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E-Malt.com Newsletter 12b
March 18 - March 21, 2010
Open!
Click here to get full size Newsletter


Quote of the week

"The roots and herbs beaten and put into new ale or beer and daily drunk, cleareth, strengthen and quicken the sight of the eyes. "
Nicholas Culpeper
Currency Rates
Base Currency: Euro, EUR
on 19-March-2010

1 EUR = 1.3652 USD
1 EUR = 0.8941 GBP
1 EUR = 1.3819 CAD
1 EUR = 1.4824 AUD
1 EUR = 123.23 JPY
1 EUR = 2.4378 BRL
1 EUR = 39.9412 RUB
1 EUR = 9.3345 CNY
Base Currency: US Dollar
on 19-March-2010

1 USD = 0.7326 EUR
1 USD = 0.6549 GBP
1 USD = 1.0123 CAD
1 USD = 1.0858 AUD
1 USD = 90.2728 JPY
1 USD = 1.7857 BRL
1 USD = 29.2566 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 19, 2010

Type Crop 2009 Crop 2010
2rs Barley EUR94.0-98.0 1.03% EUR121.0-125.0 0.82%
6rw Barley EUR92.0-96.0 EUR108.0-112.0 0.92%
2rs Malt EUR274.5-278.5 0.54% EUR304.5-308.5 0.49%
6rw Malt EUR272.0-276.0 EUR288.5-292.5 0.52%
Feed Barley EUR86.0-90.0 1.12% 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

United States & Canada: Molson Coors would rather buy than sell ...Click here
Chile: Chilean brewer CCU reports a very positive year 2009 ...Click here
United States: Good second half 2010 projected for the US beer market ...Click here
Romania: Beer sales drop for the first time in the last six years ...Click here
Russia: January – February beer production down 29.2% ...Click here
World: USDA lowers world barley production 2009/10 forecast ...Click here
France: Some deals registered in malting barley crop 2009 this week ...Click here


More News


Thailand: Largest Thai brewer concerned by the red-shirt rally’s impact on beer consumption ...More Info
Czech Republic: Staropramen’s beer sales drop both at home and abroad ...More Info
South Africa: SABMiller wants its market abuse case dismissed ...More Info
United States: MillerCoors to test-market beer based on pre-Prohibition recipe ...More Info
United Kingdom: Greencore breaks off relations with more than 50 barley growers already ...More Info
Luxembourg: AB InBev changes plans concerning Diekirch and Mousel beers - report ...More Info
Cambodia: New brewery expected to be ready by September 2011 ...More Info
Go to our news database with more than 16717 articles.
Today with the possibility to be translated in 7 different languages!
DE FR SP IT PT RU CN

Brewery News

United States & Canada: Molson Coors would rather buy than sell

The US-Canadian brewer Molson Coors Brewing Co is more inclined to make acquisitions than to sell assets, CEO Peter Swinburn was quoted as saying by Reuters on March, 17.

Even though Molson's business is concentrated in mature markets, Swinburn said Molson still favors developed markets for acquisitions rather than emerging markets as deals in developed markets give a quicker, less-risky return to shareholders.

"If we were to make any move, and we certainly don't have to in M&A (mergers and acquisitions) - anything significant would not be in emerging markets because it's too risky," Swinburn said.

Any deal has to add to earnings in the short term, be above the weighted average cost of capital and give a good shareholder return quickly, he said. It is harder to get over these hurdles for emerging-market acquisitions, the CEO believes.

"Would we make a big bet on developing markets as a next move? No. Any deal that we do it has to be accretive short-term," Swinburn added.

In its last big overseas investment, Molson bought Brazilian brewer Kaiser for $765 million in 2002, but after a tough time and following its 2005 merger with Coors, the brewer sold Kaiser to Mexico's FEMSA for a dramatically lower $68 ...More Info


Chile: Chilean brewer CCU reports a very positive year 2009

Chilean brewer Compania Cervecerias Unidas SA (CCU) announced on March, 17 its consolidated financial results, stated under IFRS, for the fourth quarter as well as for the full year 2009.

“The year 2009 was very positive for CCU,” the company said.

The brewer’s total net sales decreased in the fourth quarter of 2009 0.7% to Ch$231,562 million as a result of 3.7% higher consolidated volumes (organic growth) and 2.7% lower average prices in nominal Chilean pesos. Full-year net sales increased 9.3% amounting to Ch$776,544 million, as a result of 3.7% higher consolidated volumes (organic growth) and 7.5% higher average prices in nominal Chilean pesos.

Q4 gross profit increased 2.3% to Ch$128,493 million as a result of 0.7% lower net sales, offset by 4.2% lower cost of goods sold (COGS) which amounted to Ch$103,070 million. Full-year gross profit grew 9.8% to Ch$411,446 million and, as a percentage of net sales, the consolidated gross profit increased from 52.7% to 53.0% when compared to 2008.

The company’s operating result increased in the last quarter of 2009 by 2.1% to Ch$44,204 million, whereas full year operating result grew 10.8% to Ch$137,382.

Q4 EBITDA increased 4.7%, to Ch$55,940 million and the consolidated EBITDA margin improved 1.3 percentage points, reaching ...More Info


United States: Good second half 2010 projected for the US beer market

The North American beverage sector has started to see some weak trends reverse, but pricey drinks are not likely to see the lofty growth that they had before the recession, Reuters cited an analyst on March, 17.

The U.S. beer category is poised to have a good second half of 2010, but much of that is due to its comparison with a weak second half of 2009, Stifel Nicolaus analyst Mark Swartzberg said.

January shipments of higher-priced imported beers rose, suggesting there has been an inflection point in beers as well, he added.

The biggest beneficiaries from a lift in imported beer sales would be Constellation Brands Inc and Grupo Modelo, Swartzberg said.

Constellation and Modelo have a joint venture that distributes Modelo's Corona and other beers in the United States. Modelo sued Constellation in late 2009 over marketing at their venture.


Romania: Beer sales drop for the first time in the last six years

The current economic crisis impacted Romania’s beer industry, which registered its ¬first shrinkage in the last 6 years, from 20.2 million hectolitres sold in 2008 to 17.6 million hl last year, the Brewers of Romania Association reported.

Overall, in 2009 the nation’s beer market went down below the ¬figures registered three years ago, when 17.7 million hl were sold, the Association said.

Beer production dropped in 2009 by 13%, and so did the consumption per capita, which went back to the ¬figures of 2006 - 81 litres. As from 2004, consumption has been raising every year by almost 10 litres per capita, until 2008, when the trend slowed down to half of the average annual growth, reaching an average of 93 litres.

In ¬figures, last year’s exports raised from 0.06 mln hl in 2008 to 0.17 mln hl, while imports dropped from 0.5 mln hl to 0.17 mln hl.

2009 confi¬rmed the sales trends registered in 2008 on all segments of packaging, with just minor variations: PET accounted for 46.7% of beer sold, can - for 14.8%, bottle - 35.3% and draught – for 3.2%, the Association said.


Russia: January – February beer production down 29.2%

According to official statistics data, Russia’s beer output declined by 29.2% during the first two months of this year as compared to the same period in 2009, the Union of Russian Brewers communicated on March, 18.

Industry experts explain the situation by the drastic increase in excise taxes on beer in Russia, which tripled as from January 1.

An anomalously cold winter has also negatively affected the nation’s beer consumption this year, experts said.


Barley News

World: USDA lowers world barley production 2009/10 forecast

World barley production is expected to total 147.679 mln tonnes in 2009/10, USDA said in its latest World Markets and Trade report.

USDA’s February forecast for world barley output was 148.905 mln tonnes. The March forecast was decreased due to a reduced forecast for barley output in the EU, China as well as in some other nations.

World’s barley consumption forecast has also been lowered to 145.069 mln tonnes, whereas world barley trade is expected to total 16.980 mln tonnes in 2009/10 versus the 17.080 tonnes forecast posted last month.


France: Some deals registered in malting barley crop 2009 this week

A little stronger this week, France’s malting barley market has seen some transactions in spring varieties but the winter ones are still without buyer, La Depeche reported on March, 19.

Several deals involved barley of the 2009 crop, but the majority of dealers in crop 2010 continue to bide their time waiting for the sowings results.

French farmers are almost through with the sowing, whereas Germany has reported that barely a third of the areas planned have been planted to barley so far.

Scientific Digest

A Review of Hop Resistance in Beer Spoilage Lactic Acid Bacteria

Koji Suzuki, Kazumaru Iijima, Kanta Sakamoto, Manabu Sami and Hiroshi Yamashita

J. Inst. Brew. 112(2), 173–191, 2006 ABSTRACT
Hop bitter acids play a major role in enhancing the microbio-logical stability of beer. However, beer spoilage lactic acid bac-teria (LAB) are able to grow in beer by exhibiting strong hop resistance. Recently two hop resistance genes, horA and horC, have been identified in beer spoilage Lactobacillus brevis ABBC45. The horA gene was shown to encode an ATP depen-dent multidrug transporter that extrudes hop bitter acids out of bacterial cells. In contrast, the product of the horC gene confers hop resistance by presumably acting as a proton motive force (PMF)-dependent multidrug transporter. Strikingly, the homo-logs of horA and horC genes were found to be widely and al-most exclusively distributed in various species of beer spoilage LAB strains, indicating these two hop resistance genes are ex-cellent species-independent genetic markers for differentiating the beer spoilage ability of LAB. Furthermore the nucleotide sequence analysis of horA and horC homologs revealed that both genes are essentially identical among distinct beer spoilage species, indicating horA and horC have been acquired by beer spoilage LAB through horizontal gene transfer. Taken collec-tively, these insights provide a basis for applying horA and horC to the species-independent determination of beer spoilage LAB, including yet uncharacterized species. In addition to the hop resistance mechanisms mediated by multidrug transporters, pro-ton translocating ATPase and the ATP production system were shown to contribute to the hop resistance mechanisms in beer spoilage LAB by generating PMF and ATP that are necessary for survival in beer. Key words: Beer spoilage ability, hop resistance, horA, horC, horizontal gene transfer, lactic acid bacteria, species-indepen-dent genetic markers. Load full article, 19 pages, 2517kb , PDF file

Barley Prices
EURO = USD 1.3652 March 19, 2010  
 Crop year   2009   2010 
 Parity   FOB Creil   FOB Creil 
 Position   July 2009   July 2010 
Type   Variety  EURO  USD  EURO  USD 
2RS  Scarlett  98.00  134.00  125.00  171.00 
2RS  Prestige  97.00  132.50  124.00  169.50 
2RS  Cellar  96.00  131.50  123.00  168.00 
2RS  Sebastien  95.00  130.00  122.00  166.50 
2RS  Tipple  95.00  130.00  122.00  166.50 
2RS  Henley  95.00  130.00  122.00  166.50 
6RW  Esterel   94.00  128.50  110.00  150.50 

French Feed Barley Prices. Nominal prices
EURO = USD 1.3652 March 19, 2010
Crop year 2009
Parity FOB Creil
Position July 2009
Type EURO USD
Feed Barley 88.00 120.14


Theoretical Malt Prices

  EURO = USD 1.3652 March 19, 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  279.00  381.00  310.50  423.50  302.50  413.00  317.00  432.50 
2RS  Prestige  278.00  379.50  309.00  422.00  301.50  411.50  315.50  430.50 
2RS  Cellar  276.50  377.50  308.00  420.00  300.00  409.50  314.50  429.00 
2RS  Sebastien  275.50  376.00  306.50  418.50  299.00  408.00  313.00  427.50 
2RS  Tipple  275.50  376.00  306.50  418.50  299.00  408.00  313.00  427.50 
2RS  Henley  275.50  376.00  306.50  418.50  299.00  408.00  313.00  427.50 
2RS   Average price  276.50  377.50  308.00  420.00  300.00  409.50  314.50  429.00 
6RW  Esterel   274.00  374.50  305.50  416.50  297.50  406.50  312.00  425.50 
Asia Malt 70/30  276.00  376.50  307.00  419.00  299.50  408.50  313.50  428.00 
**  Asia Malt 50/50  275.50  376.00  306.50  418.50  299.00  408.00  313.00  427.50 


EURO = USD 1.3652 March 19, 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  421.50  340.00  464.00  332.50  453.50  346.50  473.00 
2RS  Prestige  307.50  420.00  338.50  462.50  331.00  452.00  345.50  471.50 
2RS  Cellar  306.50  418.00  337.50  460.50  330.00  450.50  344.00  469.50 
2RS  Sebastien  305.00  416.50  336.50  459.00  328.50  448.50  343.00  468.00 
2RS  Tipple  305.00  416.50  336.50  459.00  328.50  448.50  343.00  468.00 
2RS  Henley  305.00  416.50  336.50  459.00  328.50  448.50  343.00  468.00 
2RS   Average price  306.50  418.00  337.50  460.50  330.00  450.50  344.00  469.50 
6RW  Esterel   290.50  396.50  321.50  439.00  314.00  428.50  328.00  448.00 
Asia Malt 70/30  301.50  411.50  332.50  454.50  325.00  443.50  339.50  463.00 
**  Asia Malt 50/50  298.50  407.50  329.50  450.00  322.00  439.50  336.00  458.50 

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

Canada Barley Supply and Disposition as of March 10, 2010
  2007-08 2008-09 2009-10f 2010-11f
Seeded area, '000 ha 4397 3787 3506 3400
Harvested area, '000 ha 3998 3502 2918 3000
Yield, tonne/ha 3 3 3 3
Production, '000 metric tonnes 10984 11781 9517 9450
Imports, '000 metric tonnes 58 42 35 35
Total supply, '000 metric tonnes 12532 13392 12395 11685
Exports, '000 metric tonnes 3911 2378 2300 2300
Food & Industrial Use, '000 metric tonnes 156 157 190 190
Feed Waste, '000 metric tonnes 6566 7707 7380 6770
Total Domestic Use, '000 metric tonnes 7053 8171 7895 7285
Carry-out Stocks , '000 metric tonnes 1568 2843 2200 2100
Average price, CA$/tonne 214 179 140-160 130-160
Source: Agriculture and Agri-Food Canada
Graph of the Week



These Days in Business History
March 18
1850 Henry Wells and William Fargo forms American Express in Buffalo
1938 Mexico takes control of foreign-owned oil properties
1985 Capital Cities Communications Inc. acquires ABC

March 19
1775 Poland and Prussia sign trade agreement
1831 1st U.S. bank robbery (City Bank, New York/$245,000)
1965 Indonesia nationalizes all foreign oil companies

March 20
1886 1st AC power plant in U.S. begins commercial operation, Massachusetts
1991 U.S. forgives $2 billion in loans to Poland
2000 Shares in MicroStrategy Inc., a hot software consulting firm, fall from $246.75 to $86.75 in a single day as chairman Michael Saylor announces that the company will have to slash its reported revenues and earnings for the past two years.

March 21
1868 In London, the prospectus for the earliest known mutual fund is published as the Foreign and Colonial Government Trust offers its shares to the public for 85 pounds sterling.1986 Pittsburgh Associates buy Pittsburgh Pirates for $218 million
1906 John D Rockefeller III is born, billionaire philanthropist (oil)
1986 199.22 million shares traded in New York Stock Exchange
Agenda