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E-Malt.com Newsletter 11a
March 09 - March 11, 2009
Open!
Click here to get full size Newsletter


Quote of the week

"Give a man a pint of beer and he will drink it. But teach a man to brew, and he will rule the world"

Currency Rates
Base Currency: Euro, EUR
on 11-March-2009

1 EUR = 1.2687 USD
1 EUR = 0.9185 GBP
1 EUR = 1.6375 CAD
1 EUR = 1.9835 AUD
1 EUR = 125.156 JPY
1 EUR = 3.0004 BRL
1 EUR = 44.7264 RUB
1 EUR = 8.6907 CNY
Base Currency: US Dollar
on 11-March-2009

1 USD = 0.7883 EUR
1 USD = 0.724 GBP
1 USD = 1.2907 CAD
1 USD = 1.5633 AUD
1 USD = 98.6447 JPY
1 USD = 2.365 BRL
1 USD = 35.2548 RUB
1 USD = 6.8503 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

March 11, 2009

Type Crop 2008 Crop 2009
2rs Barley EUR116.0-120.0 0.84% EUR143.0-147.0 1.36%
6rw Barley EUR110.0-114.0 1.75% EUR125.0-129.0 1.55%
2rs Malt EUR334.5-338.5 0.44% EUR359.5.0-363.5 0.69%
6rw Malt EUR326.5-330.5 0.61% EUR336.5-340.5 0.59%
Feed Barley EUR97.0-101.0 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

Belgium & South Korea: At last some light thrown on bidders for InBev’s Korean brewery ...Click here
United States: Boston Beer reports Q4 and full 2008 results ...Click here
The Netherlands & India: Heineken may acquire additional stake in United Breweries ...Click here
Russia & China: Baltika Breweries doubles exports to China despite crisis ...Click here
Canada: Barley exports to fall by 36% in 2009/2010 - Agriculture and Agri-Food Canada ...Click here
United States: Barley production is trending upward – industry experts ...Click here
Canada: CWB expects malting barley to see a drop in production, quality, price this year ...Click here
Ukraine: Local hops sales further fall in 2009 ...Click here




World: AB InBev may find itself in the odd position of selling operations to rival SABMiller- analysts ...More Info
Japan: Third-category beer undisputed leader of Japan’s February shipments ...More Info
Russia: SUN InBev opens a new plant ...More Info
Australia: Western Australia’s barley export may be demonopolised by the end of the year ...More Info
Mexico: 2008 beer production estimated at 83 mln hl, largest brewers preparing for a difficult year ...More Info
Australia: Foster’s to take measures to stem Victoria Bitter’s shrinking market share ...More Info
Thailand & United States: Thai Chang Beer ranked among the fastest growing imported brands in the US ...More Info
Nigeria: SABMiller’s penetration in Nigeria to provoke a ‘fascinating’ battle for market share and consumers loyalty ...More Info
Australia: Commander earns malting barley status, shows top performance across South Australia ...More Info
Vietnam: SABECO launches construction of a new beer plant ...More Info
Russia: SABMiller RUS launches a beer in the premium strong category ...More Info
Estonia: A. Le Coq brewery launches an addition to its Special range beers ...More Info
India: Diageo India gets a new managing director ...More Info
Go to our news database with more than 14526 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

Belgium & South Korea: At last some light thrown on bidders for InBev’s Korean brewery

Affinity Equity Partners Ltd. and KKR & Co. were picked to take part in a new round of bidding for Anheuser-Busch InBev NV’s Korean beer unit, Bloomberg cited on March, 11 five people with knowledge of the matter.

An initial offer from Lotte Group, operator of South Korea’s largest department-store chain, was rejected as too low, two people said, declining to be identified because the talks are private.

AB InBev may have to accept a lower price for Seoul-based Oriental Brewery than the $2 billion it’s been seeking, the people said. The world’s largest brewer, created when InBev bought Budweiser maker Anheuser-Busch Cos. for $52 billion last year, faces waning demand for beer as it tries to sell assets to repay debt stemming from the purchase.

“It’s a difficult climate to sell brewing assets in,” said Jan Meijer, an analyst at Theodoor Gilissen Bankiers NV in Brussels who rates AB InBev “sell.” Still, “AB InBev can afford to wait. There could still be a surprising sale of another asset.”

A first deadline for bids for Oriental expired in February. AB InBev Chief Financial Officer Felipe Dutra said March 6 there’s interest in the “five or six” assets up for sale and the disposals ...More Info


United States: Boston Beer reports Q4 and full 2008 results

The Boston Beer Company, Inc. said on March, 10 its core product depletions increased by 2% and net revenue grew by 13% in the fourth quarter 2008.

The brewer’s net income for the fourth quarter was $3.6 million, or $0.25 per diluted share, a decrease of 46%, or $0.21 per diluted share, from the fourth quarter of 2007, primarily driven by increased costs of raw and packaging materials, Pennsylvania Brewery costs which include start-up expenses, and an asset impairment charge relating to investments in the Latrobe Brewery.

Net revenue for the fourth quarter of 2008 was $103.8 million, an increase of $11.6 million, or 13%, over the same period last year, primarily due to volume and pricing gains, Boston Beer said.

Jim Koch, Chairman and Founder of the Company, commented, "We reported 2% depletions growth in the fourth quarter, bringing depletions growth for the second half of 2008 to 7%, as compared to 10% depletions growth in the first half of 2008. Our trends in the first two months of 2009 have slowed slightly from the fourth quarter and while the better beer category appears reasonably healthy, we believe we may be losing share in recent months as the drinker is faced with ...More Info


The Netherlands & India: Heineken may acquire additional stake in United Breweries

Vijay Mallya-led United Breweries Group is in talks to sell a portion of its 37.5% equity in the group’s flagship beer company, United Breweries Ltd (UBL), to its partner Heineken NV, the Mint reported on March, 7, citing two unidentified bankers.

The Indian investment banking arm of Swiss bank UBS AG is advising UB Group in the deal, while Heineken is being advised by NM Rothschild and Sons Ltd, according to sources that declined to be named because the talks are still at an early stage.

However, they clarified that “the current talks do not involve the Kingfisher brand as the UB Group wants to retain its mineral water as well as aviation business under this brand”.

The UB Group needs cash. The six listed companies in the group have a combined debt of Rs14,231 crore, higher than their market capitalization. The group is currently also in talks with three large multinational liquor firms, including the world’s largest spirits firm Diageo Plc., to offload a significant stake in group company United Spirits Ltd (USL).

Heineken currently holds a stake equal to UB Group in UBL. The Dutch firm inherited this stake after acquiring UB Groups’s long-time partner Scottish and Newcastle, in a $15.4 billion ...More Info


Russia & China: Baltika Breweries doubles exports to China despite crisis

Baltika Breweries, Russia’s leading beer producer, has doubled its exports to China in 2008, ChinaPRO reported on March, 10.

The company’s exports to China were more than 1 mln litres, whereas its domestic beer sales fell by 0.4% last year.

Oleg Alekhin, Baltika’s representative in China, declined to explain how the company managed to double its beer sales in its eastern neighbour in a year of crisis.

Baltika Breweries entered the Chinese market four years ago, starting its expansion with the Shandong and Heilongjiang provinces, and till now is the only Russian company exporting beer to China.

In 2008, the main areas of Baltika’s exports were Beijing and the provinces of Shandong, Shaanxi, Heilongjiang, Hainan, and Liaoning. According to the company estimates, exports to China represent 4.3% of its total beer exports.

In China, Baltika’s production is positioned in the super premium segment and is sold in several large retail networks as well as in restaurants and bars. The beer is supplied by the company’s St. Petersburg brewery and stickers in Chinese are pasted on the bottles already in China.

The average price of a 0.5l bottle of Baltika beer in supermarkets is 12 yuan (about $1.75). This is almost three times as expensive ...More Info


Barley News

Canada: Barley exports to fall by 36% in 2009/2010 - Agriculture and Agri-Food Canada

Canada’s areas planted to barley in 2009/2010 are expected to be relatively unchanged from 2008, Agriculture and Agri-Food Canada communicated on March, 6.

The outlook assumes normal precipitation, abandonment and quality and that average yields will decrease to the trend level.

For 2008-09, Canada’s barley exports are forecast to fall by 36% since 2007-08, due to lower exports of feed barley. Carry-out stocks are projected to rise by 34%. Feed barley prices are expected to average about 20% below last year.

For 2009-10, seeded area is forecast to be unchanged from 2008 but lower yields are expected to reduce production by 10%.

Canada’s total barley supply is forecast to fall by 4%.


United States: Barley production is trending upward – industry experts

Barley production is trending upward in the United States, including North Dakota and Montana, while Minnesota has kept acres low and about the same over the past two years, the Farm & Ranch Guide posted on March, 9.

“The last three years, there has been a general modest increase in barley production. North Dakota has increased harvested acres from 1.39 million in 2007 to 1.54 million. Montana has increased acres from 720,000 in 2007 to 740,000 in 2008. Minnesota has stayed at 110,000 harvested acres over the past two years,” Steve Edwardson, executive director of the North Dakota Barley Council, said.

The reason for the upward production trends not only in this region but in the U.S. as a whole has been a depletion of barley stocks from 2003 to 2005. In addition, with the higher price of corn, barley has been a substitute for feed.

“In southwestern North Dakota we've had some high test weights, and in the eastern regions, higher yields by 8 to 10 bushels per acre compensated for a lower test weight,” Edwardson said.

Japan began helping barley growers out with a good market and nice prices in 2006 to 2007. However, in 2008, prices softened and “Japan ran out ...More Info


Canada: CWB expects malting barley to see a drop in production, quality, price this year

Bruce Burnett, the Canadian Wheat Board’s Director of weather and market analysis, says malting barley will see a drop off from last year's exceptional crop in terms of production and quality, the MooseJaw reported on March, 9.

"I think they key market factor coming up is going to be the situation on Australia. They've undergone about 2-3 years of drought, which has hurt their barley production and certainly hurt their selection rate in malting barley this year. If we see a break in that drought that certainly would cause some pressures,” Mr. Burnett said.

“We're looking at a downward movement in the malting barley prices - again when you compare it with history, this would be about the third highest poll return on record, if realized this year,” he added.


Hops News

Ukraine: Local hops sales further fall in 2009

Ukraine’s hops industry sales further worsened in 2009, dsnews.ua reported on March, 10.

The nation’s hops growers blame foreign rivals for intercepting profitable customers, while Ukrainian brewers advise them to work on the quality of their products.

Since the beginning of the season, Ukrainian hops growers have managed to sell less than a third of their 2008 crop (about 300 tonnes). And even the few potential buyers who are ready to purchase the merchandise offer very low prices. “We have to sell hops for UAH 25 – 27 thousand per tonne, whereas at the beginning of the season the price was UAH 100 thousand per tonne. This reduction is explained by the great number of intermediaries on the market, who have already divided among themselves the end customers of Ukrainian hops. The nation’s agrarians have no access to the final buyers” Ivan Doskoch, General Director of NVP Zapad-Khmel said.

Analysts believe that sale problems may significantly diminish the attractiveness of the crop, which will lead to further reduction in the areas planted to hops. Over the last three years, Ukraine’s hops areas were reduced by 300 ha to 900 ha and some farms have completely stopped growing the crop.

Scientific Digest

Hydrolysis of Brewers’ Spent Grain by Carbohydrate Degrading Enzymes

Pirkko Forssell, Hanna Kontkanen, Henk A. Schols, Sandra Hinz, Vincent G.H. Eijsink, Janneke Treimo, Jim A. Robertson, Keith W. Waldron, Craig B. Faulds and Johanna Buchert

Abstract:
J. Inst. Brew. 114(4), 306–314, 2008 In this work four commercial cellulase-hemicellulase mixtures with different activity profiles were used for solubilization of carbohydrates from brewers’ spent grain (BSG). After the enzyme treatment, both the solubilised fraction and the unhydrolysed residue were characterized. Treatment with 5,000 nkat/g xylanase for 5 h at 50°C resulted in the solubilisation of 13–14% of the BSG dry weight as monosaccharides. This corresponded to the solubilisation of 26–28% of the original carbohydrates and 30–34% of original arabinoxylans, depending on the enzyme cocktail used. The relatively low hydrolysis level indicates that the majority of the BSG biomass is rather recalcitrant towards the cellulose-hemicellulase enzyme mixtures applied in this study. The enzyme activity profile had a crucial impact on the chemistry of the oligosaccharides produced through the solubilisation of BSG. The presence of feruloyl esterase (FAE) activity in the enzyme cocktail resulted in the production of free ferulic acid, arabinoxylo-oligosaccharides and their corresponding monomers. However, when the enzyme mixture was devoid of FAE activity, ferulic acid was still bound to the oligosaccharides. The unhydrolysed fraction was still found to contain over 40% of carbohydrates after enzymatic treatment despite the extensive enzyme dosages used. The protein fraction remained largely unaffected (i.e. insoluble) by the carbohydrate-disrupting enzyme treatments. In addition to the recalcitrant carbohydrates, the residue was enriched with lignin and lipid type structures. Key words: brewers’ spent grain, cellulase, hydrolysis, xylanase. Load full article, 9 pages, 4748 Kb, PDF file

Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.2687 March 11, 2009 
 Crop year   2008   2009 
 Parity   FOB Creil   FOB Creil 
 Position   July 2008   July 2009 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  120.00  152.50  147.00  186.50 
2RS  Prestige  119.00  151.00  146.00  185.50 
2RS  Cellar  118.00  150.00  145.00  184.00 
2RS  Sebastien  117.00  148.50  144.00  183.00 
2RS  Tipple  117.00  148.50  144.00  183.00 
2RS  Henley  117.00  148.50  144.00  183.00 
6RW  Esterel   112.00  142.50  127.00  161.50 

French Feed Barley Prices. Nominal prices
EURO = USD 1.2687 March 11, 2009
Crop year 2008
Parity FOB Creil
Position July 2008
Type EURO USD
Feed Barley 99.00 125.60


Theoretical Malt Prices

EURO = USD 1.2687 March 11, 2009, 2009 
Crop year  2008 
Parity  FOB Antwerp 
Position  Mar 2009 - Sept 2009 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO USD EURO  USD EURO USD  EURO  USD
2RS  Scarlett  339.00  430.50  370.50  469.50  362.50  460.00  377.00  478.00 
2RS  Prestige  338.00  428.50  369.00  468.50  361.50  458.50  375.50  476.50 
2RS  Cellar  336.50  427.00  368.00  466.50  360.00  457.00  374.50  475.00 
2RS  Sebastien  335.50  425.50  366.50  465.00  359.00  455.50  373.00  473.50 
2RS  Tipple  335.50  425.50  366.50  465.00  359.00  455.50  373.00  473.50 
2RS  Henley  335.50  425.50  366.50  465.00  359.00  455.50  373.00  473.50 
2RS   Average price  336.50  427.00  368.00  466.50  360.00  457.00  374.50  475.00 
6RW  Esterel   328.50  417.50  360.50  457.50  353.00  447.50  367.00  465.50 
Asia Malt 70/30  334.50  424.50  365.50  464.00  358.00  454.00  372.50  472.00 
**  Asia Malt 50/50  333.00  422.50  364.00  462.00  356.50  452.50  370.50  470.50 


EURO = USD 1.2687 March 11, 2009
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  364.00  461.50  395.00  501.00  387.50  491.50  401.50  509.50 
2RS  Prestige  362.50  460.00  394.00  499.50  386.00  490.00  400.50  508.00 
2RS  Cellar  361.50  458.50  392.50  498.00  385.00  488.50  399.00  506.50 
2RS  Sebastien  360.00  457.00  391.50  496.50  383.50  486.50  398.00  505.00 
2RS  Tipple  360.00  457.00  391.50  496.50  383.50  486.50  398.00  505.00 
2RS  Henley  360.00  457.00  391.50  496.50  383.50  486.50  398.00  505.00 
2RS   Average price  361.50  458.50  392.50  498.00  385.00  488.50  399.00  506.50 
6RW  Esterel   338.50  430.50  370.50  470.00  363.00  460.50  377.00  478.50 
Asia Malt 70/30  354.50  450.00  386.00  489.50  378.50  480.00  392.50  498.00 
**  Asia Malt 50/50  350.50  444.50  381.50  484.00  374.00  474.50  388.00  492.50 

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

Table of the Week

Canada: Barley Supply and Disposition as of March 6, 2009

. 2007-2008 2008-2009f 2009-2010f
Seeded area, '000 ha 4,397 3,787 3,785
Harvested area, '000 ha 3,998 3,502 3,425
Yield, tonne/ha 2.75 3.36 3.11
Production, '000 metric tonnes 10,984 11,781 10,650
Imports, '000 metric tonnes 58 40 35
Total Supply, '000 metric tonnes 12,532 13,390 12,785
Exports, '000 metric tonnes 3,911 2,500 2,400
Food & Industrial Use, '000 metric tonnes 156 190 190
Feed, Waste, Dockage, '000 metric tonnes 6,567 8,299 7,870
Total Domestic Use, '000 metric tonnes 7,053 8,790 8,385
Carry-out Stocks, '000 metric tonnes 1,568 2,100 2,000
Average Price, CA$/tonne 214 160-190 150-190

f: forecast, Agriculture and Agri-Food Canada, March 6, 2009
Graph of the Week



These Days in Business History
March 9
1861 Confederate currency authorized-$50, $100, $500, $1,000
1959 Barbie, the popular girls' doll, debuted, over 800 million sold
1987 Chrysler Corp offered to buy American Motors Corp for $1 billion

March 10
1862 U.S. issues 1st paper money ($5, $10, $20, $50, $100, $500 and $1000)
1982 President Reagan proclaims economic sanctions against Libya
1995 Dow-Jones hits record 4035.64

March 11
1702 1st English daily newspaper "Daily Courant," publishes
1935 Bank of Canada opens
1986 187.27 million shares traded in New York Stock Exchange
Agenda