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E-Malt.com Newsletter 17b
April 23 - April 26, 2020

Quote of the Week

It is never too late to be what you might have been.
George Eliot

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Currency Rates

Base Currency: US Dollar
on April 24, 2020
Base Currency: Canadian Dollar
on April 24, 2020
      1 USD = 0.9261 EUR
1 USD = 0.8098 GBP
1 USD = 1.4113 CAD
1 USD = 1.5740 AUD
1 USD = 107.6500 JPY
1 USD = 5.4710 BRL
1 USD = 75.1290 RUB
1 USD = 7.0723 CNY
      1 CAD = 0.7085 USD
1 CAD = 0.5737 GBP
1 CAD = 0.6561 EUR
1 CAD = 1.1151 AUD
1 CAD = 76.2600 JPY
1 CAD = 3.8760 BRL
1 CAD = 53.1744 RUB
1 CAD = 5.0105 CNY

Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

North America News
Barley news Canada: Total barley supply up 17% in 2019-20 ...Click here
Brewery news Mexico: Alcohol sales rise by 63% during the first week of quarantine ...Click here
Brewery news USA, MI: Founders Brewing Co. furloughs 163 employees due to Covid-19 ...Click here
World News
Brewery news World: Beer and cider industry forecast to see 5% yoy decline between 2019 and 2020 ...Click here
Brewery news Russia: Q1 beer production up 2.8% ...Click here
Hops news New Zealand: New Zealand Hops reports record harvest for 2020 ...Click here
Barley news UK: 2020/21 still likely to be another barley surplus year ...Click here
Brewery news Thailand: CGS-CIMB Research downgrades ThaiBev to a ‘hold’ rating ...Click here
Brewery news UK: Beer sales slump by 82% since outbreak of coronavirus crisis ...Click here
Brewery news India: Brewer B9 Beverages raises $20 mln in bridge financing ...Click here
Barley news Romania: Romania’s wheat, barley, rape crops could halve this year ...Click here
Graph of the Week

Table of the Week

Austria Brewing Industry 1980-2019

Table of the week.

Barley Prices

Theoretical Malt Prices

These Days in Business History

23 April
1851 - Canada issues its 1st postage stamps
1896 - Vitascope system of movie projection 1st demonstrated (New York City)
1910 - International Exhibition opens in Brussels
1985 - Coca-Cola announced it is changing its secret flavor formula

24 April
1704 - "Boston News-Letter," 1st successful newspaper in U.S., forms
1888 - Eastman Kodak Co. forms
1957 - The BBC first broadcast The Sky at Night presented by Patrick Moore
1981 - IBM-PC computer introduced
1990 - West and East Germany agree to merge currency and economies on July 1st
2004 - The United States lifts economic sanctions imposed on Libya 18 years previously, as a reward for its cooperation in eliminating weapons of mass destruction

25 April
1905 - World's largest diamond, Cullinan - 3106 carets, found in South Africa
1931 - Pynchon & Co., one of the Wall Street's largest and most prestigious brokerage firms, goes bust, with $40 million in liabilities -- the biggest failure of a brokerage yet on record
1955 - Columbia U scientists develope an atomic clock accurate to within one second in 300 years

26 April
1755 - 1st Russian university opens (Moscow)
1887 - Huntsville Electric Co forms to sell electricity
1904 - Bell Telephone Company of Antwerp Belgium forms
1970 - The Convention Establishing the World Intellectual Property Organization enters into force


April 2020:
24 - 06 July: Copa Cervezas de America 2020 (registration: 24 Apr-6 Jul) (Mar del Plata, Argentina)

June 2020:
09 - 12: Aro Rojo International Beer Cup 2020 (Tampico, Mexico)
21 - 22: Planete Biere 2020 (Paris, France)

July 2020:
01 - 03: Craft Beer China 2020 (Shanghai, China)
29 - 31: Beviale Mexico 2020 (Guadalajara, Mexico)
30 - 01 August: Korea International Beer Expo 2020 (Seoul, South Korea)

August 2020:
01 - 04: World Brewing Congress 2020 (Minneapolis, USA)

September 2020:
02 - 04: Beviale Moscow 2020 (Moscow, Russia)
02 - 04: Modern Brewing Technologies 2020 (Moscow, Russia)
02 - 05: Expo Trade, Brewers Conference & Mar del Plata Beer Week 2020 (Mar del Plata Argentina)
03 - 05: Zurich Bier Festival 2020 (Zurich, Switzerland)
03 - 07: Mondial de la Biere Rio 2020 (Rio de Janeiro, Brazil)
05 - 05: Copa Cervezas de America 2020 (Award Ceremony) (Mar del Plata, Argentina)
11 - 13: Mondial de la Biere - Paris 2020 (Paris, France)
14 - 25: Craft Brewing in Practice 2020 (Berlin, Germany)
19 - 04 October: Oktoberfest 2020 (Munich, Germany)
21 - 23: 11th Ibero-American VLB Symposium 2020 (Barcelona, Spain)
24 - 26: Great American Beer Festival 2020 (Denver, USA)
24 - 26: Stockholm Beer & Whisky Festival 2020 (Stockholm, Sweden)

October 2020:
02 - 03: Stockholm Beer & Whisky Festival 2020 (Stockholm, Sweden)
08 - 11: Mondial de la Biere 2020 (Montreal, Canada)
13 - 16: China Brew & China Beverage (CBB) 2020 (Shanghai, China)
14 - 16: Expo Antad & Alimentaria Mexico 2020 (Expo Guadalajara, Mexico)
23 - 25: Cerveza Mexico Expo 2020 (Mexico City, Mexico)
29 - 30: Sea Brew 2020 (Taipei, Taiwan)

November 2020:
04 - 07: VIETFOOD & BEVERAGE - VIETNAM 2020 (Ho Chi Minh City, Vietnam)
10 - 12: Brau Beviale 2020 (Nuremberg, Germany)
11 - 11: European Beer Star 2020 - Award Ceremony & Winners' Night (Munich, Germany)
13 - 14: Beervana 2020 (Wellington, New Zealand)
18 - 18: Brussels Beer Challenge 2020 (Brussels, Belgium)
25 - 27: Drink Japan 2020 (Tokyo, Japan)

December 2020:
09 - 11: Drink Technology India 2020 (Mumbai, India)

More events are available on site e-malt.com

News Articles

Barley news Canada: Total barley supply up 17% in 2019-20
For 2019-20, the total supply of barley in Canada increased by 17% from 2018-19 due to higher production despite historically low carry-in stocks, Agriculture and Agri-Food Canada said in their April report.

Domestic use is expected to increase significantly (to 6.585 mln tonnes), largely due to higher feed use, as well as industrial use.

Total exports of barley from Canada are expected to decrease to 3 mln tonnes on lower exports of grains, despite higher exports of barley malt.

Carry-out stocks are forecast to rise sharply from last year (to 1.7 mln tonnes) largely due to a significant increase in supply.

The average prices of barley, for the crop-year to-date in the Prairie provinces, declined from a year ago but remain strong. For the entire crop year, feed barley price at Lethbridge feedlots is expected to be 14% lower than 2018-19, due to increased supply in Canada, the US and around the world.

China became the largest destination of Canadian barley grain exports since 2014-15, taking more than half of Canadian barley grain exports. For 2019-20 to February, exports to China increased by 3%. The US is the second largest market for Canadian barley grains and barley malt; exports to ...More info on site

Brewery news Mexico: Alcohol sales rise by 63% during the first week of quarantine
The Covid-19 pandemic has taken its toll on a number of sectors of Mexico’s economy, but the alcohol industry did well earlier this month after being obliged to halt production and sales by the federal government, the Mexico News Daily reported on April 24.

The consultancy firm Nielsen Holdings observed a 63% increase in alcohol sales during the week of April 5-11 compared to the same period in 2019.

The announcement at the beginning of the quarantine period that beer would not be considered an essential product, halting production and sales in several states and municipalities, triggered panic buying across the country.

“At the beginning of that week beer companies announced they would temporarily halt production, which had a direct impact on their sales in several channels,” the firm said.

Beer sales were up 83% during the week, the demand for which was second only to milk.

Other alcoholic beverages also enjoyed boosts in sales: wine, of 82%, rum and brandy, 44%, whisky, 24%; and tequila, 5%.

The firm observed that sales of packaged foods grew more than perishables, with increases of 33% and 11% respectively.

In addition to the effects of the Covid-19 pandemic, the study revealed that sales were also influenced by the beginning of ...More info on site

Brewery news USA, MI: Founders Brewing Co. furloughs 163 employees due to Covid-19
Founders Brewing Co. furloughed 163 employees as a consequence of the COVID-19 pandemic, the Grand Rapids Business Journal reported on April 23.

According to a statement from the brewery, this decision only affects Founders’ retail staff who work at the temporarily closed taprooms in Grand Rapids and Detroit, and most of those affected are hourly workers.

“The COVID-19 pandemic has hit our business and industry hard,” said Mike Stevens, co-founder and CEO of Founders Brewing. “We did not take this decision lightly and hope to bring back our furloughed staff as soon as possible.”

Founders closed it tap rooms March 13 as required by Gov. Gretchen Whitmer’s “Stay Home, Stay Safe” executive order, but the company, until now, continued to pay retail staff.

“This week, we announced the difficult decision to furlough those team members starting May 3 until we have better clarity on where we as a business, and society, go from here,” Stevens said.

Founders said it will continue to cover 100% of furloughed employees’ contributions to insurance benefits, such as medical, dental, vision and company-provided life, long-term disability and short-term disability until further notice.

No Founders employee outside of the retail staff was furloughed at this time.

Brewery newsWorld: Beer and cider industry forecast to see 5% yoy decline between 2019 and 2020
With the majority of bars and pubs worldwide still closed to consumers, beer manufactures have struggled to shift their sales back into retail to ...More info on site

Brewery newsRussia: Q1 beer production up 2.8%
Russia’s beer output in January-March amounted to 16.2 mln tonnes, Profibeer reported citing Rosstat data on April 24.

As compared to the same period in ...More info on site

Hops news New Zealand: New Zealand Hops reports record harvest for 2020
New Zealand Hops has recorded a record harvest for the 2020 growing year, though has expressed concern about the likely impact of COVID-19 on sales, the Brews News reported.

The co-operative reports its members harvested 1,231,936 kilogrammes of hops, up 18% on last year. It said the increase was largely due to an increased yield per hectare.

“We also enjoyed a hot and dry summer here in Tasman providing excellent conditions for harvest which began in late February and ended earlier this month,” the report said.

Earlier in the month chief executive Craig Orr, had said the industry had been fortunate that the country’s March 26th lockdown had occurred at the end of the harvest window.

“We literally had 10 days affected on the receiving side, which was the tail end of Nelson Sauvin – our ‘big gorilla’ variety – and the green bullet which is an old staple,” Orr said.

Orr said that sales into the domestic market was likely to operate at a slight lag, due in part to package-enabled brewers drawing down on existing hop inventories.

However, with 80 per cent of its crop sent off-shore, Orr said the effect of Covid-19 meant its United States and British markets may take a hit.

“The ...More info on site

Barley newsUK: 2020/21 still likely to be another barley surplus year
While the malting barley premium has come under a large amount of pressure as the demand impact from pub and food service closures is ...More info on site

Brewery news Thailand: CGS-CIMB Research downgrades ThaiBev to a ‘hold’ rating
CGS-CIMB Research has downgraded Thai Beverage (ThaiBev) to a “hold” rating with a lower target price of 70 cents from 90 cents previously, The Edge Singapore reported on April 20.

This comes as the brokerage has turned cautious on ThaiBev’s prospects ahead, given the restrictive measures imposed in Thailand and Vietnam to combat the spread of the novel coronavirus (Covid-19) pandemic.

The brokerage has forecast a decline in spirit and beer volumes of 8.9% and 16.1%, respectively, in FY20.

In turn, it expects revenue and earnings per share (EPS) to decline by 13.2% and 15.3%, respectively.

CGS-CIMB has also reduced its FY21 to FY22 EPS forecasts by 5% to 7.5%.

Starting on April 20, Thailand has imposed a nationwide ban on alcohol sales of varying periods for different provinces.

In Vietnam, the country has extended a lockdown on major cities until April 22, following a 15-day period of isolation nationwide on April 1.

“…With this new development, we believe that most of ThaiBev’s divisions could now see slower sales in the coming quarters, especially in 3Q FY20,” CGS-CIMB analyst Cezzane See writes in a note dated April 17.

While the brokerage notes that the company’s aggressive acquisitions in recent years have diversified its earnings base, the sluggish ...More info on site

Brewery news UK: Beer sales slump by 82% since outbreak of coronavirus crisis
UK beer sales have slumped by a staggering 82 per cent since the outbreak of the coronavirus crisis, research among small independent breweries has found.

The Society of Independent Brewers (SIBA) warned that many businesses are struggling to survive.

A survey of almost 300 small breweries found that eight out of 10 do not believe the Government is doing enough to support them.

Just over half said they were unable to access any Government support, and almost a third were considering redundancies.

With pubs, bars and restaurants closed, the main route to market for independent breweries has been cut off, leading to two-thirds of them stopping production, said SIBA.

Chief executive James Calder said: "Unlike the global beer brands who can supply supermarkets in great volume, small independent breweries sell the majority of their beer through pubs, bars and restaurants, meaning the lockdown measures have hit them much harder.

"While many have launched local delivery services or online shops to try to stay afloat, the increase in online sales is a drop in the ocean compared to the overall decrease their beer sales have seen.

"Pubs, bars and restaurants have been receiving help from the Government, but none of the same schemes apply to our small breweries ...More info on site

Brewery news India: Brewer B9 Beverages raises $20 mln in bridge financing
B9 Beverages, which owns and sells craft beer brand Bira 91, has raised $20 million (about Rs 153 crore) in bridge financing from two of its existing investors - Sequoia Capital India and Belgium’s Sofina, The Economic Times reported on April 24.

The capital raise is also part of B9 Beverages’ larger $30 million pre-Series C equity financing round, the proceeds of which are earmarked for business expansion in India with a focus on increasing market share in the premium beer segment. Including this round, the company has now raised $130 million in funding.

In 2019, the five-year-old, New Delhi-headquartered Bira had commissioned two new breweries--in Andhra Pradesh and Karnataka—in a bid to quadruple production capacity. The company now operates four breweries in India and has a presence in 400 cities across 10 nations.

“We continue to grow our business in both existing and new markets. Our market shares in several markets are now higher than 5% of overall beer, and more than 20% share of premium beer,” said Ankur Jain, chief executive of B9 Beverages.

The company had entered the mass market beer segment in February last year with its product Boom. “2020 is a key inflection point for the company where we ...More info on site

Barley news Romania: Romania’s wheat, barley, rape crops could halve this year
The prolonged and acute drought has compromised about half of Romania's grain crops, agriculture minister Adrian Oros estimates.

Some three million hectares sown with wheat, barley, rape, rye have been affected, Wall-street.ro reported. However, the agriculture minister believes that the crops will cover the consumption of the population, and there can be no question of a future food crisis.

"If we get 50-60% of the crops of cereals sown last fall - wheat, barley, rape, rye - it will be fine. Domestic wheat consumption is 2.5-3 million tons, but production in a normal year is 9 million tons. If we harvest 5-6 million tons this year, we will still be fine. Domestic consumption will be covered, but we must be careful to keep the cereals in the country," said minister Oros.

Romania banned the export of cereals and bakery products outside the European Union in early April but removed the restriction later as the European Union found it disproportionate.

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