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E-Malt.com Newsletter 45a
November 03 - November 04, 2008
Open!
Click here to get full size Newsletter


Quote of the week

"As a matter of self-preservation, a man needs good friends or ardent enemies, for the former instruct him and the latter take him to task."
Diogenes
Currency Rates
Base Currency: Euro, EUR
on 04-November-2008

1 EUR = 1.279 USD
1 EUR = 0.794 GBP
1 EUR = 1.532 CAD
1 EUR = 1.8916 AUD
1 EUR = 126.592 JPY
1 EUR = 2.7786 BRL
1 EUR = 34.5891 RUB
1 EUR = 8.7587 CNY
Base Currency: US Dollar
on 04-November-2008

1 USD = 0.7821 EUR
1 USD = 0.6208 GBP
1 USD = 1.1978 CAD
1 USD = 1.4788 AUD
1 USD = 98.9843 JPY
1 USD = 2.1725 BRL
1 USD = 27.0441 RUB
1 USD = 6.8481 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

November 4, 2008

Type Crop 2008 Crop 2009
2rs Barley EUR135.0-137.0 1.45% EUR149.0-151.0
6rw Barley EUR125.0-127.0 1.56% EUR137.0-139.0
2rs Malt EUR361.0-363.0 1.90% EUR374.5-376.5 0.53%
6rw Malt EUR347.5-349.5 1.97% EUR359.0-361.0 0.55%
Feed Barley EUR113.0-115.0 1.72% 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

China: Tsingtao reports a 24% increase of net profit in the first nine months of 2008 ...Click here
Chile: CCU brewery reports Q3 and full year ended September, 30 results ...Click here
Denmark: Analysts forecast a 60% rise of EBIT for Carlsberg in the nine-month period ...Click here
The Netherlands & Ireland: Irish Competition Authority publishes results of an exhaustive market analysis of the Heineken/Beamish & Crawford merger ...Click here
Mexico & Brazil: FEMSA considers extension of beer operations in Brazil ...Click here
World: Attractive malt prices create surprising market activity, EU malsters sold out for 2008 ...Click here
World: World barley consumption to increase by 8% in 2008/2009 - IGC ...Click here
EU: Barley crop estimated at 63.5 mln tonnes, licensed export grows by 13% ...Click here
France & Germany: Feed barley prices fall, malting barley of crop 2008 sees no demand ...Click here
World: Barley export surplus and financial crisis depress latest FOB prices ...Click here




United States: Undervalued Molson Coors expected to report higher quarter earnings – Barron’s ...More Info
Russia: First nine-month beer imports increase by 2.3% due to male Russians 18 to 44 years old ...More Info
United States & United Kingdom: Miller Beer to disappear from UK stores early next year ...More Info
Ukraine: 43 tonnes of barley to be sold via tender ...More Info
Canada: Brick Brewing announces completion of equity financing ...More Info
Turkey & Moldova: EBRD board of directors approves loan to Efes Vitanta Brewery in Moldova ...More Info
Denmark & Russia & Uzbekistan: Carlsberg brews first Baltika 3 Classic beer in Uzbekistan, considers exports to Tajikistan and Kyrgyzstan ...More Info
Saudi Arabia: A subsidies program to cut barley imports ...More Info
Singapore & New Zealand: APB’s subsidiary sells a retail chain ...More Info
Australia: New Vlamingh malting barley variety to be free to trade in Western Australia ...More Info
Ukraine & Russia: SCM Group sells its Poltavpivo brewery to a Russian trader ...More Info
Germany: Germany decreases barley export in the first two months of 2008/2009 ...More Info
Go to our news database with more than 13831 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

China: Tsingtao reports a 24% increase of net profit in the first nine months of 2008

Tsingtao Brewery Co Ltd, China's second largest brewer, said its net profit for the first nine months this year rose 24% to hit RMB 699.82 million, fuelled by higher sales volume, China Knowledge posted on November, 3.

The company, however, did not give comparable data for the same period last year.

Tsingtao reported an operating revenue of RMB 13.07 billion, up 17.6% from that of the same period last year.

Earnings per share stood at 0.53%. Gross profit margin was 41.4%, representing 1% decline year-on-year, according to the company's statement filed with the Shanghai Stock Exchange.


Chile: CCU brewery reports Q3 and full year ended September, 30 results

The Chilean brewer Compañía Cervecerías Unidas S.A. (CCU) announced on October, 29, its consolidated financial results, stated in Chilean GAAP for the third quarter and full year ended September 30, 2008. All US dollar figures are based on the exchange rate effective September 30, 2008 (US$1.00 = Ch$551.31).

“We are satisfied with the results obtained during the third quarter of 2008. They were reached in a challenging economic scenario, with unexpectedly high cost inflation,” the company posted.

The consumer price index variation for the quarter was 3.2 %, reaching for the last 12 months 9.2% with a noticeable acceleration. Under this scenario the company increased volumes by 11.4% resulting in an expansion in revenues of 12.6% in real terms and 23% in nominal terms.

According to Chilean GAAP, for comparison purposes previous year figures have been adjusted for inflation. CCU’s operating income and EBITDA grew by 7.4% and 7.8% respectively, in real terms, i.e. above inflation. These achievements were obtained despite of the costs pressures, as a result of strong volumes and controlled costs and expenses, the brewer said.

The Chilean beer segment increased its volumes by 6.6% at an average price slightly lower than in 2007, in real terms. In August the prices ...More Info


Denmark: Analysts forecast a 60% rise of EBIT for Carlsberg in the nine-month period

Danish brewer Carlsberg is expected to post a 60.2 percent rise in nine-month 2008 operating profit, on the back of soaring turnover in Eastern Europe, a Reuters poll was made public on October, 30.

According to the average forecast in a poll of 13 analysts, the Danish brewer is expected to report earnings before interest and taxes (EBIT) of 6.68 billion Danish crowns ($1.17 billion), up from 4.17 billion crowns in the corresponding period of 2007.

"The market will be focusing on the development in Russia and on Carlsberg's own expectations for the Russian market in the years to come." Jyske Bank said in a research note

Sales are seen rising 33.7 percent to 45.37 billion crowns, with turnover in Eastern Europe surging 93 percent to 14.66 billion crowns.

"The uncertainty of the Russian economy has lately dragged down the shares in Carlsberg and the fear of declining private consumption and, in particular, a devaluation is high on the agenda." Jyske continued.

The brewer, which is due to report on November, 5, has forecast full-year 2008 operating profit of about 5.9 billion crowns.


The Netherlands & Ireland: Irish Competition Authority publishes results of an exhaustive market analysis of the Heineken/Beamish & Crawford merger

Ireland’s Competition Authority has ruled that the takeover by brewing giant Heineken of Beamish & Crawford will not lessen competition and will not result in price fixing in the Irish stout market, Irish Examiner posted on November, 1.

The position was outlined in the authority’s detailed determination, published on October, 31. The acquisition was sanctioned on October, 3.

It is the first time since the authority assumed responsibility in January 2003, for assessing mergers under the 2002 Competition Act, that part of a merger notified to the European Commission was referred back to the authority for assessment, it said.

And as part of that assessment, the authority said it carried out one of the most exhaustive market definition analyses ever undertaken by the agency.

The authority said it considers that the proposed acquisition will not result in coordinated effects in the on-trade stout market, or will not result in a substantial lessening of competition in the on-trade stout market.

“In the Heineken/Beamish & Crawford merger, however, it is not clear whether Beamish & Crawford would continue to exist as it did, if the merger did not go ahead, since, for example, one of the brands of lager it sells, Foster’s, is owned ...More Info


Mexico & Brazil: FEMSA considers extension of beer operations in Brazil

FEMSA, Mexico’s leading brewer, is planning to make new investments in its Brazilian beer operations, Gazeta Mercantil posted on October, 31.

According to the company’s Chairman of the Board and Chief Executive Officer Jose Antonio Fernández Carbajal, FEMSA is considering the expansion of the production capacity in the north region of Brazil. Today, the brewer’s plant in Manaus is producing 500 thousand hl of beer annually. Mr Fernandez said the company has not decided yet whether it should expand the current line or construct a new plant in the region.

If FEMSA opts for the former, the investment must constitute US$ 25 for hectolitre. If it chooses the second alternative, the costs jump to US$60 for hectolitre, it is reported.


Malt News

World: Attractive malt prices create surprising market activity, EU malsters sold out for 2008

The month of October did not reflect the anticipated trouble in the industry of malt yet, and malt markets were surprisingly active for the time of the year, experts communicated on November, 1.

Brazil’s beer sales must have been even better than expected in 2008, because brewers covered more malt for shipment in November/December. Brazilian and African buyers also purchased malt for shipment in 2009.

As reported by industry participants, there are constant inquiries from East European and Asian hand to mouth buyers. Business has been done to Armenia, Georgia and other former soviet countries.

German brewers were attracted by present price levels, they covered fairly large quantities of their demand for 2010, it was reported.

According to experts, prices were attractive, although most EU maltsters are sold out for 2008 and extremely well sold for 2009.

Two-row spring barley malt, FOB in bulk in vessel traded between EUR 370 and 380 per ton, contracts for 2010 were concluded slightly below the EUR 400 mark.


Barley News

World: World barley consumption to increase by 8% in 2008/2009 - IGC

World barley production is estimated at an 14-year high of 156.4 mln tons, up 3.6 mln from the September figure and 16% above last year’s outturn, the IGC posted in its latest report of the end of October.

Total barley consumption is forecast to increase by 8%, to 149.8 mln tons, up 1.5 mln from the September Report.

Global feed use is forecast at a 13-year high of 104.4 mln tons as a result of more ample availabilities and barley’s increased competitiveness versus other feed grains, including maize.

Due to rising domestic feed barley supplies, Canada’s feed use is forecast 0.2 mln tons higher than before, at 8.5 mln.

Following this month’s larger production estimate, US feed consumption is lifted by 0.6 mln tons, to 1.7 mln.

Feed use in Russia and Ukraine is forecast at 13.5 mln tons and 5.5 mln respectively, unchanged from last month.

Total EU consumption is placed at 55.1 mln tons, with feed use trimmed slightly, to 42.3 mln due to recent sharp falls in maize prices.

World malting and other industrial consumption is forecast to increase to 28.1 mln tons, although growth in beer demand in some countries may be affected by the global economic downturn.


EU: Barley crop estimated at 63.5 mln tonnes, licensed export grows by 13%

According to the IGC estimates, the EU barley crop 2008/2009 amounted to 63.5 mln tonnes, 1.2 mln tonnes more than it was expected in the previous report and 6.1 mln tonnes more than the 2007/2008 result, APK – Inform communicated on November, 4.

Particularly, the main increase of production estimates is registered for Denmark, Spain, and the UK. Denmark’s barley crop is estimated at 3.5 mln tonnes versus 3.1 mln tonnes harvested last year. Finland will repeat last year’s volume (2 mln tonnes), it was reported.

From the beginning of the current season up to October, 28, the EU Cereals Management Committee licensed the export of 2.38 mln tonnes of barley versus 2.1 mln tonnes during the July – September period of 2007/2008 marketing year.

Besides, since July 2008 European importers got licenses for the import of 183 thousand tonnes of barley, whereas last year saw only 29 thousand tonnes licensed for import during the same period.


France & Germany: Feed barley prices fall, malting barley of crop 2008 sees no demand

The EU feed barley markets dropped by almost EUR 20 in one month time, experts reported on November, 1.

French barley, basis July, delivered Rouen was quoted EUR 120 to 122, but also 117 for delivery in January/March.

German shippers bid 127.5 November and 130 December delivered North German ports. These levels correspond to interior prices of about EUR 110, according to industry participants.

As we have previously reported, there was no demand for malting barley of crop 2008. Prices of French two-row spring barley fell to EUR 140 FOB Creil and 145 FOB Moselle, basis July. Six-row winter barley Cervoise is quoted at EUR 120 FOB Creil, the variety Esterel, which is hardly available any more, at EUR 130 to 135.

According to latest information, German spring barley is traded for EUR 160.

As there is much talk of quality problems, fusarium and germination problems in the U.K. and Northeast France, protein in Denmark, rejections of shipments have increased during October. However, it is obvious that ample availability of good quality barley and the enormous price difference between old contracts and the present market are the reasons behind buyers’ strict policies.

Barley of crop 2009 had recently achieved premiums of more than EUR 20 ...More Info


World: Barley export surplus and financial crisis depress latest FOB prices

The large export surplus of barley in the world had depressed price levels since harvest time in the Northern Hemisphere as the financial crisis accentuated the bad shape of world commodity markets, traders reported on November, 1.

Analysts report the following FOB prices: Rouen USD 171, Odessa 170, Novorossiysk 165/175. Jordan, however, purchased January shipment at USD 156/159 CIF.

Australian malting barley, new crop, traded at USD 310 CIF China recently, but is reported down to USD 260.

French 6row barley, variety Cervoise, is quoted at USD 220 CIF China.

The EU opens its intervention stores in November, and present price levels in interior markets are only EUR 5 to 10 per ton above intervention buying levels, it is reported.

Analysts maintain that Black Sea barley offers will dominate markets, until or unless the Russian winter stops the grain flow to Black Sea ports.

Scientific Digest

Quality of western Canadian malting barley 2007

Dennis E. Langrell, Michael J. Edney

Abstract

The quality data for the 2007 harvest was derived from 75 separate varietal composites, representing a total of 1 065 000 tonnes of barley selected for malting purposes. Barley crop volume for 2007, at 11 127 000 tonnes, was about 25% higher than 2006, and 3% higher than the 10-year average of 10 780 000 tonnes. This was largely attributable to increased seeded acreages, and generally warmer and moister growing conditions. Barley yields, overall, were higher than average. Manitoba had a second consecutive good year for barley quality and volume, due to early seeding and favourable growing season. Fusarium infestation levels in the eastern prairies were relatively low. Southwestern Saskatchewan and southeastern Alberta suffered from lack of moisture throughout the season, lowering its yield and quality. Central areas of the prairies suffered from excess moisture and heat, while northern areas experienced excess moisture and an extended harvest period. Malting barley selected in 2007 was of reasonably good quality. Thousand kernel weights and kernel plumpness levels were lower than those of 2006. Protein levels were good, but were higher than levels in 2006. Barley colour and appearance in 2007 was average. Barley germination characteristics in 2007 were similar to those of 2006, with minimal water sensitivity present. Malt made from 2007 barley was of good, average quality with good levels of soluble protein, adequate enzyme levels, and average levels of wort beta-glucan and viscosity, but higher colour. Extract levels were lower than expected, given the relatively low barley protein. Modification rates were good, and uptake of water during steeping was reasonably fast. Overall, the 2007 malting barley crop was of average quality. Load full article, 25 pages, 466Kb, PDF file

Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.279 November 4, 2008 
 Crop year   2008   2009 
 Parity   FOB Creil   FOB Creil 
 Position   July 2008   July 2009 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  138.00  176.50  152.00  194.50 
2RS  Prestige  137.00  175.50  151.00  193.50 
2RS  Cellar  136.00  174.00  150.00  192.00 
2RS  Sebastien  135.00  173.00  149.00  190.50 
2RS  Tipple  135.00  173.00  149.00  190.50 
2RS  Henley  135.00  173.00  149.00  190.50 
6RW  Esterel   126.00  161.50  138.00  176.50 

French Feed Barley Prices. Nominal prices
EURO = USD 1.279 November 4, 2008
Crop year 2008
Parity FOB Creil
Position July 2008
Type EURO USD
Feed Barley 114.00 145.81


Theoretical Malt Prices

EURO = USD 1.279 November 4, 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  364.50  466.50  395.50  506.00  388.00  496.50  402.50  514.50 
2RS  Prestige  363.50  464.50  394.50  504.50  387.00  494.50  401.00  513.00 
2RS  Cellar  362.00  463.00  393.50  503.00  385.50  493.00  400.00  511.50 
2RS  Sebastien  361.00  461.50  392.00  501.50  384.50  491.50  398.50  509.50 
2RS  Tipple  361.00  461.50  392.00  501.50  384.50  491.50  398.50  509.50 
2RS  Henley  361.00  461.50  392.00  501.50  384.50  491.50  398.50  509.50 
2RS   Average price  362.00  463.00  393.50  503.00  385.50  493.00  400.00  511.50 
6RW  Esterel   348.50  447.50  381.00  487.50  373.50  477.50  387.50  495.50 
Asia Malt 70/30  358.50  458.50  389.50  498.50  382.00  488.50  396.00  506.50 
**  Asia Malt 50/50  356.00  455.50  387.00  495.00  379.50  485.50  393.50  503.50 


EURO = USD 1.279 November 4, 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  378.00  483.50  409.50  523.50  401.50  513.50  415.50  531.50 
2RS  Prestige  377.00  482.00  408.00  521.50  400.50  512.00  414.50  530.00 
2RS  Cellar  375.50  480.50  406.50  520.50  399.00  510.50  413.50  528.50 
2RS  Sebastien  374.50  478.50  405.50  518.50  398.00  509.00  412.00  527.00 
2RS  Tipple  374.50  478.50  405.50  518.50  398.00  509.00  412.00  527.00 
2RS  Henley  374.50  478.50  405.50  518.50  398.00  509.00  412.00  527.00 
2RS   Average price  375.50  480.50  406.50  520.50  399.00  510.50  413.50  528.50 
6RW  Esterel   360.00  461.50  392.00  501.50  384.50  491.50  398.50  509.50 
Asia Malt 70/30  371.00  474.50  402.50  514.50  394.50  504.50  409.00  523.00 
**  Asia Malt 50/50  368.00  471.00  399.50  510.50  391.50  501.00  406.00  519.00 

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

Italian Beer Market
YearProduction
in 000 hl
Import
in 000 hl
Export
in 000 hl
Consumption
in 000 hl
1997 11,455 3,341 261 14,535
1998 12,193 3,681 373 15,501
1999 12,179 3,875 379 15,675
2000 12,575 4,142 428 16,289
2001 12,782 4,414 502 16,694
2002 12,592 4,437 689 16,340
2003 13,673 4,664 884 17,453
2004 13,170 4,873 849 17,194
2005 12,798 5,258 716 17,340
2006 12,818 5,814 781 17,851
2007 13,462 6,119 1,068 18,513
Source: Assobirra
Graph of the Week


Source: USDA

These Days in Business History
November 03
1898 1st US automobile show opens at Madison Square Garden (NYC)
1929 1st commercially produced synthetic rubber manufactured
1971 The microprocessor is officially born as Intel introduces its new 4004 chip, invented by Ted Hoff and Federico Faggin.
November 04
1846 Benjamin Palmer patents artificial leg
1939 1st air conditioned automobile (Packard) exhibited, Chicago, Ill
1996 Vimpel Communications becomes the first Russian company to list its shares on the New York Stock Exchange.

November 05
1492 Christopher Columbus learns of maize (corn) from Indians of Cuba
1895 George Selden patents 1st gasoline-driven car
Agenda