lately been growing as well. Lagers contributed 72 percent to Czech beer exports in H1.

Lagers also raised their share in the domestic market - from last year's 28.8 percent to 30 ...More Info


The Netherlands: If government raises duties on beer next year, the whole Dutch economy will suffer, CBK chairman asserts

The Dutch government risks killing the golden goose if it raises duties on beer, hitting the country's brewers at a highly sensitive time, the Dutch brewers' industry body CBK was quoted as saying by Reuters on September, 3.

According to CBK chairman Jack Verhoek, the industry fears the Netherland's first rise in duty on beer since 2002 will come next year, while brewers are already battling soaring raw materials prices, high energy and transport costs, and smoking bans.

The association, which represents brewers such as Heineken and Grolsch, owned by SABMiller, says the brewing industry is a crucial motor of the Dutch economy.

Raising duties on beer would hit domestic sales, see consumers favour wine over beer, drive them to neighbouring Germany and Belgium to purchase their pils, and have broad repercussions throughout the Dutch economy, Verhoek said.

“Everything is coinciding, the smoking ban, the price of grain, of energy, of transportation. We are in a difficult corner and everything is coming at once,” Verhoek said in an interview on September, 2.

The government is considering raising duty on beer and according to an Ernst & Young report commissioned by CBK the hike could be 30 percent from Jan. 1 2009 -- a ...More Info


Japan: Sapporo Brewery abandoning beer coupon sales in February, 2009

Sapporo Breweries Ltd. will terminate beer coupon sales on February, 27, 2009, Jiji Press reported on September 2.

The move was partly caused by shrinking demand, the company said.

The firm also finds it difficult to continue coupon sales due to growing costs of printing, delivery and forgery prevention.

Sapporo’s rivals Rivals Asahi Breweries Ltd., Kirin Brewery Co. and Suntory Ltd. ended beer coupon sales at the end of December 2004.

Beer coupon sales were started by Sapporo in 1970. At the peak in 2005, the company sold some 90 million coupons. But sales then started to fall, totalling 60 million in 2007 and estimated at 50 million this year.


World: Beer industry will be buoyed by emerging markets and demand for diversity and premium brands, a report states

Increasing affluence, personal wealth and rising average household incomes on a global basis has been a key driver for beer consumption throughout the cyclical fluctuations of economic activity, Global Industry Analysts, Inc. stated in a report made public on September 4.

Subdued demand in developed markets of Western Europe and North America will be offset by surging demand in emerging markets including China, Brazil and Mexico.

Spiralling sales in developing countries, lifestyle shifts, new flavour enhancements, rising interest in organic and imported beer and the development of non-alcoholic beer sector are providing significant impetus for growth in the beer industry. Beer industry is expanding as more varieties and better quality beers become available. Another factor in growing importance has been the specialty and craft beer type, which responds to consumers’ desire for healthier and differentiated products.

According to experts, large number of habitual beer consumers, increasing affluent and discerning population, and demographic shifts will continue to fuel consumption in the global beer market. Moreover, the rise in number of nightclubs and restaurants serving alcoholic beverages along with the expansion of organized retail outlets for alcoholic beverages will further boost up beer consumption.

Globalization of consumer preferences will rub on Western cultures and habits to ...More Info


Malt News

EU: Malt exporters do not have to book export licences any more

Malt exporters do not have to book export licences any more. The regulation came into effect on July, 1 this year.

The industry appreciates a smaller workload and a small financial advantage, as bank guarantees for export licences are not needed any more.

What is missing now is the up-to-date information on exports from each EU country. The bad news, experts lament, is that the export figures from the large EU malt export countries will be reported only with a two months’ delay, and total EU exports will be known with a delay of three months.

As per information from Eurostat there will remain a question, whether statistics are fully correct, as some EU countries base their figures on country of production, others on country of export shipments.


Barley News

World: General feed barley market review

After modest activities in North African and Middle East markets during the past weeks, Saudi Arabia entered the market and has purchased an estimated 300 – 400,000 tons at slowly increasing price levels. Latest known price paid is US$ 340 - C&F. The corresponding FOB prices are around US$ 260 - in Northern Europe and the Black Sea.

Market prices, however, showed wide margins for small and large ports, small lots purchased inside countries and top-off quantities purchased at last minute in seaports, from US$ 235 to 275 FOB vessel.

The U.S. won the last Japanese tender with an offer of US$ 250 - FOB, Canada at US$ 270 is not competitive. Domestic feed markets in Australia are quite firm, new crop barley is worth the equivalent of US$ 240/250 - FOB in the West and 260 in the East.

Prices given above are as of September, 1.


EU: Feed barley falling in price by €10/tonne, malting barley still in low activity

Active for a long time in the port regions, the market of feed barley now allows itself to be drawn towards fall by the drop in prices for wheat and maize, the French La Depeche communicated on September 4.

Business activity on the domestic market remains irregular, the feed barley rate abating by about €10 per tonne since last week.

Malting barley is weakening, experts report. A number of small-scale deals enlivened the malting barley market. Prices are slightly falling, as a rule, following the course of other cereals.


Canada: Statistics Canada forecasts total barley crop less than 1% lower than last year’s

The barley crop forecast* for 2008 presented by Statistics Canada is as follows:

976.1 ths tons for Manitoba (1,195.3 in 2007) 4,006.1 for Saskatchewan (3,945.2 in 2007) 5,177.5 for Alberta (5,114.3 in 2007)

Thus, total Canada barley crop may amount to 10,876.2 ths tons (10,983.9 in 2007).

Harvest has started in the south, but will hardly be finished before the end of September, experts say. Initial results are encouraging, but there is a risk of too much rain and even frost in September, the crop result will be known, when the barley is in the silo.

The CWB forecasts a local feed demand of 7.5 mln tons, which is keeping price levels too high for export markets. Nevertheless the Board hopes to sell 2.5 mln tons of barley during the crop year, a few hundred thousand tons of feed barley, and round about 1 mln tons of malting barley each to local maltsters and into export.

Malting barley FOB offers at US$ 350 are too high for markets abroad, but U.S. customers across the border pay even better prices (calculated back to places of loading).

*(in 1000 tons)


Hops News

UK: Hop growers in Kent expect a good quality harvest despite a soggy August

Kent's hop growers predict a good harvest this year, Kent on Line published on September, 4.

According to experts, optimism is returning to the industry. In the UK, a rainy spring favoured the country’s hops, but a damp August ruined the farmers’ hopes for a bumper harves.

"The wet weather just prior to the harvest means the quality of this year’s hops will be ok, but not spectacular," said Tony Redsell, who grows some 200 acres of hops at a farm near Canterbury.

Hops like sunny weather in August to ripen their cones - the part of the hop that is harvested: this August was the wettest on record.

"It means the size and weight will be somewhat down on last year, but still reasonable," said Mr Redsell.

Hop prices had been declining for years. Some Kent growers complained of getting as little as £16 per kilo for a crop that cost up to £24 per kilo to grow in 2006.

But last year saw drastic changes, when a worldwide shortage of hops led to some brewers being forced to pay up to £400 per kilo in order to maintain their production.

"It’s unlikely we’ll see those sorts of spot prices again this year, but we anticipate ...More Info

Scientific Digest

Examination of the Effect of Vitamin E and C Addition on the Beer’s ESR Lag Time Parameter

E. Jeney-Nagymate and P. Fodor

Abstract

J. Inst. Brew. 113(1), 28–33, 2007 The electron spin resonance method can be used to analyse the effect of antioxidant vitamins such as vitamin E and C on the flavour stability of beer. The aim of this study was to examine the effect of vitamin addition on the lag time parameter at different beer production stages. The longest lag time values were measured when the vitamins were added to the wort after cooling. Lower pH value helped improve the lag time value when used with ascorbic acid. When the vitamin E concentration was higher than 4 mg/L at original pH, or the vitamin C concentration was higher than 30 mg/L at lower pH, the lag time was higher than 100 min. Key words: Ascorbic acid, -tocopherol, beer, ESR, lag time. Load full article, 6 pages, 367 Kb, PDF file


Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.4469 September 04, 2008 
 Crop year   2008   2009 
 Parity   FOB Creil   FOB Creil 
 Position   July 2008   July 2009 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  191.00  276.50  197.00  285.50 
2RS  Prestige  190.00  275.00  196.00  283.50 
2RS  Cellar  189.00  273.50  195.00  282.50 
2RS  Sebastien  188.00  272.50  194.00  281.00 
2RS  Tipple  188.00  272.50  194.00  281.00 
2RS  Henley  188.00  272.50  194.00  281.00 
6RW  Esterel   172.00  249.00  178.00  257.50 

French Feed Barley Prices. Nominal prices
EURO = USD 1.4469 September 04, 2008
Crop year 2008
Parity FOB Creil
Position July 2008
Type EURO USD
Feed Barley 151.00 218.50

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

Theoretical Malt Prices

EURO = USD 1.4469 September 04, 2008
Crop year  2007 
Parity  FOB Antwerp 
Position  Aug 2008 - Sep 2008 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  540.00  781.00  571.00  826.00  563.50  815.00  577.50  835.50 
2RS  Prestige  538.50  779.00  569.50  824.50  562.00  813.50  576.50  833.50 
2RS  Cellar  537.50  777.50  568.50  822.50  561.00  811.50  575.00  832.00 
2RS  Sebastien  536.00  775.50  567.50  820.50  559.50  809.50  574.00  830.50 
2RS  Tipple  536.00  775.50  567.50  820.50  559.50  809.50  574.00  830.50 
2RS  Henley  536.00  775.50  567.50  820.50  559.50  809.50  574.00  830.50 
2RS   Average price  537.50  777.50  568.50  822.50  561.00  811.50  575.00  832.00 
6RW  Esterel   504.50  731.00  536.50  776.50  529.00  765.00  543.00  785.50 
Asia Malt 70/30  527.50  763.50  559.00  808.50  551.50  797.50  565.50  818.00 
**  Asia Malt 50/50  521.50  754.50  552.50  799.50  545.00  788.50  559.00  809.00 


EURO = USD 1.4469 September 04, 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  433.50  627.50  465.00  672.50  457.00  661.50  471.50  682.00 
2RS  Prestige  432.50  625.50  463.50  670.50  456.00  659.50  470.00  680.00 
2RS  Cellar  431.00  623.50  462.50  669.00  454.50  657.50  469.00  678.50 
2RS  Sebastien  430.00  622.00  461.00  667.00  453.50  656.00  467.50  676.50 
2RS  Tipple  430.00  622.00  461.00  667.00  453.50  656.00  467.50  676.50 
2RS  Henley  430.00  622.00  461.00  667.00  453.50  656.00  467.50  676.50 
2RS   Average price  431.00  623.50  462.50  669.00  454.50  657.50  469.00  678.50 
6RW  Esterel   409.50  593.50  441.50  638.50  433.50  627.50  448.00  648.00 
Asia Malt 70/30  425.00  614.50  456.00  659.50  448.50  648.50  462.50  669.50 
**  Asia Malt 50/50  420.50  608.50  452.00  653.50  444.50  642.50  458.50  663.50 


EURO = USD 1.4469 September 04, 2008
Crop year 2009
Parity FOB Antwerp
Position Oct 2009 - Sep 2010
Conditioning Bulk In bags Bulk containers Bags, containers
Malting barley variety EURO USD EURO USD EURO USD EURO USD
2RS  Scarlett  431.50  624.00  462.50  669.50  455.00  658.00  469.00  678.50 
2RS  Prestige  430.00  622.50  461.50  667.50  453.50  656.50  468.00  677.00 
2RS  Cellar  429.00  620.50  460.00  665.50  452.50  654.50  466.50  675.00 
2RS  Sebastien  427.50  618.50  459.00  664.00  451.50  652.50  465.50  673.50 
2RS  Tipple  427.50  618.50  459.00  664.00  451.50  652.50  465.50  673.50 
2RS  Henley  427.50  618.50  459.00  664.00  451.50  652.50  465.50  673.50 
2RS   Average price  429.00  620.50  460.00  665.50  452.50  654.50  466.50  675.00 
6RW  Esterel   407.00  590.50  439.50  635.50  431.50  624.50  445.50  645.00 
Asia Malt 70/30  422.50  611.50  454.00  656.50  446.00  645.50  460.50  666.00 
**  Asia Malt 50/50  418.50  605.50  449.50  650.50  442.00  639.50  456.50  660.00 

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 general estimate of EU Malting Barley Supply and Demand 2008/2009

Export surplus in tonsImport Deficit in tons
FRANCE 2 300 000 Belgium 860 000
Denmark 3 - 400 000 Germany 700 000
Czech Republic 2 - 300 000 Netherlands 300 000
United Kingdom 2 - 300 000 Poland 300 000
Total 3 100 – 3 400 000 Total2 160 000
Graph of the Week



These Days in Business History
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)

September 06
1819 Thomas Blanchard patents lathe
1811 James Melville Gilliss, founder, Naval Observatory in Washington
1853 Women's Right's Convention met (New York City)

September 07
1822 Brazil declares independence from Portugal (National Day)
1912: David Packard, co-founder of Hewlett-Packard Co., is born in Pueblo, Colo.
1923 Interpol forms in Vienna
Agenda