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Newsletter Summary

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

Friday, 01 April 2005
Crop 2004
2rs Barley €105.5     
6rw Barley €100.0     
2rs Malt €238.0 +0.21%
6rw Malt €231.5 +0.43%
Crop 2005
2rs Barley €115.5     
6rw Barley €105.0     
2rs Malt €246.5     
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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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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Globally Leading Beer Companies by Turnover in 2003



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Australia Barley Supply and Disposal 2001-2005



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Currency Rates
Base Currency: Euro, EUR
on 01-April-2005

1 EUR = 1.2967 USD
1 EUR = 0.6861 GBP
1 EUR = 1.5689 CAD
1 EUR = 1.6794 AUD
1 EUR = 139.00 JPY
1 EUR = 3.4635 BRL
1 EUR = 36.1429 RUB
1 EUR = 10.7451 CNY
Base Currency: US Dollar
on 01-April-2005

1 USD = 0.7715 EUR
1 USD = 0.5292 GBP
1 USD = 1.2099 CAD
1 USD = 1.2952 AUD
1 USD = 107.23 JPY
1 USD = 2.6710 BRL
1 USD = 27.873 RUB
1 USD = 8.2865 CNY

EUR/USD Chart

Equities of the Largest Breweries

Top Industry News
  • China: Dutch brewing force Heineken N.V. announced on March 31 that it has reached an agreement, through its associated company, Heineken-APB (China) Pte Ltd (HAPBC), with Nantong Alcohol Industry Co., Ltd to acquire a 40% stake in Jiangsu DaFuHao Breweries Co, Ltd ... Click here

  • Canada: InBev, the world’s largest brewer by volume, announced on March 31 that Labatt’s Toronto brewery will cease major brewing operations on November 4, 2005, with the brewery site formally closing by the end of the year ... Click here

  • Germany: Danish beer giant, Carlsberg A/S, announced on March 30 that its wholly owned subsidiary, Carlsberg Deutschland GmbH, has acquired 100% of the beverage wholesale company, Göttsche Getränke Group ... Click here

  • Denmark, Copenhagen: The Danish Brewery Group A/S (Bryggerigruppen) announced on March 31 it has entered into an agreement to sell the former brewery site in Randers ... Click here

  • Colombia, Bogota: Colombian brewer Grupo Empresarial Bavaria, which is seeking a big foreign partner, announced on March 29 it foresaw higher earnings in 2005 and would reduce debt over the next two years ... Click here

  • Romania: The beer market of Romania is to maintain its growing trend despite the increase of excise duty applied from April 1, which is higher than expected by Romanian breweries ... Click here

  • World Barley: A small decrease in world barley output is expected in 2005, IGC posted in its Grain Market Report on March 31. Areas are likely to remain the same in the EU but to increase in Russia ... Click here

  • Australia: The Department of Agriculture, Western Australia has reaffirmed that farmer to farmer trading of its new malting barley varieties Baudin and Hamelin is permitted in Western Australia ... Click here

  • USA: Growers in the United States intend to plant 3.97 million acres of barley this year, down 12% from last year ... Click here


More News
  • USA: When they're attacked by Russian wheat aphids, leaves of vulnerable barley plants develop tell-tale white streaks and tight, corkscrew curls. These weakened plants produce fewer plump, nutritious kernels needed ...more info


  • Austria: Austria’s beer maker, Brau Union, a Heineken subsidiary, posted on March 29 that its Chief Financial Officer, Wolfgang Berger-Vogel, 64, has resigned ...more info


  • Germany: Heineken NV joint venture Brau Holding International AG's Kulmbacher Brauerei AG unit said it will offer EUR 51.13 per share for the remaining 9.3 % of Wuerzburger Hofbraeu AG ...more info


  • United Kingdom: Managing spring malting barley to achieve 1.65-1.80%N grain, HGCA has recently published. HGCA-funded projects, led by TAG, have studied spring malting barley agronomy ...more info


  • Netherlands: On 7 March 2005 the Chairman of Royal Grolsch Brewery, Enschede/The Netherlands, Dr Ab Pasman inaugurated their new pilot brewery ...more info


  • Brazil, Sao Paulo: Brazil's Companhia de Bebidas das Americas (AmBev), said on March 31 it will spend C$81 million to close a Toronto brewery acquired last year when it joined ...more info


  • USA, New York: Miller Brewing announced on April 1 it has signed a three-year sponsorship deal with the Washington Nationals, playing its first season in D.C. after moving from Montreal ...more info


  • China: The Chinese branch of Asahi Breweries Ltd., a major Japanese beer maker, denied its links to a controversial history textbook on March 31 ...more info


  • Belgium: InBev announced on March 31, 2005 the results and settlement mechanics and timing of the mandatory tender offer launched in relation to AmBev common shares in Brazil (“MTO”) ...more info


  • USA: Bear Stearns downgraded Anheuser-Busch Cos. to peer perform from outperform Wednesday, March 30, citing weakness in U.S. beer sales ...more info


  • The world's leading premium drinks business, Diageo plc, announced on March 30 the appointment of Dr Franz B Humer, Chairman and CEO of Roche, to the Diageo board ...more info


  • Russia: Belgium's InBev, the world's largest brewer by volume, has selected a brewery in Klin, Russia for a third pilot project ahead of a programme to improve efficiency throughout ...more info


  • Thailand, Bangkok: San Miguel Corporation, Southeast Asia’s largest food and beverage company whose flagship product, San Miguel Beer, said on March 30 it is a market leader in the Philippines ...more info


  • United Kingdom: Britain's biggest regional brewer and pubs group Wolverhampton & Dudley Breweries Plc (WDB) announced on March 31 good and in line with expectations trading overall ...more info


  • United Kingdom: Shares in SABMiller, the world's fourth-largest brewer, climbed 20 pence, or 2.4 percent, to 848.5 pence, Bloomberg communicated on April 1 ...more info


  • South Korea, Seoul: South Korea's biggest beer maker, Hite Brewery Co., announced on April 1 its consortium was chosen as the preferred negotiator to buy the country's top spirits maker ...more info


  • Ukraine: Ukraine has exported 3.8 million metric tonnes of barley since the season's beginning, UkrAgroConsult communicated on March 25. Unlike corn and wheat, barley exports slightly increased in February ...more info


  • Germany: Bitburger Brauerei sold about 4.12 million hl of beer in 2004. Bottled beer sales increased by 0.5% up to 2.83 million hl ...more info



Brewery News
China: Dutch brewing force Heineken N.V. announced on March 31 that it has reached an agreement, through its associated company, Heineken-APB (China) Pte Ltd (HAPBC), with Nantong Alcohol Industry Co., Ltd to acquire a 40% stake in Jiangsu DaFuHao Breweries Co, Ltd (DaFuHao). The total acquisition is valued at USD 28.6 million (EUR 22.1 million) of which Heineken's share is 46.1% (or EUR 10.2 million). The transaction will be funded from existing cash resources. The investment is expected to be earnings accretive in 2005. The deal is subject to necessary consents as well as approvals of the relevant local authorities. As a result of this transaction, HAPBC's market position is significantly strengthened in the adjacent provinces of Jiangsu and Shanghai. Thony Ruys, Chairman of the Executive Board of Heineken N.V. said, "Jiangsu DaFuHao Breweries' profitability in a competitive market such as Jiangsu, is a testament to its strength. With a strong position in one of the key beer markets in China, the acquisition of DaFuHao is a further step in our long-term growth path in China. It is consistent with Heineken's strategy of focusing on acquiring interest in breweries with quality earnings stream. Furthermore, it’s an excellent opportunity for the Heineken brand to benefit from DaFuHao’s distribution network in the Nantong region for further growth." DaFuHao, incorporated in 1996, is based in the city of Nantong, located in the Jiangsu Province, on China's southeast coast. Being one of the most profitable breweries and ranked amongst the top five brewers in Jiangsu, DaFuHao owns four breweries with a total production capacity of 3.5 million hectolitres in Nantong, Tongzhou, Qidong and Yancheng. It brews, markets and distributes major beer brands including "BBOSS", Tongzhou and Changjiang, which are popular in Nantong. The flagship brand "BBOSS" is also marketed and sold in other parts of the Jiangsu Province. The brewery has a 12% market share in the Jiangsu province and 60% market share in the 1.6 million hectolitre Nantong region. In 2003 DaFuHao sold a volume of 1.4 million hectolitres and the turnover was EUR 22 million. The brewery employs approximately 1,200 staff. The DaFuHao stake is HAPBC's second recent investment in China. In January 2004 it acquired a 21% interest in Kingway Brewery, which brews the Kingway beer in Guangdong province and is one of the most profitable listed brewers in China. HAPBC also owns Shanghai Asia Pacific Brewery, where Heineken beer is brewed for the Chinese market and Hainan Asia Pacific Brewery. HAPBC, in which Heineken has an indirect stake of 46.1% and Fraser & Neave 43.9%, combines all activities of Heineken and Asia Pacific Breweries in China. HAPBC is a 50/50 joint venture between Asia Pacific Investment Pte Ltd (APIPL) and Asia Pacific Breweries Limited (APBL). APBL is controlled by its parent company APIPL, a joint venture, with equal shareholders' and boards' voting rights, between Heineken and Fraser & Neave Limited...more info

Canada: InBev, the world’s largest brewer by volume, announced on March 31 that Labatt’s Toronto brewery will cease major brewing operations on November 4, 2005, with the brewery site formally closing by the end of the year. About 265 employees will be affected by the closure and will be provided fair and equitable severance packages as well as support services. “We have provided our employees with as much advance notice as possible to allow them to plan for their futures,” said Carlos Brito, President of Labatt Breweries of Canada. After an extensive review of Labatt’s operations, which took over a year, the Canadian Labatt management team has decided to close the Toronto brewery by the end of the year. Labatt’s decision to close the Toronto brewery is based on excess capacity, particularly in Central Canada, and the competitive disadvantage, which this creates. “This decision was a difficult one to take and follows considerable debate and analysis,” said Carlos Brito, President of Labatt Breweries of Canada. “After an extensive review of our brewery network, the Canadian management team has decided to cease major brewing operations in Toronto on November 4, 2005 with the brewery site formally closing by the end of the year.” As a result of the Toronto brewery closure, new investments will be made and jobs will be created at Labatt’s London, Ontario brewery. The company said it would have to spend some $25 million to expand the London brewery. “We will be taking steps to ensure that Toronto brewery production is transitioned to the rest of our brewery network before the closure takes place,” said Charles Oliver, Labatt's Vice President, Supply Chain. “And we plan to work consultatively with Toronto City Council to ensure the de-commissioning and re-development of the brewery lands is done in the best interests of the community.” The closure will leave Labatt with one Ontario plant in London, 185 kilometres west of Toronto, and breweries in Edmonton, Creston, B.C., Montreal, Toronto, London and St. John's, Nfld. The two Ontario plants produce more than 40 % of the company's beer in Canada. Founded in London , Ontario in 1847 and the proud brewer of more than 60 quality beer brands, Labatt is Canada 's largest brewing company. Labatt, has its beer distributed in 40 countries. The closure announcement comes after Labatt's conducted a review of its Canadian operations, which came after the merger of Belgian brewer Interbrew S.A. with Brazil's Ambev, to form the world's largest brewer by volume. Under the 2004 merger, control of Labatt's was transferred from Interbrew to Ambev. The Toronto closure follows an announcement in September that Labatt will close its brewery in the Vancouver suburb of New Westminster on April 21, cutting 180 jobs...more info

Germany: Danish beer giant, Carlsberg A/S, announced on March 30 that its wholly owned subsidiary, Carlsberg Deutschland GmbH, has acquired 100% of the beverage wholesale company, Göttsche Getränke Group...more info

Denmark, Copenhagen: The Danish Brewery Group A/S (Bryggerigruppen) announced on March 31 it has entered into an agreement to sell the former brewery site in Randers...more info

Colombia, Bogota: Colombian brewer Grupo Empresarial Bavaria, which is seeking a big foreign partner, announced on March 29 it foresaw higher earnings in 2005 and would reduce debt over the next two years, according to Reuters. South America's second-largest brewer should report earnings before interest, taxes, depreciation and amortization of more than $800 million in 2005, up from about $797 million in 2004, company President Ricardo Obregon told a shareholders' assembly. It plans to reduce its debt to $1.7 billion by the end of this year and $1.5 billion by the end of 2006 from $1.9 billion in December, Obregon said. The company, which dominates beer markets in Colombia, Ecuador, Peru and Panama, plans to invest $192 million this year. Bavaria shares have jumped about 44 percent this year on persistent reports from analysts and industry sources that the world's top four brewers -- InBev, Anheuser-Busch Cos. Inc., SABMiller Plc and Heineken -- were all looking at buying the company. But Bavaria says it has received no offers and that its controlling shareholders from Colombia's Santo Domingo family do not want a straight sale and are instead looking at a share swap that would give them a stake in a world-class partner. Taking a share in Bavaria would be the only way for a rival to challenge InBev, the world's largest brewer, in the promising South American market, analysts say.

Romania: The beer market of Romania is to maintain its growing trend despite the increase of excise duty applied from April 1, which is higher than expected by Romanian breweries...more info

Barley News

World Barley: A small decrease in world barley output is expected in 2005, IGC posted in its Grain Market Report on March 31. Areas are likely to remain the same in the EU but to increase in Russia...more info

Australia: The Department of Agriculture, Western Australia has reaffirmed that farmer to farmer trading of its new malting barley varieties Baudin and Hamelin is permitted in Western Australia, SeedQuest News posted on April 1. Barley industry development officer Alaina Garthwaite said recent reports on Plant Breeders Rights (PBR) had created some confusion about the trading regulations for seed of the new varieties. Ms Garthwaite said Baudin and Hamelin barley were protected by PBR, meaning that the licensee sets the terms and conditions for the use of these varieties. “In Western Australia, the Grains Research and Development Corporation and the Department of Agriculture are the seed licencees and Baudin seed is free to trade from farmer to farmer in Western Australia. However, in the Eastern States where the seed licence for Baudin is held by AWB Seeds, farmer to farmer trading is not permitted,” she said. “Hamelin seed is free to trade in Western Australia and has not been commercially released in other states.” Ms Garthwaite said Hamelin and Baudin were subject to crop improvement royalties (CIR), otherwise known as end point royalties, for every tonne of grain produced and sold by growers. In WA, Baudin and Hamelin are subject to a A$3/ tonne CIR for grain delivered for malting and A$1/ tonne for grain delivered as feed. In the eastern states, an additional collection fee of 50 cents is also applicable.

USA: Growers in the United States intend to plant 3.97 million acres of barley this year, down 12% from last year, according to this year's seeding intentions report from the USDA...more info

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

Malt Price Evolution

Malt Market Price Evolution, Crop 2005

Source: E-malt.com

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

Table of the week
Number of German Breweries classified by production capacity

Production capacity, hl of beer  1997  1998  1999  2000  2001  2002  2003  2004 
 up to 5,000 hl  686  718  725  746  781  789  774  796 
 up to 10,000 hl  116  105  107  97  88  93  82  85 
 up to 50,000 hl  241  237  233  222  231  212  219  195 
 up to 100,000 hl  85  85  77  85  77  71  72  72 
 up to 200,000 hl  51  54  52  43  41  45  46  44 
 up to 500,000 hl  43  35  36  35  28  25  29  32 
 up to 1 Million hl  18  21  21  21  23  21  26  21 
 over 1 Million hl  33  30  30  30  29  31  27  29 
 Total German Breweries  1,273  1,285  1,281  1,279  1,298  1,287  1,275  1,274 

Source: Deutscher Brauer-Bund

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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