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E-Malt.com Newsletter 22b
May 28 - May 31, 2009
Open!
Click here to get full size Newsletter


Quote of the week

" Management is doing things right; leadership is doing the right things."
Peter F. Drucker
Currency Rates
Base Currency: Euro, EUR
on 29-May-2009

1 EUR = 1.3878 USD
1 EUR = 0.8707 GBP
1 EUR = 1.553 CAD
1 EUR = 1.7775 AUD
1 EUR = 133.883 JPY
1 EUR = 2.8144 BRL
1 EUR = 43.4325 RUB
1 EUR = 9.4899 CNY
Base Currency: US Dollar
on 29-May-2009

1 USD = 0.7207 EUR
1 USD = 0.6274 GBP
1 USD = 1.1191 CAD
1 USD = 1.2809 AUD
1 USD = 96.473 JPY
1 USD = 2.028 BRL
1 USD = 31.2968 RUB
1 USD = 6.8383 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

May 29, 2009

Type Crop 2008 Crop 2009
2rs Barley EUR114.0-118.0 EUR150.0-154.0
6rw Barley EUR109.0-113.0 EUR137.0-141.0 1.42%
2rs Malt EUR329.5-333.5 EUR365.0-369.0
6rw Malt EUR322.5-326.5 EUR348.0-352.0 0.71%
Feed Barley EUR103.0-107.0 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

Vietnam: Brewer Habeco expects slightly increased profit and over-the-counter stock trading this year ...Click here
Ukraine: Beer export increases by 30.4% as compared to March export volume ...Click here
The Netherlands: Heineken NV reduces net debt by acquiring debt notes of a British pub chain ...Click here
Romania: First quarter beer sales drop by 12.3% as compared to the same period in 2008 ...Click here
China: AB InBev to close selling a 7% stake in Tsingtao in early June ...Click here
Russia: Federal Antimonopoly Service takes proceedings against Russia’s largest maltster ex parte Baltika Breweries ...Click here
EU: Barley exports to date still lower than last year - ONIGC ...Click here
Canada: CWB’s PRO estimates reduced for both 2008/09 and 2009/10 malting barley ...Click here
EU: No sales of malting barley before getting a clearer view of crop 2009 ...Click here
Germany: Hops growing areas hit by giant hail storm – damage estimates vary ...Click here




United Kingdom: Heineken struggling to keep its UK business afloat ...More Info
Australia: If for sale, Foster’s will be most likely acquired jointly by Coca-Cola Amatil & SABMiller - Credit Suisse analysts ...More Info
Kazakhstan: Kazakh consumers to get more locally produced beer ...More Info
Ireland: Iconic brewery calls last orders ...More Info
United States: Washington barley and wheat commissions to unite ...More Info
New Zealand & United Kingdom: Steinlager Pure beer chooses UK as the launch pad for overseas expansion ...More Info
Russia: Brewer SUN InBev has expansion plans for Ivanovo region ...More Info
Angola: Castel invests $200 mln in a new brewery in Angola ...More Info
Poland: SABMiller’s subsidiary to have a new head as from June, 1 ...More Info
Lithuania: Gubernija continues operating at a loss in Q1 2009 ...More Info
Go to our news database with more than 15091 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

Vietnam: Brewer Habeco expects slightly increased profit and over-the-counter stock trading this year

Hanoi Beer-Alcohol-Beverages Corp., a Vietnamese brewer partly owned by Carlsberg A/S, said it expects profit to “slightly” increase this year and that its stock will start trading on the over-the-counter market in June, Bloomberg reported on May, 29.

The net income of Habeco, as the company is known, would rise to VND250 billion (US$14 million) from VND247 billion last year, chairman Le Ba Co said.

The revenue of the Hanoi-based brewer, Vietnam’s third-largest, is expected to climb to VND3.7 trillion from VND3.4 trillion last year, Co said. Habeco plans to set up a new brewery that will produce 100 million litres of beer a year in the northern province of Vinh Phuc in the fourth quarter.

The maker of “Hanoi Beer” held its first initial public offering in March last year. The government raised VND199 billion, compared with the VND1.74 trillion it expected to get, after a plunge in the stock market. The benchmark VN-Index, which lost 66 percent last year, has rallied 32 percent this year.

Carlsberg, the largest Danish brewer, holds around 16 percent of Habeco, Co said, with the Vietnamese government owning almost 82 percent.

Vietnam plans to start a new exchange, known locally as UPCoM or the regulated over-the-counter market, in ...More Info


Ukraine: Beer export increases by 30.4% as compared to March export volume

Ukraine’s beer export increased by 30.4% in April as compared to the previous month, correspondent.net communicated on May, 28.

Total beer export volume amounted to 37.2 mln litres (USD10.89 mln in money terms).

In comparison with April 2008, however, the export volume dropped 4.5% or 1.7 mln litres.

In January – April this year Ukraine exported 6.9% less beer than in the same period of 2008. Total beer exports in the first four months of this year amounted to 114.6 mln litres (USD33.02 mln).

The lion’s share of Ukraine’s beer exports goes to Russia, Belarus, Moldova, and Georgia.

As it has been already reported, in March Ukrainian brewers sharply increased their output to 2.3 mln hl (+ 33.7% as compared to February).


The Netherlands: Heineken NV reduces net debt by acquiring debt notes of a British pub chain

Dutch brewing giant Heineken N.V. announced on May, 28 that it has acquired a further 55.6% of Class A1 Notes representing a face value of £111.2 million issued by Globe Pub Issuer plc (‘Globe’).

Heineken said it has also acquired 31.6% of Class B1 Notes issued by Globe, representing a face value of £18.0 million, and a 21.7% participation in the syndicated bank debt (being £50 million out of an aggregate of £230 million).

In addition, Heineken has now assumed the economic interest of the counterparty of Globe Pub Management Limited in a swap transaction. The swap was entered in 2006, when the floating interest rate in relation to the syndicated bank debt was swapped for a fixed interest rate.

These additional purchases follow Heineken’s initial acquisition of 30.1% of Class A1 Notes issued by Globe, representing a face value of £60.2 million, on 17 April 2009. Heineken therefore now owns a total of 85.7% of the Class A1 Notes.

Heineken has purchased the Notes and syndicated bank debt at a substantial discount to face value. As Heineken has consolidated the Globe group for accounting purposes as per 28 April 2008, the net debt of Globe is included in the consolidated balance ...More Info


Romania: First quarter beer sales drop by 12.3% as compared to the same period in 2008

Romania’s beer sales dropped by 12.3% in the first three months of this year from a year ago, Ziarul Financiar cited data from the National Statistics Institute (INS) on May, 28.

The 3.1 mln hl of beer sold in the country in January – March make the worst first quarter in ten years, analysts comment.

The nation’s largest brewers and research companies maintain, though, that the market fell by less than 10% in the first three months of this year, with their estimates ranging between a 4 and 7% decline.

Their explanation is that INS data include only sales by producers to wholesalers and store chains of modern retail and therefore do not cover the real beer consumption, assessed by market research firms.

"Brewers were much more cautious about deliveries in the first months of this year so as to reduce stocks on the market and lessen the impact in the final price of products," explained Constantin Bratu, general manager of Romania's Brewers Association.

He added that during out-of-season periods it takes as long as a month between the production moment and that of consumption, so that larger beer stocks are generated.

Total beer sales in the first quarter reached 3.1 million hectolitres, from over ...More Info


China: AB InBev to close selling a 7% stake in Tsingtao in early June

Chen Shufa, chairman of Fujian New Hua Du Supercenter Co., Ltd. has enough capital to buy a stake in Tsingtao Brewery Co. from Belgium-based Anheuser-Busch InBev, SinoCast Daily Business Beat reported on May, 28.

Mr. Chen cashed in about 1.3 billion via selling A shares of Zijin Mining Group Co., Ltd. recently.

In addition to self-owned capital, he has had enough capital to take a 7.01 percent stake in top Tsingtao Brewery from AB InBev, Tang Jun, CEO of New Hua Du, said in an interview.

Mr. Chen inked a contract to acquire a 7.01 percent stake in Tsingtao Brewery from AB InBev for USD 235 million, or CNY 1.6 billion, on May 7, 2009.

The CNY 1.6 billion was scheduled to remit AB InBev's account on May 27, but for problems regarding to procedures, the timetable had been postponed to early next month, added Tang.

After the deal, Chen Shufa will become the third biggest shareholder of the Chinese beer maker.


Malt News

Russia: Federal Antimonopoly Service takes proceedings against Russia’s largest maltster ex parte Baltika Breweries

The Federal Antimonopoly Service of the Russian Federation (FAS) has instituted legal proceedings against the maltster Russkiy Solod ex parte Baltika Breweries, RBC reported on May, 28.

Russkiy Solod (Russian Malt) is accused of setting in 2008 a monopoly price on the malt it produced for Russia’s largest brewer.

Russkiy Solod owns three malthouses in Russia with a total annual capacity of 330 thousand tonnes of malt.

Previously, at the end of December 2008, Russkiy Solod, the largest maltster in Russia, has filed a lawsuit with the Moscow’s Arbitrary Court demanding almost 1.6 bln roubles from Baltika Breweries in payment of the malt produced for the brewer.

Baltika, in its turn, brought a suit against the maltster early last month requesting the invalidation of a RUB4 bln contract. The brewer claimed that the delivery volume had been imposed on it by the respondent and was more than twice as much as Baltika’s malt needs. Besides, the price of malt on Russia’s market at the moment when the contract was signed was much lower than the price set by Russkyi Solod, which abused in this way its dominating market position.


Barley News

EU: Barley exports to date still lower than last year - ONIGC

As of May, 13, barley export licenses issued by the EU amounted to 3.3 mln tonnes, ONIGC cited FranceAgriMer earlier this month.

In total, the amount of barley licensed for export since the beginning of the 2008/09 campaign is lower than that of the previous year (3.6 mln tonnes of barley) but higher than in 2007 (3.1 mln tonnes).

Last month, EU’s authorities licensed the export of 150,000 tonnes of barley. Barley intervention offers have surpassed 800,000 tonnes, it is reported.


Canada: CWB’s PRO estimates reduced for both 2008/09 and 2009/10 malting barley

The CWB released on May, 28 its latest monthly Pool Return Outlooks (PRO) for the 2008-09 and the 2009-10 crop years.

PRO Commentary 2008-09 crop year

Despite the rise in international feed barley prices, malting barley prices continued to be pressured by large supplies in several key malt barley producing countries. Abundant old-crop stocks have held their quality and are being carried forward, putting pressure on the new-crop price structure. These large supplies are allowing buyers to remain very selective. Currency volatility remains an important factor in the world malt barley price structure with recent strength in the Euro being positive for prices, while the strengthening of the Canadian dollar has adversely impacted prices in Canadian-dollar terms. At this stage in the marketing year, the old-crop pool sales are nearly complete and the impact of market price declines on the old-crop PRO is moderate.

Malting barley values declined by C$3 from the March PRO to C$317 for two-row and C$297 for six-row malting barley.

Global feed barley prices moved higher this past month, despite large supplies of barley, feed wheat and corn. Planting delays in the eastern corn belt are causing concerns about U.S. corn production, supporting international feed prices. Drought conditions in Spain, ...More Info


EU: No sales of malting barley before getting a clearer view of crop 2009

Despite the demand for malting barley on the EU markets, the offer is practically nonexistent, La Depeche reported on May, 29.

The sellers are taking their time in expecting a more precise estimate of the 2009 barley crop, industry observers explain. As a result, the market is closed, though the initial crop prospects are promising.

Feed barley enjoys stable demand due to competitive prices as compared to other grains, it is reported.


Hops News

Germany: Hops growing areas hit by giant hail storm – damage estimates vary

Incoming reports on the giant hail storm that devastated parts of the German hop crop on Monday, May 26 keep coming in but the general opinion now is that the situation is not as bad as originally indicated, examiner.com posted on May, 28.

Earlier this week, one member from the Netherlands reported, “Staff of Bayerische Staatsbrauerei Weihenstephaner [where the German brewing school resides], who live throughout the area, have all reported the complete destruction of hop fields in the region.” Other reports indicated that the damage was local in some areas and effected about only 25% of the region.

Approximately 1,800 hectares of hops plantings in the Southern Hallertau region must be considered a complete loss, one source stated.

Another source is reporting: In Hallertau, the worlds' largest hop growing region, 4,000 hectare (10,000 acres) has been hit. This represents 25% of hop fields in Hallertau. 2,500 acres is completely destroyed; 3,750 acres is reported to have been severely hit and another 3,750 acres has been lightly damaged.

Likewise the Southern part of the Tettnang region was heavily affected by the hailstorm, which passed the area a few hours before it reached the Hallertau. First estimates show that 350 hectares were badly ...More Info

Scientific Digest

Bitter is better - a review on the knowledge about bitterness in beer

Ch. Schönberger

Introduction
Bitter is, or should be, a descriptive term for beers. What makes the beer bitter in the first place is the use of hops. The range of bitter units in beers used to be between 20 and 50 IBU (International Bitterness Units). Nowadays there is a very clear trend towards mild beers with bitter units between 10 –25 and sometimes even lower. Originally used as a preservative in beer, newest findings show us what hop-derived substances offer in regard to health benefits. So there is hope that a new triumphant success of hops might go along with a new increase of bitterness in beer. Bitterness is a topic which is very important for all brewers and being a question of taste it can be discussed to everyone’s taste. This article is to give a review on the knowledge about bitterness in beer and the challenges in sensory and analytical evaluation of bitterness. The bitter taste reception is different from the reception of the other four taste qualities, which are sour, sweet, salty and umami, because evolution told us to be alert to bitter foods and rightly so since it can be equated with dietary danger. Rancid fats, hydrolysed proteins, plant-derived alkaloids, and toxins generally have an unpleasant bitter taste. Also microbial fermentation often results in bitter tasting compounds (1). But bitter flavours also contribute to the palatability and digestibility of food and beverages. Beer is not the only consumer good with the tendency of decreasing bitterness. Responding to taste-driven consumer demand of less bitter food, the food industry generally tries to remove bitter compounds like phenolic compounds, flavonoids, isoflavones, terpenes, and tannins from foods destined for human consumption. Because of such efforts, current food supply is less bitter than it might otherwise be (2,3). Load full article, 15 pages, 286 Kb, PDF file

Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.3878 May 29, 2009 
 Crop year   2008   2009 
 Parity   FOB Creil   FOB Creil 
 Position   July 2008   July 2009 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  118.00  164.00  154.00  214.00 
2RS  Prestige  117.00  162.50  153.00  212.50 
2RS  Cellar  116.00  161.00  152.00  211.00 
2RS  Sebastien  115.00  159.50  151.00  209.50 
2RS  Tipple  115.00  159.50  151.00  209.50 
2RS  Henley  115.00  159.50  151.00  209.50 
6RW  Esterel   111.00  154.50  139.00  193.00 

French Feed Barley Prices. Nominal prices
EURO = USD 1.3878 May 29,2009
Crop year 2008
Parity FOB Creil
Position July 2008
Type EURO USD
Feed Barley 105.00 145.71


Theoretical Malt Prices

EURO = USD 1.3878 May 29,2009 
Crop year  2008 
Parity  FOB Antwerp 
Position  May 2009 - Sept 2009 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO USD EURO  USD EURO USD  EURO  USD
2RS  Scarlett  334.00  463.00  365.00  506.50  357.50  496.00  371.50  515.50 
2RS  Prestige  332.50  461.50  363.50  504.50  356.00  494.00  370.50  514.00 
2RS  Cellar  331.50  459.50  362.50  503.00  355.00  492.50  369.00  512.00 
2RS  Sebastien  330.00  458.00  361.50  501.50  353.50  490.50  368.00  510.50 
2RS  Tipple  330.00  458.00  361.50  501.50  353.50  490.50  368.00  510.50 
2RS  Henley  330.00  458.00  361.50  501.50  353.50  490.50  368.00  510.50 
2RS   Average price  331.50  459.50  362.50  503.00  355.00  492.50  369.00  512.00 
6RW  Esterel   324.50  451.50  356.50  494.50  348.50  484.00  363.00  503.50 
Asia Malt 70/30  329.50  457.50  360.50  500.50  353.00  490.00  367.50  509.50 
**  Asia Malt 50/50  328.50  455.50  359.50  499.00  352.00  488.00  366.00  508.00 


EURO = USD 1.3878 May 29, 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  369.50  512.50  400.50  556.00  393.00  545.50  407.50  565.00 
2RS  Prestige  368.50  511.00  399.50  554.50  391.50  543.50  406.00  563.50 
2RS  Cellar  367.00  509.50  398.50  552.50  390.50  542.00  404.50  561.50 
2RS  Sebastien  366.00  507.50  397.00  551.00  389.50  540.50  403.50  560.00 
2RS  Tipple  366.00  507.50  397.00  551.00  389.50  540.50  403.50  560.00 
2RS  Henley  366.00  507.50  397.00  551.00  389.50  540.50  403.50  560.00 
2RS   Average price  367.00  509.50  398.50  552.50  390.50  542.00  404.50  561.50 
6RW  Esterel   350.00  487.00  382.50  530.50  374.50  519.50  388.50  539.50 
Asia Malt 70/30  362.50  502.50  393.50  546.00  385.50  535.50  400.00  555.00 
**  Asia Malt 50/50  359.00  498.00  390.50  541.50  382.50  531.00  396.50  550.50 

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

Ukraine Barley Supply & Demand
in million metric tonnes

  Area harvested mln ha Yield Produ- ction MY Imports MY Exports Feed Consum Total Consum Ending Stocks
2002/03 4.2 2.5 10.4 0.0 2.9 5.5 7.4 1.4
2003/04 4.6 1.5 6.9 0.0 1.5 4.7 6.2 0.6
2004/05 4.5 2.5 11.1 0.0 4.3 4.7 6.4 1.0
2005/06 4.4 2.1 9.0 0.1 4.0 3.2 4.9 1.2
2006/07 5.2 2.2 11.4 0.0 5.1 4.8 6.5 1.0
2007/08 4.1 1.5 6.0 0.0 1.0 3.6 5.3 0.6
2008/09e 4.2 3.0 12.6 0.0 6.3 4.1 5.8 1.1
2009/10f 4.5 2.1 9.5 0.0 4.5 3.6 5.3 0.8
Source: USDA, May 2009
Graph of the Week


Source: Hop Growers of America

These Days in Business History
May 28
1783 Benjamin Tower of Philadelphia publishes 1st daily newspaper in U.S.
1849 Patent for lifting vessels granted to Abraham Lincoln
1863 Georg Adler, German state economist is born

May 29
1527 University of Marburg (Germany) founded
1848 William G. Young patents ice cream freezer
1933 Patent on invisible glass installation

May 30
1872 Mahlon Loomis patents wireless telegraphy
1928 John Keith Wright is born, English economist/asst sect of state, 1971-84
1975 European Space Agency, ESA, forms

May 31
1879 1st electric railway opens at Berlin Trades Exposition
1974 The first money-market mutual fund with checkwriting privileges, Fidelity Daily Income Trust, opens for business.
2000 Lucent Technologies announces that it is buying Chromatis Networks, an optical networking company, for $4.5 billion.
Agenda