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E-Malt.com Newsletter 11a
March 08 - March 10, 2010
Open!
Click here to get full size Newsletter


Quote of the week

"Successful and unsuccessful people do not vary greatly in their abilities. They vary in their desires to reach their potential."
John Maxwell
Currency Rates
Base Currency: Euro, EUR
on 10-March-2010

1 EUR = 1.359 USD
1 EUR = 0.9071 GBP
1 EUR = 1.3968 CAD
1 EUR = 1.4929 AUD
1 EUR = 122.164 JPY
1 EUR = 2.4378 BRL
1 EUR = 40.4574 RUB
1 EUR = 9.2918 CNY
Base Currency: US Dollar
on 10-March-2010

1 USD = 0.736 EUR
1 USD = 0.6675 GBP
1 USD = 1.0278 CAD
1 USD = 1.0985 AUD
1 USD = 89.9019 JPY
1 USD = 1.7939 BRL
1 USD = 29.7706 RUB
1 USD = 6.8374 CNY
Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

Average Market Prices Change Trend

March 10, 2010

Type Crop 2009 Crop 2010
2rs Barley EUR95.0-99.0 EUR121.0-125.0
6rw Barley EUR92.0-96.0 EUR109.0-113.0
2rs Malt EUR276.0-280.0 EUR304.5-308.5
6rw Malt EUR272.0-276.0 EUR289.5-293.5
Feed Barley EUR87.0-91.0 nq 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

EU: Malt capacity estimated at about 10 mln tonnes, demand for malting barley to decrease further ...Click here
Denmark: Carlsberg focused on “having scale” in its existing markets ...Click here
China: Beer output to reach 500 mln hl by 2014, malt capacity increase this year ...Click here
United States: Craft brewers increase sales by 7% in 2009 ...Click here
Belgium & Mexico: AB InBev may acquire Grupo Modelo this year for around $10.8 bln - analysts ...Click here
United States: Boston Beer Co. reports successful Q4 and 2009 results ...Click here
The Netherlands: Heineken starts repurchasing shares as part of FEMSA acquisition ...Click here


More News


China: China Resources becomes sole owner of Shandong-based brewing division ...More Info
Czech Republic: Heineken’s Czech operations sell less beer but increase market share in 2009 ...More Info
Chile: Top Chilean brewer CCU forced to transfer brewing to Argentina following the devastating earthquake ...More Info
Ireland: Greencore Malt accused of ‘walking out on Irish agriculture’ by its former barley suppliers ...More Info
Japan: Beer shipments down in February, third-category beer still gaining popularity ...More Info
Denmark: Royal Unibrew’s total sales, net revenue decline in 2009 ...More Info
Bahamas: Bahamians quite willing to spend considerably on imported beer ...More Info
Denmark: Carlsberg serves Vintage 3 beer ...More Info
Go to our news database with more than 16678 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

Denmark: Carlsberg focused on “having scale” in its existing markets

Carlsberg A/S will pursue Asian expansion and growth in the Russian beer market rather than chasing major acquisitions to catch larger brewing rivals, Chief Executive Officer Jorgen Buhl Rasmussen was quoted as saying by Bloomberg on March, 8.

The Danish brewing giant is focused on takeovers in its existing markets and overhauling its European operations to make them more profitable, Rasmussen said in an interview. Having lowered debt by 8.5 billion kroner ($1.6 billion) last year, the company now has the flexibility to buy smaller assets again, he said.

“To me, it’s less about being number four or number two on a global scale - it’s more important to have scale where we choose to be,” Rasmussen said. “Very big, serious acquisitions are not really what we have on our mind right now.”

Carlsberg made its biggest acquisition in 2008, teaming up with Heineken NV to buy and break up Scottish & Newcastle Plc for 7.8 billion pounds ($11.9 billion). The brewer subsequently has focused on cutting costs and reducing capital expenditure, increasing free cash flow to 10.5 billion kroner in 2009.

The top four beer makers now control more than half the global market after two years of more than $75 ...More Info


China: Beer output to reach 500 mln hl by 2014, malt capacity increase this year

China’s beer output, estimated to have reached 410 mln hl last year, is expected to amount to 500 mln hl by 2014, experts said at the beginning of this month.

Over the next 4 years, the nation’s malt needs may rise to 3.5 mln tonnes. Chinese malt output is currently about 3.6 mln tonnes per year, of which 500,000 tonnes wheat malt. Chinese malting capacity amounted to 4.6 mln tonnes in 2009 and will reach 5.36 mln tonnes this year after further expansions.

Most malthouses, also in the interior, have been modernized in recent years; however, market circumstances do not allow the industry to work at full capacity, ownership and political circumstances make it possible that factories continue to exist in spite of frequent work interruptions.

The nation’s malt exports were 267,000 tons in 2009, almost exclusively to Southeast Asian countries. Competition is tough in export and domestic markets, the entry of the large international brewing groups into the Chinese market has changed procurement procedures, just as elsewhere in the world.

Analysts said any increase of the Chinese barley production is hardly possible, therefore imports must rise, an estimate is 2.0 mln tonnes in 2010. Nevertheless, malt share in the beer ...More Info


United States: Craft brewers increase sales by 7% in 2009

The Brewers Association of the US said on March, 8 the nation’s craft brewing industry grew 7.2% by volume and 10.3% by dollars last year (compared to growth in 2008 of 5.9% by volume and 10.1% by dollars).

The estimated volume sold by the US craft brewers in 2009 was 9,115,635 barrels (10.67 mln hl) versus 8,501,713 barrels in 2008. Overall, US beer sales were down 2.2% (approximately 5 million barrels) in 2009.

Imported beer sales were down 9.8% in 2009, equating to a loss of 2.8 million barrels.

In 2009, craft brewers represented 4.3 percent of volume and 6.9 percent of retail dollars for the total U.S. beer category. With the total U.S. beer industry representing an estimated retail dollar value of $101 billion, the Brewers Association estimates the actual dollar sales figure from craft brewers in 2009 was $7 billion, up from $6.3 billion in 2008.

The total number of U.S. craft brewers grew from 1,485 to 1,542 in 2009, the highest total since before Prohibition.


Belgium & Mexico: AB InBev may acquire Grupo Modelo this year for around $10.8 bln - analysts

AB InBev, the world's largest brewer, is likely to buy the 50 percent it does not own of Mexican brewer Grupo Modelo this year for around $10.8 billion, broker Evolution Securities said on March, 8.

According to Evolution Securities, a Modelo deal could follow Heineken's acquisition of Mexico's other big brewer FEMSA Ceverza in January, and Modelo is viewed as the more attractive brewer.

"We believe that a deal is likely to be announced this year ... We believe that a Modelo acquisition would provide a catalyst for outperformance," said analyst Andrew Holland in a broker's note this week.

Modelo, which brews Corona beer, controls 58 percent of the world's sixth largest beer market, Mexico, compared to FEMSA's 42 percent, and accounts for 88 percent of Mexico's beer export market compared to FEMSA's 12 percent, the broker said.

AB InBev gained its 50.2 percent economic stake and 43.9 percent voting stake in Modelo after InBev's acquisition of Anheuser-Busch in late 2008. The controlling shareholders of Modelo are several families of the founders of the various brewers which now make up the Mexican brewer.

The broker says that assuming a takeover Enterprise Value/Earnings before interest, tax, depreciation and amortization multiple of 11.6, the same as the ...More Info


United States: Boston Beer Co. reports successful Q4 and 2009 results

The Boston Beer Company, Inc., United States’ largest craft brewer by sales volume, reported a fourth quarter core product depletions increase of 5% and a core product shipments increase of 5%.

The brewer’s net income for the fourth quarter of 2009 was $7.5 million, or $0.52 per diluted share, an increase of $3.9 million, or $0.27 per diluted share, from the fourth quarter of 2008, primarily as a result of increased core shipments and improved gross margins.

Net revenue for the fourth quarter of 2009 was $107.2 million, an increase of $3.4 million, or 3%, over the same period last year, primarily due to core volume gains. For the twelve months ended December 26, 2009, net revenue increased by 4% to $415.1 million and the company's earnings per diluted share were $2.17, an increase of $1.61 compared to 2008, which included the impact of the product recall initiated in April 2008. Excluding the previously recorded impact of the product recall, earnings per share for 2009 increased $0.77, or 55%, compared to 2008.

Jim Koch, Chairman and Founder of the Company, commented, "We reported 5% depletions growth in the fourth quarter, bringing depletions growth for the second half of 2009 to 6%, as compared ...More Info


The Netherlands: Heineken starts repurchasing shares as part of FEMSA acquisition

Dutch brewing giant Heineken N.V. announced on March, 8 that, in connection with the intended acquisition of FEMSA Cerveza (Beer) that was announced on 11 January 2010, it will repurchase its own shares up to a maximum value of €100 million during the next three months.

These shares are intended to be delivered to Fomento Económico Mexicano, S.A.B. de C.V. (“FEMSA”) under the terms of the Allotted Share Delivery Instrument (the “ASDI”) to be concluded between Heineken N.V. upon the completion of the acquisition of Femsa Cerveza, Heineken said.

The ASDI sets forth the terms under which Heineken N.V. will deliver approximately 29 million Allotted Shares to FEMSA in two instalments per year over a period of not more than five years. Heineken has the option to accelerate the delivery of the shares at its discretion. For this first phase, Heineken has mandated a bank to repurchase Heineken N.V. shares in the open market on Heineken’s behalf, starting 8 March 2010 up to and including 8 June 2010, allowing the execution of share repurchases also during closed periods.


Malt News

EU: Malt capacity estimated at about 10 mln tonnes, demand for malting barley to decrease further

EU’s present-day malting capacities are estimated at around 9.7 mln tonnes, an analysts’ research note communicated earlier this month.

The Union’s theoretical demand of malting barley is about 12.1 mln tonnes, however, usage of capacity is estimated at 80-85%, which reduces the barley demand to round about 10 mln tonnes.

Maltsters will work with carry-over stocks of the good and cheap crop of 2009 well into the new campaign. It seems, though, that the effect of the large carry-over is overestimated, industry experts said.

Shippers hope to export good quantities of old crop malting barley in the coming months, though many of the unsold stocks have too low protein contents, market sources reported.

Most of all, maltsters will want to secure carry-over stocks also for the crop year of 2011/12, when a further acreage reduction and price increase are threatening. Therefore the malting barley demand of crop 2010 may be somewhere between 8 and 9 mln tons, analysts estimate.

Scientific Digest

Production of Beer with a Genetically Engineered Strain of S. cerevisiae with Modified Beta Glucanase Expression

Yang Shengli Liu Zhongshan, Chi Shengzhou, He Sheng, Meng Qingwei, Liu Congcong, Lin Yi and He Guoqing

J. Inst. Brew. 115(4), 361–367, 2009 ABSTRACT
This study used a recombinant Saccharomyces cerevisiae strain, which expressed both beta-glucanase enzyme and reduced Proteinase A expression during wort fermentations. The genetic stability and fermentation features of the strain were examined. The recombinant strain’s proteinase A activity was reduced compared to the parent strain; beta-glucanase was produced throughout the fermentation. The fermentation with the recombinant S. cerevisiae strain exhibited a larger reduction in beta-glucan content than what was observed with the control strain, with beta-glucan degradation above 80%. The foam stability period was reduced when the beer produced by the recombinant S. cerevisiae was stored for 3 months. SDS-PAGE analysis of the beer proteins indicated that lipid transfer protein 1 had disappeared. Fermentation studies indicated that based on the parameters examined, this recombinant strain was suitable for industrial beer production. Key words: draft beer, foam, beta-glucanase, proteinase A, recombinant S. cerevisiae.
Load full article, 7 pages, 377kb , PDF file

Barley Prices
EURO = USD 1.359 March 10, 2010  
 Crop year   2009   2010 
 Parity   FOB Creil   FOB Creil 
 Position   July 2009   July 2010 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  99.00  134.50  125.00  170.00 
2RS  Prestige  98.00  133.50  124.00  168.50 
2RS  Cellar  97.00  132.00  123.00  167.50 
2RS  Sebastien  96.00  130.50  122.00  166.00 
2RS  Tipple  96.00  130.50  122.00  166.00 
2RS  Henley  96.00  130.50  122.00  166.00 
6RW  Esterel   94.00  128.00  111.00  151.00 

French Feed Barley Prices. Nominal prices
EURO = USD 1.359 March 10, 2010
Crop year 2009
Parity FOB Creil
Position July 2009
Type EURO USD
Feed Barley 89.00 120.95


Theoretical Malt Prices

  EURO = USD 1.359 March 10, 2010 
Crop year  2009 
Parity  FOB Antwerp 
Position  Mar 2010 - Sept 2010 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  280.50  381.00  311.50  423.50  304.00  413.00  318.00  432.00 
2RS  Prestige  279.00  379.00  310.50  421.50  302.50  411.00  317.00  430.50 
2RS  Cellar  278.00  377.50  309.00  420.00  301.50  409.50  315.50  429.00 
2RS  Sebastien  276.50  376.00  308.00  418.50  300.00  408.00  314.50  427.00 
2RS  Tipple  276.50  376.00  308.00  418.50  300.00  408.00  314.50  427.00 
2RS  Henley  276.50  376.00  308.00  418.50  300.00  408.00  314.50  427.00 
2RS   Average price  278.00  377.50  309.00  420.00  301.50  409.50  315.50  429.00 
6RW  Esterel   274.00  372.50  305.50  415.00  297.50  404.50  312.00  423.50 
Asia Malt 70/30  276.50  376.00  308.00  418.50  300.50  408.00  314.50  427.50 
**  Asia Malt 50/50  276.00  375.00  307.00  417.50  299.50  407.00  313.50  426.50 


EURO = USD 1.359 March 10, 2010 
Crop year  2010 
Parity  FOB Antwerp 
Position  Oct 2010 - Sept 2011 
Conditioning  Bulk   In bags  Bulk containers Bags, containers
Malting barley variety  EURO  USD  EURO  USD  EURO  USD  EURO  USD 
2RS  Scarlett  309.00  419.50  340.00  462.00  332.50  451.50  346.50  471.00 
2RS  Prestige  307.50  418.00  338.50  460.50  331.00  450.00  345.50  469.50 
2RS  Cellar  306.50  416.50  337.50  458.50  330.00  448.50  344.00  467.50 
2RS  Sebastien  305.00  414.50  336.50  457.00  328.50  446.50  343.00  466.00 
2RS  Tipple  305.00  414.50  336.50  457.00  328.50  446.50  343.00  466.00 
2RS  Henley  305.00  414.50  336.50  457.00  328.50  446.50  343.00  466.00 
2RS   Average price  306.50  416.50  337.50  458.50  330.00  448.50  344.00  467.50 
6RW  Esterel   291.50  396.50  323.00  438.50  315.00  428.00  329.50  447.50 
Asia Malt 70/30  302.00  410.50  333.00  452.50  325.50  442.50  339.50  461.50 
**  Asia Malt 50/50  299.00  406.50  330.00  448.50  322.50  438.50  336.50  457.50 

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 Exports

  Licence Fixations Export Shipments
(Adjusted)
Export Shipments
(To be adjusted)
(in tonnes) 2007-2008 2008-2009 July 01, 2009 -
Decmber 31, 2009
France 357,498 323,305 158,538
Germany 352,420 241,245 104,919
Belgium 578,586 688,350 342,900
Bulgaria 2,860 804 284
U.K. 106,867 127,324 82,605
Finland 60,217 46,540 19,085
Denmark 99,380 54,942 24,970
Sweden 96,700 84,880 24,354
Netherlands 90,756 99,057 66,600
Ireland - - -
Italy 3,148 2,773 1,181
Austria 9,085 6,511 3,161
Spain - 19,058 6,004
Romania 500 - -
Portugal 476 1,028 680
Czech Republic 25,203 21,635 14,729
Poland 2,025 2,066 -
Hungary 2,638 13,099 9,500
Slovakia 16,645 16,796 8,077
Lithuania 1,855 1,038 2,195
Latvia - 347 110
Total EU 1,806,858 1,750,797 869,891

Total Roasted malt, tonnes
July 01 - December 31, 2009 22,595
Total 2008 - 2009 39,945
Total 2007 - 2008 28,177
Source: Eurostat
Graph of the Week


Source: ABARE, February 2010

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Agenda