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Newsletter Summary

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

Wednesday, 23 February 2005
Crop 2004
2rs Barley €106.5     
6rw Barley €100.0     
2rs Malt €238.5     
6rw Malt €230.5     
Crop 2005
2rs Barley €115.0 -1.29%
6rw Barley €104.0     
2rs Malt €246.5 -0.80%
6rw Malt €233.5     

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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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-25 Barley Market



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Australia/Oceania Beer Production 2000-2003



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Currency Rates
Base Currency: Euro, EUR
on 23-February-2005

1 EUR = 1.3259 USD
1 EUR = 0.6938 GBP
1 EUR = 1.6246 CAD
1 EUR = 1.6699 AUD
1 EUR = 137.96 JPY
1 EUR = 3.4477 BRL
1 EUR = 36.860 RUB
1 EUR = 10.9871 CNY
Base Currency: US Dollar
on 23-February-2005

1 USD = 0.7544 EUR
1 USD = 0.5234 GBP
1 USD = 1.2253 CAD
1 USD = 1.2594 AUD
1 USD = 104.07 JPY
1 USD = 2.6003 BRL
1 USD = 27.800 RUB
1 USD = 8.2865 CNY

EUR/USD Chart
Top Industry News
  • USA: America's craft brewers sold 7.0 % more beer in 2004 versus 2003 making craft beer the fastest growing segment of the US beverage alcohol industry ... Click here

  • Denmark: Danish brewing giant, Carlsberg A/S, gave an uninspiring 2005 outlook after posting an expected drop in full-year earnings, hit by increased branding costs and trouble in a number of European markets ... Click here

  • United Kingdom: Brewing force, Scottish & Newcastle PLC, has reported on February 23, preliminary results for the year ending 31 December 2004. The company posted organic growth in beer volumes of 4.5%; operating profit +7% ... Click here

  • Italy: SABMiller plc announced on February 23 that it has acquired a further 39.8% of Birra Peroni that it does not already own, for a cash consideration of €162.5 million (US$212.6 million) ... Click here

  • Netherlands: Dutch brewing force, Heineken N.V., announced on February 22 its 2004 full year results, ahead of Heineken's forecast and market expectations ... Click here

  • Russia: A dispute might arise between the largest players in the Russian beer market concerning brand names ... Click here

  • Japan: Malt imports by Japan in 2004/05 remain forecast at 0.66 million tonnes by IGC, a slight decrease from last year ... Click here

  • EU: For 2004-05, barley production in the EU- 25 is estimated by the USDA to reach afive- year high of 61.8 Mt, 13% higher than last year and 8% larger than the average of last 5 years ... Click here

  • World trade of barley in 2004/05 is forecast by IGC to rise to 15.8 million tonnes ... Click here


More News
  • The consolidated profit of Grupa Zywiec in 2004 amounted to PLN 277 million, a 34% improvement in comparison to 2003. Sales increased by 13%, to over PLN 3.6 billion ...more info


  • Ireland: Drinks group Diageo has recently announced it is planning to locate a new marketing and branding operation for Guinness in Dublin. Diageo said 30 people with international marketing experience ...more info


  • Russia: Glencore is strengthening its presence on the Russian market. On February 15, the international grain company, Glencore, announced the acquisition of two grain elevators ...more info


  • Sweden: A decision by Sweden's government to cut taxes on alcohol by as much as 40 % was postponed until the fall, officials said Wednesday, 23 February 2005 ...more info


  • India: India's biggest brewer, UB Group bid 3 billion rupees ($69 million) on Tuesday, February 22, for 25 % of Shaw Wallace & Co. Ltd., a diversified group that makes ...more info


  • Canada, Calgary: Big Rock Brewery Income Trust announced on February 22 that a distribution of $0.10 per trust unit will be paid on March 15, 2005 to unit holders of ...more info


  • Canada, Montreal: Molson Inc., a wholly owned indirect subsidiary of Molson Coors Brewing Company, announced on February 21 that in connection with the consent request process announced on February 8 ...more info


  • Malaysia, Kuala Lumpur: Carlsberg Brewery Malaysia Bhd. proposed on February 23 to split its shares on a 1-to-2 basis. In a statement to the stock exchange, the beverage-maker said its ...more info


  • USA, Portland: Maine's largest brewery, The Shipyard Brewing Company shipped over 700,000 cases (50,508 barrels) of its award-winning hand-crafted beer in 2004. This represents an 11.3% increase over 2003 ...more info


  • Scottish & Newcastle PLC is eyeing further opportunities in the Far East and looking to expand its presence in the region following two recent deals that took it into China ...more info


  • USA, Maryland: Frederick Brewing Co. has joined a growing number of malt beverage makers trying to generate a buzz with caffeine. It makes a caffeinated lager called Third Rail for ...more info


  • Ireland: Heineken announced on February 22 its Irish sales volumes held up last year in a declining beer market. The drinks group said sales volumes were up 0.5% on 2003 ...more info


  • Thailand, Bangkok: Around 100 demonstrators on Tuesday, February 22, gathered outside the Stock Exchange of Thailand (SET) in Bangkok to protest against a move by the brewers of the ...more info


  • Ireland: Malting barley growers in the Republic of Ireland have demanded the restoration of traditional malting barley contracts. Irish Farmers' Association IFA National Grain Committee chairman, Paddy Harrington ...more info


  • USA: Sober investors would pay a premium for Anheuser-Busch (BUD). The company controls 50% of the U.S. beer business, which gives it economies of scale that competitors can't touch ...more info


  • Australia: Foster’s Group Limited (Foster’s) announced on February 22 that, in accordance with its Bidder’s Statement, its offer price for Southcorp Limited (Southcorp) will be adjusted as a result of ...more info


  • Russia: OAO Vena has recently announced that its beer sales in 2004 increased by 18.7% versus 2003 up to 164 million litres. During 2004 Vena produced 186 million litres of ...more info



Brewery News
USA: America's craft brewers sold 7.0 % more beer in 2004 versus 2003 making craft beer the fastest growing segment of the US beverage alcohol industry, according the statement from February 22 of the Brewers Association, the Boulder, CO-based trade association for US craft brewers. "Craft beer volume growth outpaced that of imports, large brewers, wine and spirits in 2004," said Paul Gatza, Director of the Brewers Association. The Brewers Association estimates 2004 sales by craft brewers at 7,023,651 (31-gallon) barrels up from 6,563,461 barrels in 2003, an increase of 460,190 barrels or 6.34 million case-equivalents. Spirits volume increased at 3.1 % for the year and wine volume was up 2.7 %. The import and mass-market segments of the beer industry rose approximately 1.4 % and 0.5 % in volume respectively in 2004. The craft beer segment includes more than 1400 breweries who produce primarily all-malt beers. It includes brewpubs (brewery/restaurant), microbreweries (less than 15,000 barrels per year) and specialty brewers. The association has tabulated industry growth data for these breweries annually since 1985. "The craft beer segment continues to show healthy and steady growth with many individual brewers enjoying double-digit volume increases," said Charlie Papazian, President of the Brewers Association. "This year the craft segment sold more new barrels of beer than the much larger import segment of the beer market." According to US Department of Commerce figures, sales of imported beer in the US increased by just 1.4% or 4.6 million cases in 2004. Even though craft beer accounts for just 3.2 percent of the beer marketplace versus more than 11 percent share for imports, craft beer sales in 2004 increased by 6.34 million cases-1.78 million more new cases compared to imports. "Craft beer sales increased faster than imports for the second year in a row," said Gatza. "This reverses the trend seen between 1996 and 2002 when import volume grew at a faster rate." "Americans increasingly prefer the flavor and diversity of fresh, locally-made beers," says Papazian. "Many Americans first discovered full-flavored beers at local breweries and now the diverse and exciting choices among those flavorful brews have become a regular part of their lifestyle."

Denmark: Danish brewing giant, Carlsberg A/S, gave an uninspiring 2005 outlook after posting an expected drop in full-year earnings, hit by increased branding costs and trouble in a number of European markets. Carlsberg expects 2005 net profits to rise around 15 %, according to new International Financial Reporting Standards (IFRS). In 2004, Carlsberg achieved substantial growth in beverage sales. Total beer volumes grew by more than 10m hl to 92.0m hl, and net revenue totalled approx. DKK 36bn. Last year net revenue totalled DKK 36.0 billion, corresponding to an increase of 4%. At local exchange rates, revenue rose by 5%. Operating profit amounted to DKK 3,442m (-3%). Carlsberg A/S’ share of profit before goodwill amortisation and write-downs was DKK 1,425m compared to DKK 1,179m in 2003, corresponding to a substantial rise of 21%. Net interest-bearing debt was reduced to DKK 21.7bn, having briefly peaked at approx. DKK 33bn earlier in the year. It is proposed that a dividend of DKK 5.00 per share be paid (as in 2003). Carlsberg A/S’ share of profit is expected to increase by approx. 15% in 2005 (on comparable basis in accordance with International Financial Reporting Standards, IFRS). In 2004, Carlsberg strengthened and defended its position as one of the world's leading breweries and also took a number of important steps in the implementation of the Group's strategy. By taking over Orkla ASA’s minority stake in Carlsberg Breweries and by acquiring the German Holsten-Brauerei AG, Carlsberg created a significant basis for future growth while at the same time initiating a number of in-house excellence programmes to ensure continued progress in profit. The Carlsberg brand has been the world’s fastest growing international beer brand in recent years. The Carlsberg brand is the flagship of the Group’s beer brand portfolio which also includes a number of important, leading local brands in most of the major markets. Carlsberg was an official sponsor of the European Football Championships in Portugal, EURO 2004. It was Carlsberg’s largest sponsor agreement and marketing campaign to date. The Carlsberg brand achieved an unprecedented high level of exposure. This was followed up with local marketing activities in a number of countries, and Carlsberg recorded sharply increased sales figures during the period, especially in the UK and Portugal. 2004 also saw significant global progress for the Carlsberg brand of approx. 6%, partly due to major growth particularly in the Russian and Polish markets. "The numbers are spot on while the 2005 profit growth forecast is a little lower than expected. All in all, I had expected a more positive tone for this year after the tough times the company had last year," said Jyske Bank analyst Annette Nikolajsen, who has a "reduce" rating on Carlsberg shares. "In fact we are looking at a double-digit underlying growth in the brewing activities," Carlsberg CFO Jorn P. Jensen told a conference call on Tuesday. "In terms of economic performance 2004 was not our brightest year," Carlsberg CEO Nils Smedegaard Andersen said...more info

United Kingdom: Brewing force, Scottish & Newcastle PLC, has reported on February 23, preliminary results for the year ending 31 December 2004. The company posted organic growth in beer volumes of 4.5%; operating profit +7%...more info

Italy: SABMiller plc announced on February 23 that it has acquired a further 39.8% of Birra Peroni that it does not already own, for a cash consideration of €162.5 million (US$212.6 million)...more info

Netherlands: Dutch brewing force, Heineken N.V., announced on February 22 its 2004 full year results, ahead of Heineken's forecast and market expectations. The company posted 8.1% organic net profit growth, an increase of EUR 65 million...more info

Russia: A dispute might arise between the largest players in the Russian beer market concerning brand names...more info

Malt News

Japan: Malt imports by Japan in 2004/05 remain forecast at 0.66 million tonnes by IGC, a slight decrease from last year...more info

Barley News

EU: For 2004-05, barley production in the EU- 25 is estimated by the USDA to reach afive- year high of 61.8 Mt, 13% higher than last year and 8% larger than the average of last 5 years. A milder winter and adequate soil moisture boosted yields significantly in France, Germany, Spain and other member states, despite a slight decrease in area harvested. Meanwhile, with the substitution of feed wheat and corn for barley, domestic feed use is forecast to return to a more normal level of 38.0 Mt from last year’s 41.0 Mt, although domestic food and industrial use remains unchanged at 15.9 Mt. EU barley exports are forecast to partially recover from last year’s 1.0 M to 3.3 Mt, but are still short of the historical average of about 6.6 Mt. As a result, EU carry-out stocks are projected to recover robustly, from 4.0 Mt in 2003-04 to 8.9 Mt, compared to the historical average of 9.6 Mt. Larger surplus supplies of malting barley in the EU, less competition from both Australia and Canada, and stronger import demand are expected to raise EU malting barley exports in 2004-05. Malting barley exports for the EU are forecast to increase from 1.1 Mt in 2003-04 to 1.3 Mt in 2004-05. The EU is the second largest exporter of malting barley and the world’s largest exporter of barley malt. France is the leading EU exporter of malting barley, followed by Denmark and the new members, the Czech Republic and Hungary. The EU also enjoys the most diversified markets among the major exporters. China, Russia, Brazil, Colombia and Peru are among its major markets. EU malting barley is dominated by two-row spring varieties. However, some two-row and six-row winter barley is grown in northwest Europe. The EU also has a relatively low select rate, of malting barley from the whole barley crop, at 20-25%. Although higher than the average of 16% for Canada, this is much lower than in Australia. The EU is also different from the other major exporters in that more of its malting barley production, 60-65%, is processed domestically, rather than exported unprocessed as grain, while that ratio is only 45% for Canada and one third for Australia.

World trade of barley in 2004/05 is forecast by IGC to rise to 15.8 million tonnes...more info

Theoretical malt prices.


* - 70/30 = 70% Average two Rows Spring and 30% Six Rows Winter
** - 50/50 = 50% Average two Rows Spring and 50% Six Rows 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

French Malting Barley Price Evolution

Table of the week
Australian Barley Supply and Disposal 2001-2005

 in thousand tonnes  1999-2000   2000-2001   2001-2002   2002-2003   2003-2004   2004-2005f  
 Production   5 032   6 743   8 280   3 865   8 728   6 454  
 Domestic use   2 009   2 325   2 535   1 986   2 429   2 524  
    as malt and other human use  154   158   161   165   168   172  
    feed  1 700   2 000   2 200   1 650   2 100   2 200  
    seed   155   168   174   171   161   152  
 Exports   3 325   4 567   5 274   2 607   6 997   4 414  
   malting barley   1 234   1 824   1 705   1 099   2 135   1 465  
   malt (grain equivalent)  569   602   600   624   637   560  
   feed barley   1 524   2 143   2 971   885   4 239   1 948  

Source: ABARE, 15 February, 2005.
Market year: November–October. This means that the 2001-02 barley crop harvested in November 2001 to January 2002 is marketed from November 2001 to October 2002.
The sum of domestic use and exports may differ from production as a result of changes in grain stock levels.

Graph of the week

Agenda


February 2005:
Pianeta Birra - Beverage & Co. International Show of Beers, Beverages etc., Italy;
Seminaire Orges brassicoles 2005 à Paris-Bagnolet;
Liqma International Beverage Industry Exhibition, Spain;
Canadian Food and Beverage Show;
GrainWorld 2005. Canada. CWB.;
Beer Business Daily's Second Annual Beer Industry Summit.;

March 2005:
Night of Great thirst, Belgium;
Zythos Beer Festival, Belgium;
Institute and Guild of Brewing Africa Section 10th Convention, South Africa;
China Drinktec China International Exhibition on Beverage, Brewery and Wine Technology;
FOODEX JAPAN 2005 / INTERNATIONAL FOOD & BEVERAGE EXH;
International Food and Drink (IFE), UK;
BLACK SEA GRAIN: A NEW ENVIRONMENT IN UKRAINE AND REGIONAL PROSPECTS FOR GROWTH;
Deltabierfestival, The Netherlands;
Spring Beer Festival "Hops on Equinox", Seattle;
Brew and Beverage Industry - Beer Auction International Trade Fair, Russia;
Siebel Institute Brewing Profitability Workshop;

April 2005:
Helsinki Beer Festival;
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;
WINES, BEERS AND DRINKS Exhibition for the Beverage Industry. Krasnoyarsk, Russia;
Excursion to West-Flanders;

More events are available on site e-malt.com

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