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E-Malt.com Newsletter 34a
August 17 - August 19, 2009
Open!
Click here to get full size Newsletter


Quote of the week

" Go back a little to leap further"
John Clarke
E-Malt.com recommends:


Currency Rates
Base Currency: Euro, EUR
on 19-August-2009

1 EUR = 1.4113 USD
1 EUR = 0.8587 GBP
1 EUR = 1.56 CAD
1 EUR = 1.713 AUD
1 EUR = 133.808 JPY
1 EUR = 2.6383 BRL
1 EUR = 45.1805 RUB
1 EUR = 9.6594 CNY
Base Currency: US Dollar
on 19-August-2009

1 USD = 0.7087 EUR
1 USD = 0.6084 GBP
1 USD = 1.1054 CAD
1 USD = 1.2138 AUD
1 USD = 94.8183 JPY
1 USD = 1.8695 BRL
1 USD = 32.0143 RUB
1 USD = 6.8445 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change trend

August 19, 2009

Type Crop 2008 Crop 2009
2rs Barley nq   EUR102.0-106.0 1.89%
6rw Barley nq   EUR102.0-106.0 0.95%
2rs Malt EUR320.0-324.0 0.62% EUR300.0-304.00 1.47%
6rw Malt EUR314.5-318.5 0.63% EUR299.0-303.0 1.15%
Feed Barley nq    EUR94.0-98.0

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: CVC’s bid for AB InBev’s European assets in the air as the world’s No. 1 brewer is weighing its options - sources ...Click here
Canada & United States: Molson Coors maintains ‘cautious stance’ and focuses on controlling costs - CEO ...Click here
United Kingdom: UK court decides the SABMiller/Diageo case for the former ...Click here
EU: West Europe drank 580 mln litres less in H1 2009 - report ...Click here
Romania: Beer sales hit by decline in the first half of this year ...Click here
Thailand: ThaiBev’s beer business reports loss for the first half of this year ...Click here
United States & Mexico: Grupo Modelo’s case against Anheuser-Busch to be heard this month – AB InBev ...Click here
United Kingdom: Malting barley quality and yields excellent across most of the UK ...Click here
United States: High quality barley crop may raise malt selection rates even higher this year ...Click here
Russia: Barley exports up 163% yoy in the first month of the current marketing year ...Click here
United States: This year’s hop crop expected between average to above average ...Click here


More News


Australia: Foster’s may demerge its beer and wine operations within 12 months - sources ...More Info
Japan: Asahi Breweries urged to follow suit Kirin and boost acquisitions ...More Info
United Kingdom: Cobra Beer founder restates intention to pay some of the cash to creditors ...More Info
United States: Craft beer volume grows 5% in January – June 2009 ...More Info
Latvia: Beer consumption steady this summer despite recession – Latvian brewers ...More Info
Germany & Vietnam: German Bitburger licensed for brewing in Vietnam ...More Info
World: Credit Suisse raises price estimate for SABMiller ...More Info
Japan: Suntory to launch alcohol-free beer in late September ...More Info
South Africa & the Czech Republic: SABMiller measures its beer’s water footprint ...More Info
United States: Another Busch beer business brewing up in the US ...More Info
Panama: SABMiller’s Panamanian affiliated company appoints new CEO ...More Info
Go to our news database with more than 15622 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

Belgium: CVC’s bid for AB InBev’s European assets in the air as the world’s No. 1 brewer is weighing its options - sources

The financing package backing CVC's bid for Anheuser-Busch InBev's central and eastern European assets is complete but hangs in the balance as AB InBev weighs its options, Reuters cited banking sources on August, 18.

Ten to 12 banks provided an all-senior financing with no junior debt to back CVC Capital Partners' bid at the end of July, a leveraged banker said.

According to several bankers, CVC's bid failed to meet AB InBev's price expectations and the Belgian brewing giant is considering options which include splitting up the central and eastern European assets.

"The financing package is all wrapped and has been for some time. We are expecting a decision imminently, either this week or early next week," the leveraged banker said.

CVC could not immediately be reached for comment.

Offers were expected to come in at around 1.4 billion euros ($2 billion), while AB InBev was seeking around 2 billion euros, according to one person familiar with the situation, Reuters reported last month.

Bankers said the financing package which consisted of around 700 million euros of debt and 700 million euros of equity could be boosted by a vendor loan from AB InBev to ease the sale.

Vendor loans from sellers to buyers defer some of the ...More Info


Canada & United States: Molson Coors maintains ‘cautious stance’ and focuses on controlling costs - CEO

Molson Coors Brewing Co will work to cut costs and lure consumers with promotional packages during the rest of this year, as forecasting sales trends remains difficult, Chief Executive Peter Swinburn was quoted as saying by Reuters on August, 18.

The maker of Coors Light and Molson Canadian beers does not give earnings forecasts, and the chief executive said it is hard to guess what will happen with overall volumes for the rest of the year.

"At the moment there doesn't seem to be any reason to have undue concern about the second half, but you see the unemployment figures," Swinburn said. "You see what's happening in the economy."

Swinburn said Molson is working to be "more agile" in terms of offering promotional or value packages, as recession-weary consumers look for deals. He did not discuss specific prices.

The company is maintaining its "cautious stance" and is focused on controlling costs, Swinburn said.

Based on current exchange rates, Molson expects foreign exchange translation to hurt earnings slightly in the current third quarter and help earnings in the fourth quarter, Swinburn said.

Molson reported better-than-expected second-quarter earnings earlier this month.


United Kingdom: UK court decides the SABMiller/Diageo case for the former

The High Court in London has granted SABMiller an injunction which stops East African Breweries (EABL), a subsidiary of Diageo plc, from purchasing Tanzanian brewer Serengeti Breweries Ltd, SABMiller reported on August, 18.

EABL has attempted to terminate the brewing and distribution agreement between EABL and SABMiller-owned Tanzanian Breweries Ltd (TBL) on 17 July and to purchase the competitor Serengeti Breweries (SBL).

Justice Christopher Clarke in London ruled that a Diageo unit can’t buy Serengeti Breweries Ltd. until 2011 or the resolution of a related arbitration.

TBL continues to be the sole and exclusive brewer and distributor of EABL brands in Tanzania, the court said.

SBL is Tanzania's second biggest brewer after TBL and is owned by a group of private investors.

As part of a deal dating back to 2002, EABL owns a 20 percent stake in TBL and TBL owns a 20 percent stake in EABL's Kenya Breweries unit.

A spokesman for SABMiller welcomed the ruling, adding that regardless of the outcome of arbitration EABL would be prevented from acquiring SBL until January 2011.

However, a spokeswoman for Diageo said the judgement had effectively 'maintained the status quo' as both parties had already agreed to go to arbitration.

'We've always said that our ...More Info


EU: West Europe drank 580 mln litres less in H1 2009 - report

Beer sales across West Europe fell by more than 4% in the first half of 2009 – the equivalent of 580 million litres, leading beverage research agency Canadean’s Quarterly Beverage Tracker informs.

According to experts, beer sales have been hit hard as consumers across the region tighten their purse strings by shunning bars, pubs and restaurants. ‘Cocooning’ a term not used since the downturn of the early 1990’s has been resurrected to describe the trend for drinkers to stay at home to entertain family and friends rather than eat out or go to a bar to socialise.

In some markets smoking bans and increased duty have contributed to amplify the level of abstinence. Nowhere is this best illustrated than the Netherlands where an excise duty increase and a smoking ban in cafés has triggered a considerable 9% decline in beer sales in the first half of 2009.

Beer in particular has been unable to capitalise on any switch from on to off premise; people drink less beer when they do not go out so regularly, analysts claim.

The third quarter is the most influential on commercial beverage sales and the performance in July, August and September will dictate the overall performance of the year. ...More Info


Romania: Beer sales hit by decline in the first half of this year

Romania’s beer sales were hit by a 14% decline in the first half compared to the year-ago period, Ziarul Financiar cited data from the National Statistics Institute (INS) on August, 17.

Brewers confirm there was a sales decline, but announce an up to 10% drop.

"The difference between the INS data and the figures reported by players is partly accounted for by the fact that the INS measures production, while the brewers’ reports take into account products available in stores, as well as on the on-premise segment (hotels, restaurants, coffee shops)," explains Stephan Maria Weber, president of the Brewers of Romania Association, and of Ursus Breweries, one of the largest beer producers on the Romanian market.

Even considering an up to 10% decline, from ten million hectolitres in the first half of 2008, beer sales barely approached nine million hectolitres at the end of June this year, close to the 2006 level.

"The factors that triggered a market decline are largely crisis-related. This has altered consumer behaviour – confidence in the purchasing power has weakened, prompting people to consume lower amounts and less frequently," says the president of the Brewers of Romania Association.

According to Weber, the unemployment rate rose in the first half ...More Info


Thailand: ThaiBev’s beer business reports loss for the first half of this year

Thai Beverage Public Company Limited (ThaiBev) announced its first half 2009 results on August, 14.

The company’s beer business reported a TBH560 mln net loss for the first half of 2009 (from a TBH879 net profit registered for the first half of 2008).

Over the reporting period, ThaiBev’s beer sales volume declined to 3.17 mln hl (from 4.31 mln hl a year earlier).

Sales revenue of the company’s beer business amounted to THB15.925 bln (THB21.272 bln in H1 2008). EBITDA declined to THB443 mln from TBH2.424 bln last year. EBITDA margin constituted just 2.8% (11.4% a year ago).

Chang beer has continued to see sales growth in Europe, Australia and the USA as it is a relatively new entry. In the US especially, as total imports of beer decline, Chang sales have risen approximately 60%, ThaiBev said.

As more people have chosen to remain at home, the proportion of Chang sold off premise has started to outweigh the proportion sold on-premise. In the UK and US, this has led to more emphasis on sales to supermarkets and chains.

The company’s beer segment sales accounted for 23.9% of its total sales volume in the first six months of this year.


United States & Mexico: Grupo Modelo’s case against Anheuser-Busch to be heard this month – AB InBev

The case brought last year by Mexico’s Grupo Modelo against Anheuser-Busch will be heard in New York this month, AB InBev communicated in its H1 results statement on August, 13.

The Mexican maker of Corona beer is seeking $2.5 billion in an arbitration case against Budweiser maker Anheuser-Busch in connection with the U.S. brewer's acquisition by the Belgian InBev NV last year.

Modelo claimed it was not consulted about InBev’s takeover of Anheuser, which owned 50 percent of Modelo.

The Mexican brewer, which did not disclose what it sought when the arbitration case was filed, is also seeking to stop Anheuser-Busch entities from exercising certain governance and other contractual rights provided to them under the 1993 investment agreement, Anheuser-Busch InBev said.

Anheuser-Busch InBev, the world's largest brewer, said the claims were without merit because there is no change of control clause in the Modelo investment agreement and no sale or transfer of the shares of Grupo Modelo held by Anheuser-Busch International Holdings took place when the InBev deal occurred.


Barley News

United Kingdom: Malting barley quality and yields excellent across most of the UK

Malting barley quality and yields have been excellent across most of the UK, Gleadell Agriculture sales director Stuart Shand was quoted as saying by Farmers Weekly Interactive on August, 17.

Spring barley harvest ranged from 65% complete in Lincolnshire and Yorkshire, to 80% finished in the South East and East Anglia, Mr. Shand said.

“Apart from the South West, the spring barleys are of good colour, low protein and are yielding very well. The first barleys in the Borders are also very good.”

Quench had averaged 1.64% nitrogen, with Tipple at 1.56% and Optic at 1.55%, he said. All had good screenings, above 92% retained.

Winter barley harvest was all but complete, with very good quality and above average yields, he added.

“We have seen very little protein above 11.5%, while colour and grain size is excellent.”

Cassata averaged 1.58% nitrogen, with Flagon at 1.61% and Pearl averaging 1.67%. Screenings, again, were good at over 92% retained.

“Overall, on paper, there will be a surplus of approximately 300,000 tonnes, although a lot has already had to be moved for feed due to no malting home being available,” said Mr Shand.

“Lack of homes and no premium for winter malting barley is leading to growers switching ...More Info


United States: High quality barley crop may raise malt selection rates even higher this year

Both malting and feed barley prices are continuously forced lower by a ‘plugged barley pipeline’, Randy Brag of Valley Grain Services in Casselton, North Dakota, was quoted as saying by Farm & Ranch Guide on August, 14.

“We are at a point right now that growers may not be able to sell any old crop malting barley on a spot basis due to the fact that the pipeline is full and it's going to take some time to get things cleared out again,” Brag said. “What we are hearing now is ‘no bid' for malting barley and the pipeline might not start to get cleaned where they will be bidding for barley until after the first of the year, possibly.”

Those who have malting barley contracts with the maltsters have been told they will need to store the barley on their farm, since it won't be possible to deliver at harvest time, he said.

“You can't really blame the malting industry for putting a no bid out, since they have commitments from last year that they need to take care of,” he said. “However, it really puts a crimp on the open market. That's just something that can happen when you have a ...More Info


Russia: Barley exports up 163% yoy in the first month of the current marketing year

According to Russia’s Federal Customs Service data, the export of Russian barley totalled 437 thousand tons in July 2009, Zerno Online reported on August, 18.

Malting barley accounted for just 31 thousand tons of the total amount.

Russia’s barley export in the first month of the last season was 166 thousand tons, whereas in the first month of the 2007/08 marketing year the country’s barley export totalled 140 thousand tons.


Hops News

United States: This year’s hop crop expected between average to above average

Hop production in Idaho, Oregon, and Washington is forecast at 80.9 million pounds for 2009, up slightly from last year’s 80.6 million pounds and 34 percent more than 2007, US National Agricultural Statistics Service (USDA) reported earlier this month.

Area strung for harvest, at 40,177 acres, is down 2 percent from 2008. Yield is estimated at 2,013 pounds per acre for the Pacific Northwest, 42 pounds more than 2008, USDA said.

Washington’s yield is forecast at 2,100 pounds per acre for the 2009 crop, 28 pounds more than last year. Oregon’s yield is forecast at 1,770 pounds per acre, up 201 pounds from 2008. In Idaho, yields are forecast to average 1,740 pounds per acre, 101 pounds lower than a year ago. ...More Info

Scientific Digest

Effect of High Temperature–High Humidity Treatment of Germinated Unkilned Barley on Malt Quality and Extract Characteristics

S. Tejinder

Abstract:
J. Inst. Brew. 113(2), 219–227, 2007 The effect of a high temperature–high humidity treatment (HTHHT) of germinated unkilned barley on malt quality and extract characteristics was studied. Two samples of six-row barley were steeped to 42% moisture and germinated, with and without gibberellic acid, at 15°C for 5 days. The germinated barley was placed in a high humidity (75–80%) atmosphere maintained at 45, 55, and 65°C, respectively. For each temperature, treatments were carried out for 30, 60 and 90 min, respectively. At 45°C for 30–60 min, the malts developed high diastatic power and proteolytic activity. The high values for cold water extract and reducing sugars in the extracts indicated extensive amylolysis of starch granules during HT-HHT of the germinated barley at 55– 65°C. The worts were light in colour, with a pH of 5.3–5.8 and titratable acidity was in the range of 0.09–0.23%. A consistent increase in soluble nitrogen and Kolbach index was observed in the malts treated at 45–55°C for 30–90 min. Free -amino nitrogen of the malts was in the desirable range of 120–150 mg L–1. Therefore, HT-HHT can be useful for improving malt modifica tion and wort characteristics and to shorten the germination time for malts from poor quality barley. Key words: Extract analysis, germinated unkilned barley, high temperature–high humidity treatment, Kolbach index, malt. Load full article, 9 pages, 620 kb , PDF file

Barley Prices

French Malting Barley Prices. Nominal prices
EURO = USD 1.4113 August 19, 2009 
 Crop year   2008   2009 
 Parity   FOB Creil   FOB Creil 
 Position   July 2008   July 2009 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  nq nq 106.00  149.50 
2RS  Prestige  nq nq 105.00  148.50 
2RS  Cellar  nq nq 104.00  147.00 
2RS  Sebastien  nq nq 103.00  145.50 
2RS  Tipple  nq nq 103.00  145.50 
2RS  Henley  nq nq 103.00  145.50 
6RW  Esterel   nq nq 104.00  147.00 

French Feed Barley Prices. Nominal prices
EURO = USD 1.4113 August 19,2009
Crop year 2009
Parity FOB Creil
Position July 2009
Type EURO USD
Feed Barley 96.00 135.48


Theoretical Malt Prices

EURO = USD 1.4113 August 19,2009 
Crop year  2008 
Parity  FOB Antwerp 
Position  Aug 2009 - Sept 2009 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO USD EURO  USD EURO USD  EURO  USD
2RS  Scarlett  324.50  458.00  356.00  502.00  348.00  491.50  362.50  511.50 
2RS  Prestige  323.50  456.50  354.50  500.50  347.00  489.50  361.00  509.50 
2RS  Cellar  322.00  454.50  353.50  498.50  345.50  487.50  360.00  508.00 
2RS  Sebastien  321.00  453.00  352.00  497.00  344.50  486.00  358.50  506.00 
2RS  Tipple  321.00  453.00  352.00  497.00  344.50  486.00  358.50  506.00 
2RS  Henley  321.00  453.00  352.00  497.00  344.50  486.00  358.50  506.00 
2RS   Average price  322.00  454.50  353.50  498.50  345.50  487.50  360.00  508.00 
6RW  Esterel   316.50  447.50  348.50  491.50  340.50  481.00  355.00  501.00 
Asia Malt 70/30  320.50  452.50  352.00  496.50  344.00  485.50  358.50  505.50 
**  Asia Malt 50/50  319.50  451.00  351.00  495.00  343.50  484.50  357.50  504.50 


EURO = USD 1.4113 August 19 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  304.50  429.50  335.50  473.50  328.00  462.50  342.00  483.00 
2RS  Prestige  303.50  428.00  334.50  472.00  326.50  461.00  341.00  481.00 
2RS  Cellar  302.00  426.00  333.00  470.00  325.50  459.50  339.50  479.50 
2RS  Sebastien  300.50  424.50  332.00  468.50  324.50  457.50  338.50  477.50 
2RS  Tipple  300.50  424.50  332.00  468.50  324.50  457.50  338.50  477.50 
2RS  Henley  300.50  424.50  332.00  468.50  324.50  457.50  338.50  477.50 
2RS   Average price  302.00  426.00  333.00  470.00  325.50  459.50  339.50  479.50 
6RW  Esterel   301.00  426.00  333.00  470.00  325.50  459.50  339.50  479.50 
Asia Malt 70/30  302.00  426.00  333.00  470.00  325.50  459.50  339.50  479.50 
**  Asia Malt 50/50  302.00  426.00  333.00  470.00  325.50  459.50  339.50  479.50 

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

EU Malt Export Licence Fixations

(in tonnes) 2006-2007 2007-2008 July 01, 2008 -
May 31, 2009*
France 460,829 357,498 288,416
Germany 239,633 352,420 222,843
Belgium 531,606 578,586 728,749
Bulgaria 1,270 2,860 738
U.K. 114,156 106,867 116,822
Finland 70,783 60,217 41,080
Denmark 72,374 99,380 50,068
Sweden 90,550 96,700 78,698
Netherlands 78,754 90,756 91,164
Ireland 2,250 - -
Italy 181 3,148 2,210
Austria 22,743 9,085 5,165
Spain - - 17,760
Romania - 500 -
Portugal 992 476 926
Czech Republic 41,769 25,203 18,711
Poland - 2,025 2,066
Hungary 5,474 2,638 10,002
Slovakia 23,157 16,645 14,586
Latvia 2,127 1,485 347
Lithuania 172 1,855 1,037
Total EU 2,180,986 1,756,691 1,691,385

Total Roasted malt, tonnes
July 01, 2008 - May 31, 2009 35,550
Total 2006 - 2007 30,084
Total 2007 - 2008 28,177
*) Eurostat statistics of actual export shipments
Graph of the Week



These Days in Business History
August 17
1802 In one of history's greatest acts of inventive daring, Robert Fulton launches his new steamboat from the north shore of Manhattan.
1998 The Russian government devalues the ruble and declares a moratorium on paying its foreign debt, a de facto default that sends the global bond markets crashing, triggers the collapse of the giant U.S. hedge fund Long-Term Capital Management and sends shockwaves through the world's financial system.

August 18
1904 Max Factor Jr was born, CEO (Max Factor Cosmetics)
1937 1st FM radio construction permit issued (W1X0J (WGTR) in Boston MA)
1952 Patrick Swayze was born in Houston Texas, actor/dancer
1960 1st photograph bounced off a satellite, Cedar Rapids, Iowa

August 19
1897 1st electric taxi's drive in London
1888 1st beauty contest (Spa, Belgium), 18 year old West Indian wins
1946 Bill Clinton was born, the 42nd US President. (Former Little Rock Attorney)
Agenda