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Newsletter Summary

Currency rates
Equities of the Largest Breweries  new!
Brewery news
Malt news
Barley news
More news
Theoretical malt prices
Malting barley prices
Barley price evolution
Table of the week
Graph of the week
Agenda
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Average market prices Change trend

Wednesday, 13 April 2005
Crop 2004
2rs Barley €104.5     
6rw Barley €100.0     
2rs Malt €236.5     
6rw Malt €230.5 -0.43%
Crop 2005
2rs Barley €115.5     
6rw Barley €105.0     
2rs Malt €246.5     
6rw Malt €232.5 -0.43%

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 market prices are estimated on FOB Antwerp basis.
The changes are compared to last Newsletter's prices.
Arrows indicate the direction of the change.


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Market price evolutions

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Available market price evolutions

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Canadian Malting Barley Prices vs. Danish 2Row

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Australia Malting Barley Export Prices 2000-2005

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Malt Market Price Evolution. Crop 2005

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French Malting Barley Price Evolution. Crop 2005

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Malt Market Price Evolution. Crop 2004

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French Malting Barley Price Evolution. Crop 2004

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Malt Market Price Evolution. Crop 2003

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French Malting Barley Price Evolution. Crop 2003


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EU malt export licence fixations



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Currency Rates
Base Currency: Euro, EUR
on 13-April-2005

1 EUR = 1.2921 USD
1 EUR = 0.6834 GBP
1 EUR = 1.6005 CAD
1 EUR = 1.6659 AUD
1 EUR = 139.18 JPY
1 EUR = 3.3265 BRL
1 EUR = 35.9036 RUB
1 EUR = 10.707 CNY
Base Currency: US Dollar
on 13-April-2005

1 USD = 0.7742 EUR
1 USD = 0.5288 GBP
1 USD = 1.2387 CAD
1 USD = 1.2893 AUD
1 USD = 107.72 JPY
1 USD = 2.5745 BRL
1 USD = 27.787 RUB
1 USD = 8.2865 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
  • Hong Kong: China Resources Snow Breweries Limited (or ‘CR Snow’), a subsidiary of China Resources Enterprise, Limited and a joint venture with SABMiller plc, announced on April 11 that it has entered into an agreement with the Fuyang City ... Click here

  • United Kingdom: Britain's Wolverhampton & Dudley Breweries (“W&DB” or “Wolves”) announced on April 11 it is in acquisition talks with brewer and pub owner Jennings Brothers ... Click here

  • Philippines & Japan: Kirin Brewery Co. Ltd., Japan's second biggest brewer, announced on April 11 it had acquired 68.81 million shares of Manila-based food and beverage conglomerate San Miguel Corp. for 10.1 billion yen ... Click here

  • Russia & Belgium: InBev S.A. ("InBev") and SUN Interbrew Ltd ("SUN Interbrew" or "SIL") announced on April 12 that, further to the announcement on 21 January 2005, InBev has launched on April 12 recommended offers of USD33.41 in cash ... Click here

  • China: Tsingtao Brewery Co., Ltd. and Anheuser-Busch Cos., Inc. jointly announced on April 11 that Anheuser-Busch has increased its economic interest in Tsingtao to 27 % upon its conversion of all the remaining convertible bonds in Tsingtao ... Click here

  • Germany: Russia has agreed to lift an import ban imposed in late November 2004 on German plant products including grain ... Click here

  • EU: Licence bookings for EU-25 malt exports were 1.686 million tonnes during July 1, 2004-March 29, 2005 ... Click here

  • North America: Soil moisture levels in Canada are the best since many years. The acreage will be a little smaller than last year's, yields as well ... Click here

  • France & China: France is competing to become a regular long-term source of malting barley for China to meet the mounting demand from the nation's booming beer industry ... Click here


More News
  • Australian sellers have priced themselves out of the Chinese market, analysts commented on April 1. Their selection of malting barley from last summer's crop was too small to satisfy the ...more info


  • China: Tsingtao Brewery down 1.2% at HK$8.35 after slightly lower-than-expected FY04 results, Dow Jones Newswire posted on April 12. SHK Financial cuts stock from hold to sell as stock trading ...more info


  • Africa: Export malt business continued very slowly. Beer sales are quite good in West Africa (Ghana reports 2004 10 % up), and 2rs malt, FOB in bulk ...more info


  • Ukraine: In March Ukraine exported about 152,000 tonnes of barley, of which to Saudi Arabia 67,000 tonnes, Syria 24,000 tonnes, Tunisia 24,000 tonnes ...more info


  • China: Morgan Stanley has issued an "underweight" rating for Tsingtao Brewery Co Ltd due to the company's lower-than-expected 2004 net profits ...more info


  • Bulgaria: According to the estimations of Bulgarian analysts, the total domestic consumption of barley (seeds, malting, feed) must be at 60 thousand metric tonnes ...more info


  • Europe: The European feed barley market remains stable, market analysts revealed on April 11. The European Commission issued permits for the export of 134.2KMT of barley from Germany's intervention stocks ...more info


  • Japan: Combined shipments in Japan of beer and similar alcoholic products by the nation's five major brewers fell 8.1 % in March from a year earlier for the third straight ...more info


  • China: Tsingtao Brewery Co. Ltd, China's largest beer manufacture in terms of revenue, announced on April 11 its net profit in 2004 increased by 16.4 % versus previous year up ...more info


  • Canada: Big Rock Brewery Income Trust (the "Trust") announced on April 11 that it will increase its monthly cash distribution by C$0.01, to C$0.11 per trust unit ...more info


  • Australia: ABB Grain Ltd announced on April 11 that a new Financial Services division in ABB Grain Ltd has been established to expand the company’s role in developing and providing ...more info


  • Netherlands: Heineken NV announced on April 12 that it is to create a new top management structure that will drive and support its next phase of growth as a global ...more info


  • Australia: With the acquisition of Australia's National Foods almost in the bag, San Miguel Corp is taking its biggest step towards realising its ambition of becoming a major international food ...more info


  • USA, Minneapolis: Cargill Inc. reported on April 12 net earnings of $366 million for the 2005 third quarter ended Feb. 28, up 35 percent from the same period a year ...more info


  • Canada & USA: Molson Coors Brewing Company announced on April 11 that Peter M. R. Kendall, chief executive officer of Coors Brewers Limited, the European business unit of Molson Coors Brewing ...more info



Brewery News
Hong Kong: China Resources Snow Breweries Limited (or ‘CR Snow’), a subsidiary of China Resources Enterprise, Limited and a joint venture with SABMiller plc, announced on April 11 that it has entered into an agreement with the Fuyang City...more info

United Kingdom: Britain's Wolverhampton & Dudley Breweries (“W&DB” or “Wolves”) announced on April 11 it is in acquisition talks with brewer and pub owner Jennings Brothers. W&DB, which brews Marston's Pedigree ale, said it was considering a 430 pence-per-share offer for Jennings, which would value it at around 46 million pounds ($86 million). The 177-year-old northern brewer and pub operator Jennings brews beers such as Cumberland Ale and Cocker-Hoop, and also operates 128 pubs across northern England, 55 of them in the Lake District. W&DB said the estate would fit well with its own estate of 553 managed "Pathfinder Pubs" and its "Union Pub Company" of 1,582 leased pubs. W&DB said it would continue developing Jennings' brewery in Cockermouth, in the Lake District, which produces Cocker-Hoop and other beers including Crag Rat, Cumberland Ale and Cross Buttock, according to Reuters. "This should be viewed as a bolt-on acquisition that is in line with strategy, but our initial reaction to the price is that it is expensive," analyst Nigel Parson of Williams de Broe said in a research note entitled "Wolves & Dudley -- On the Prowl." W&DB has only recently finished digesting the 460-pub estate of smaller rival Burtonwood, which it agreed to buy in December for 119 million pounds. The pub sector has seen a string of deals in recent years, the latest major deal being Enterprise Inns' acquisition of Unique with 4,000 pubs last March. W&DB said it would try to safeguard as many jobs as possible at Jennings' Cockermouth brewery, which Bridgewell Securities estimated generated 18 percent of profits. W&DB Chief Executive Ralph Findlay said in a statement: "We believe our proposals will assist in the further development of the Jennings business and provide good opportunities for its lessees, beer brands and for employees." But Parsons of Williams de Broe sounded a note of caution over Wolves' commitment to the Jennings brewery. "This anticipates local opposition to the proposed deal but reduces synergy opportunities from closing the operation," he said. W&DB said it already received an irrevocable offer from Jennings' largest shareholder, Frederic Robinson Ltd, representing around a quarter of Jennings' shares. Shares in Jennings soared 27 percent to 413-1/2 pence by 0940 GMT. W&DB shares were flat at 1,131 pence, valuing the group at around 867 million pounds, Reuters commented.

Philippines & Japan: Kirin Brewery Co. Ltd., Japan's second biggest brewer, announced on April 11 it had acquired 68.81 million shares of Manila-based food and beverage conglomerate San Miguel Corp. for 10.1 billion yen...more info

Russia & Belgium: InBev S.A. ("InBev") and SUN Interbrew Ltd ("SUN Interbrew" or "SIL") announced on April 12 that, further to the announcement on 21 January 2005, InBev has launched on April 12 recommended offers of USD33.41 in cash...more info

China: Tsingtao Brewery Co., Ltd. and Anheuser-Busch Cos., Inc. jointly announced on April 11 that Anheuser-Busch has increased its economic interest in Tsingtao to 27 % upon its conversion of all the remaining convertible bonds in Tsingtao. The Qingdao State-Owned Assets Supervision and Administration Commission (SASAC) remains the largest shareholder in Tsingtao, holding a 30.6 percent share. Anheuser-Busch is the largest non-government shareholder. The request by Anheuser-Busch to convert its remaining Tsingtao bonds (HK$1,135,395,342) to newly issued “H” shares of Tsingtao under the terms of the Strategic Investment Agreement with Tsingtao was approved by Tsingtao’s board today. 248,219,178 newly issued “H” shares of Tsingtao stock listed on the Hong Kong Stock Exchange will be issued to Anheuser-Busch. The total capital stock of Tsingtao will increase to 1,308,219,178 shares, 50 percent of which is “H” shares. With this conversion, Anheuser-Busch’s economic interest in Tsingtao increases from 9.9 to 27 percent. Based on the Strategic Investment Agreement between Anheuser-Busch and Tsingtao, the voting rights of 7 percent of the above-mentioned shareholding will be held by the SASAC on trust under a Voting Trust Agreement. Accordingly, Anheuser-Busch’s voting interest in Tsingtao will be 20 percent, and SASAC’s voting interest will be 37.6 percent. Anheuser-Busch retains full economic rights to its 27 percent economic stake. As a result of the increase in shareholding of Tsingtao, Anheuser-Busch will nominate one additional director to the Tsingtao Brewery board of directors, giving Anheuser-Busch two seats on Tsingtao’s board. “The shareholding and management structure of the company have been optimized after Tsingtao built a strategic relationship with Anheuser-Busch. The existing board and supervisory directors from Anheuser-Busch have brought new ideas on management to Tsingtao, improving management and technology of Tsingtao, helping the company to achieve the goal of internationalization,” said Li Guirong, the chairman of Tsingtao’s board...more info

Malt News

Germany: Russia has agreed to lift an import ban imposed in late November 2004 on German plant products including grain, Germany's Agriculture Ministry said on April 11. Germany and Russia signed an agreement over the weekend after talks in Berlin with Sergei Dankvert, head of Russia's veterinary inspection service, German junior Agriculture Minister Alexander Muller said in a statement. The ban is likely to be lifted on May 1, Muller said, according to Reuters. Russian customs authorities had banned imports of German grain, seeds, malt, hops, fruit and vegetables, in their unprocessed state, in a dispute about food safety.

EU: Licence bookings for EU-25 malt exports were 1.686 million tonnes during July 1, 2004-March 29, 2005...more info

Barley News

North America: Soil moisture levels in Canada are the best since many years. The acreage will be a little smaller than last year's, yields as well...more info

France & China: France is competing to become a regular long-term source of malting barley for China to meet the mounting demand from the nation's booming beer industry, China Daily communicated on April 11. "That will be a win-win situation for France, the world's largest malting barley producer, and China, the biggest brewer of beer in the world," said Jean-Jacques Vorimore, president of France Export Cereals. "China is witnessing a rapid growth of beer production and consumption. More importantly, a growing number of Chinese breweries are paying attention to the quality of barley as they try to develop medium and high-quality products. A stable supply of high-quality barley is where France excels," Vorimore said. Australia and Canada have been China's major sources of barley for almost a decade. French barley is usually imported when there is no more good-quality malting barley from these two countries, due to seasonal factors. Surging transportation costs and the falling dollar have made French barley more expensive in recent years, driving away many price-sensitive Chinese breweries. "We want to change that situation and become a regular supplier," said Vorimore at a recent seminar on French barley in Dalian, Liaoning Province. The seminar, held annually since 2002, drew more than 70 delegates from Chinese breweries and grain trading companies. French malting barley exporters are trying to lower their transportation costs by using containers to ship barley to China. Barley is usually transported in bulk. "Every year, a large number of containers shipping Chinese products to Europe are left idle or shipped back to China with nothing in them. Making full use of these containers will lower transportation costs by 3-5 per cent," Vorimore said. He added that France had signed contracts to ship 100,000 tons of malting barley to China by the end of last month. "Diversifying import sources is the key to ensuring a stable supply of malting barley to China as the nation's surging demand for malting barley cannot be stably and regularly guaranteed by any single region," said Jiang Guojin, general manager of COFCO's brewing materials division. China produced 29 million tonnes of beer last year, a year-on-year rise of 15.2 per cent, according to figures from the China National Food Industry Association. Jiang estimated 3.26 million tones of malting barley were consumed last year. Customs figures show China imported 1.62 million tons of barley in the first 11 months of last year, rising 24.3 per cent year-on-year.

Theoretical malt prices.


* - 70/30 = 70% Average Two Row Spring and 30% Six Row Winter
** - 50/50 = 50% Average Two Row Spring and 50% Six Row Winter

Theoretical malt prices for crop 2005 are available on site www.e-malt.com/MarketPrices

Malting barley prices. French barley prices.
Nominal prices.

nq - Not quoted
Prices for Danish and UK malting barley are available on site www.e-malt.com/MarketPrices

Barley Price Evolution

Canada Average Barley Price Evolution

Table of the week
EU Malt Export Licence Fixations:

(in tonnes)   2000-2001  2001-2002   2002-2003   2003-2004  July 01, 2004 - March  29, 2005  
 France   523,190  701,134  661,772  774,761  566,800 
 Germany   305,980  468,314  408,063  422,047  195,274 
 Belgium   277,584  296,368  287,850  317,292  305,908 
 U,K,    254,793  350,621  294,995  443,501  185,156 
 Finland   65,550  91,890  100,758  114,165  35,866 
 Denmark    52,326  96,812  94,791  90,452  39,994 
 Sweden   50,847  101,000  76,916  78,369  64,840 
 Netherlands   54,835  51,310  66,219  80,703  35,908 
 Ireland   26,003  35,145  31,140  38,900  56,924 
 Austria   4,850  8,840  8,620  60,211  7,521 
 Spain   3,000  2,400  5,640  10,000 
 Greece   1,800  1,744  1,306  979  130 
 Portugal   340  221  85  695  680 
 Italy  
 Total EU 15  1,621,098  2,205,799  2,038,157  2,432,075  1,495,001 
 New EU members  May-June, 04   
 Czech Republic         34,340  59,692 
 Poland         7,604  29,988 
 Hungary         2,830  50,279 
 Slovakia         1,000  51,138 
 Total EU 25   1,621,098  2,205,799  2,038,157  2,477,849  1,686,098 

  Total Wheat malt, tonnes  
Total 2000-2001    4,686 
Total 2001-2002    12,805 
Total 2002-2003    30,908 
Total 2003-2004    15,768 
July 01/2004 – March 29/2005    4,680 
   
  Total Roasted malt, tonnes  
Total 2000-2001    23,967 
Total 2001-2002    23,480 
Total 2002-2003    23,603 
Total 2003-2004    24,438 
July 01/2004 – March 29/2005    21,431 

Graph of the week

Agenda

April 2005:
Helsinki Beer Festival;
Tour de Geuze 2005. Payottenland, Belgium;
FAB 2005 - BC Food & Beverage Conference. Vancouver, BC;
Grains Week 2005. Queensland, Australia;
Concise Course in Brewing Technology;
World Barley, Malt & Beer Conference 2005;
JOINT LEGISLATIVE CONFERENCE. Washington, D.C., USA;
BEER. Exhibition Pavilion Minsk.;
Craft Brewers Conference & BrewExpo America;
Classic City Brewfest, Athens, GA;
SOUTH-UKRAINIAN DAYS OF FOOD AND DRINKS;
SIBFOODEXPO, Siberian Beer. Novosibirsk;
SAMARA DRINKS. SAMARA, RUSSIA;
WINES, BEERS AND DRINKS Exhibition for the Beverage Industry. Krasnoyarsk, Russia;
Malting Course BRi Nutfield United Kingdom;
INTERPAK 2005 Duessledorf, Germany;
Excursion to West-Flanders;

May 2005:
TwinTrack Brewing Microbiology Program. The Siebel Institute;
HOFEX 2005. 11th Asian International Exhibition of Food & Drink. Hong Kong;
30th Congress of the European Brewery Convention;
Pivo-2005. Beer International Brewing Technology Exhibition. Sochi, Russia.;
Export Credit Guarantee Programs Seminar. USDA;
California Festival of Beers;

June 2005:
World Barley, Malt & Beer Conference 2005, Germany;
ASBC Annual Convention. American Society of Brewing Chemists Meeting.;
IGC GRAINS CONFERENCE 2005;
BRASIL BRAU International Fair of Beverage Technology;
FOOD TAIPEI 2005. The largest food and beverage show in Taiwan;
BevTek / BrewTek International Exhibition of Beverage and Brewery Processing and Packaging Technology. Bangkok, Thailand ;

More events are available on site e-malt.com

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