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Flash Summary
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E-Malt.com Flash 07a
February 15 - February 17, 2021
Quote of the Week
Beer is an improvement on water itself.
Grant Johnson
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Currency Rates
Base Currency: Euro
on February 17, 2021 |
Base Currency: US Dollar
on February 17, 2021 |
| |
1 EUR = 1.2129 USD
1 EUR = 0.8714 GBP
1 EUR = 1.5349 CAD
1 EUR = 1.5596 AUD
1 EUR = 128.1400 JPY
1 EUR = 6.5115 BRL
1 EUR = 89.1005 RUB
1 EUR = 7.8305 CNY
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1 USD = 0.8244 EUR
1 USD = 0.7184 GBP
1 USD = 1.2655 CAD
1 USD = 1.2858 AUD
1 USD = 105.6500 JPY
1 USD = 5.3686 BRL
1 USD = 73.4616 RUB
1 USD = 6.4561 CNY
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Currency Rates Chart
Equities of the Largest Breweries
Average Market Prices Change Trend
| February 17, 2021 |
French Barley/Malt
Crop 2020
Bulk |
EUR/T |
% |
| 2RS Malting Barley (FOB Creil) |
209.00-211.00 |  |
| 6RW Malting Barley (FOB Creil) |
203.00-205.00 |  0.49% |
| Feed Barley (FOB Creil) |
200.00-202.00 | 0.50% |
| 2RS Malt (FOB Antwerp) |
413.50-415.50 | |
| 6RW Malt (FOB Antwerp) |
406.50-408.50 | 0.30% |
French Barley/Malt
Crop 2021
Bulk |
EUR/T |
% |
| 2RS Malting Barley (FOB Creil) |
209.00-211.00 | 0.48% |
| 6RW Malting Barley (FOB Creil) |
200.00-202.00 | 1.01% |
| 2RS Malt (FOB Antwerp) |
411.50-413.50 | 0.30% |
| 6RW Malt (FOB Antwerp) |
400.50-402.50 | 0.62% |
German Malting Barley
Crop 2020
Bulk
Ex Farm |
EUR/T |
% |
| Average Malting Barley Price |
nq | |
Danish Malting Barley
Crop 2020
Free on truck
Ex Farm |
DKK/T |
% |
| Malting Barley (East) |
1,404.00-1,406.00 | 1.44% |
| Malting Barley (West) |
1,404.00-1,406.00 | 1.44% |
No change;
Price increase;
 Price decrease versus last publication.
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Click here to see our Market Prices History.
EU: Malt business trying to adjust to new reality, large malting groups enjoy surprisingly good export demand
...Click here
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UK: United Malt Group’s Baird’s Malt division to close one of its five malting plants in the UK
...Click here
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Japan: All four leading brewers report y-o-y falls in consolidated sales last year
...Click here
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Japan & Myanmar: Kirin wants to keep selling beer in Myanmar despite scrapped alliance with local JV partner
...Click here
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South Korea: HiteJinro sees operating profit fall 27% y-y in 4Q20
...Click here
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Thailand & Singapore: Analysts divided on recommendations following ThaiBev’s mixed results for Q1
...Click here
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World: Grain and oilseed markets extremely firm at present
...Click here
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EU: Barley exports in July-January slightly drop from last season’s level
...Click here
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Australia: Barley exports bound for destinations new and old in absence of sales to China
...Click here
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Russia & Ukraine: 2020/21 barley exports to-date total 5.5 mln tonnes for Russia, 3.73 mln tonnes for Ukraine
...Click here
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UK: Exports of Scotch whisky fall by more than £1 bln in 2020
...Click here
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The Netherlands: No Carnival this year means brewers will lose millions of euros in lost revenue
...Click here
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UK: Chivas Brothers calls for removal of tariffs on single malt Scotch exports to the US and a cut in spirits duty in next UK budget
...Click here
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Canada: Perpetual beer-tax hikes not helping Canada’s economy to recover
...Click here
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The Philippines: Tax court denies San Miguel Corp. refund of P3.8 mln excise taxes paid in 2015
...Click here
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Mexico & USA: AB InBev takes Constellation Brands to court over use of Corona brand name for a product other than beer
...Click here
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Graph of the week
Table of the week
EU Malt Exports
Prices Evolution
Barley Prices
Theoretical Malt Prices
Scientific Digest
Aroma Stability in Dry-Hopped Beers
ABSTRACT
This question is on every brewer's mind. How stable is the hop aroma in dry-hopped beers? There are of course two ways to analyse this. You can track the aroma components with
sophisticated GC equipment or collect sensory data over a period of time or both. These Belgian researchers looked into the fate of hop aroma and fermentation compounds. They
compared levels of short chain fatty acids, esters, terpenoids and polyfunctional thiols in bottle-refermented Belgian dryhopped beers before and after 2 years of storage at 20 °C. Except ethyl isovalerate most hop odorants and fermentation esters showed degradation over the 2-year storage period: only 45% - 70% of linalool, geraniol, and ethyl hexanoate and even
less than 40% of polyfunctional thiols, ethyl isobutyrate, and 4ethyl heptanoate were detected after storage compared to initial concentrations. How the dry hopping process affects this degradation was further investigated in model media. Fermentation esters proved to be more strongly impacted in dryhopped than in non-dry-hopped beers because of hop esterase activity. In this context, bottle refermentation is a useful way
to regenerate some flavors and consume packaged oxygen, especially with selected yeast strains able to release free thiols from cysteine and glutathione precursors.
REFERENCES:
Ferreira, C., Collin, S. :Fate of Hop and Fermentation Odorants in Commercial
Belgian Dry-Hopped Beers over 2 Years of Bottle Storage: Key-Role of Oxidation and Hop Esterases, Journal of the American Society of Brewing Chemists;
https://doi.org/10.1080/03610470.2020.1843898
Source: Barth Innovations
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These Days in Business History
15 February
1946 - Bank of England nationalized
1955 - 1st pilot plant to produce man-made diamonds announced
1995 - Dow-Jones closes at record 3986.17
16 February
1978 - 1st Computer Bulletin Board System (Ward and Randy's CBBS, Chicago)
1990 - Cisco Systems, Inc. goes public on NASDAQ, selling 2.8 million shares at an initial offering price of $18 per share
1998 - Tellabs Inc. acquires Coherent Communications Systems for $670 million
17 February
1878 - Silver dollar became U.S. legal tender
1986 - 1st Francophone Summit convenes at Versailles
1989 - Egypt, Iraq, Jordan and North Yemen form common market
Agenda
February 2021:
23 - 24: IBD Asia Pacific Convention 2021 (Online)
March 2021:
16 - 16: Beviale Mexico 2021 (Online)
16 - 18: Beviale Moscow 2021 (Moscow, Russia)
23 - 23: Beviale Mexico 2021 (Online)
30 - 30: Beviale Mexico 2021 (Online)
April 2021:
12 - 14: Beer & Food Attraction 2021 (Rimini, Italy)
16 - 18: Cerveza Mexico Expo 2021 (Mexico City, Mexico)
16 - 18: Barcelona Beer Festival 2021 (Barcelona, Spain)
20 - 20: EBC Symposium 2021 (Online)
30 - 02 May: Finest Spirits 2021 (Munich, Germany)
May 2021:
12 - 14: Craft Beer China 2021 (Shanghai, China)
17 - 23: Budapest Beer Week 2021 (Budapest, Hungary)
18 - 20: Beer 2021 (Sochi, Russia)
27 - 29: Copenhagen Beer Festival 2021 (Copenhagen, Denmark)
27 - 30: Wiener Bierfest 2021 (Vienna, Austria)
June 2021:
08 - 09: Bev Expo 2021 (Manchester, UK)
13 - 15: Bangkok Brewing Conference 2021 (Bangkok, Thailand)
15 - 17: Brasil Brau 2021 (Sao Paulo, Brazil)
July 2021:
01 - 03: Helsinki Beer Festival 2021 (Helsinki, Finland)
13 - 15: Fdt Africa 2021 (Midrand, South Africa)
August 2021:
06 - 07: Tallinn Craft Beer Weekend 2021 (Tallinn, Estonia)
12 - 14: VIETFOOD & BEVERAGE - VIETNAM 2021 (Ho Chi Minh City, Vietnam)
September 2021:
09 - 12: Craft Brewers Conference & BrewExpo America 2021 (Denver, Colorado, USA)
16 - 18: Zurich Bier Festival 2021 (Zurich, Switzerland)
18 - 03 October: Oktoberfest 2021 (Munich, Germany)
22 - 24: Beer and Soft Drinks Industry 2021 (Kyiv, Ukraine)
October 2021:
04 - 08: Drinktec 2021 (Messe München, Munich, Germany)
07 - 10: Mondial de la Biere 2021 (Montreal, Canada)
13 - 15: Drink Japan 2021 (Makuhari Messe, Japan)
17 - 20: 14th International Trends in Brewing 'Beer & Society' 2021 (Leuven, Belgium)
November 2021:
04 - 05: Sea Brew 2021 (Taipei, Taiwan)
December 2021:
07 - 08: Brewers Congress 2021 (The Brewery, 52 Chiswell Street, London, UK)
February 2022:
11 - 14: HoReCa 2022 (Athens, Greece)
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Malt News
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EU: Malt business trying to adjust to new reality, large malting groups enjoy surprisingly good export demand
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Malt business for delivery in 2021 came to halt with the outbreak of the second Covid-19 wave, H. M. Gauger GmbH said in their
...More info on site
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UK: United Malt Group’s Baird’s Malt division to close one of its five malting plants in the UK
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Australian-based maltster United Malt Group will close one of its five operations in the UK at Grantham, consolidating production at a second malt house
...More info on site
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Brewery News
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Japan: All four leading brewers report y-o-y falls in consolidated sales last year
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All four major Japanese brewers have reported year-on-year falls in consolidated sales in the business year to December 2020, reflecting sluggish demand from business
...More info on site
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Japan & Myanmar: Kirin wants to keep selling beer in Myanmar despite scrapped alliance with local JV partner
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Japanese drinks giant Kirin Holdings said it wanted to keep selling beer in Myanmar even after the recent coup prompted it to scrap its
...More info on site
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South Korea: HiteJinro sees operating profit fall 27% y-y in 4Q20
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HiteJinro’s consolidated operating profit fell 27% y-y in 4Q20, missing consensus. Its soju and beer sales declined amid stricter social distancing measures, and profitability
...More info on site
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Thailand & Singapore: Analysts divided on recommendations following ThaiBev’s mixed results for Q1
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Analysts are divided on their recommendation for Thai Beverage (ThaiBev) following the beverage manufacturer’s mixed set of results for 1QFY2021 ended Dec 31 and the IPO plan of its beer business, The Edge Singapore reported on February 15.
On February 11, ThaiBev reported y-o-y earnings growth of 1% to THB8.47 billion.
This, however, came on the back of lower revenue of THB71.79 billion, down 5% y-o-y.
ThaiBev had earlier announced the proposed listing of BeerCo, which will hold its Thai beer business and Saigon Alcohol Beer and Beverage Joint Stock Corp (Sabeco).
In a February 11 note, RHB Securities has maintained its “buy” call for the stock with a higher target price of 94 cents from 82 cents previously.
The brokerage says ThaiBev is well placed to capture the anticipated cyclical recovery, leveraging on its established Thailand and Vietnam presence.
It expects the company to recover gradually across all business divisions after Covid-19 is contained, as inoculations take place globally.
“Plans to spin off BeerCo could potentially unlock more value, hence catalysing the share price,” says RHB Securities.
CGS-CIMB Research, too, has reiterated its “add” rating for the stock with an unchanged target price of 87.2 cents.
The brokerage says it continues to like ThaiBev for its spirits business,
...More info on site
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The Netherlands: No Carnival this year means brewers will lose millions of euros in lost revenue
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Normally, beer brewing giants, such as Heineken, AB InBev and Swinkels, would be looking forward to this time of year with millions of euros in revenue expected during the Carnival season, the NL Times reported on February 14.
Due to the pandemic, the festivities will not be going through this year causing a further dent in the income of beer brewers that have already had large setbacks since the pandemic began. Heineken recently announced it would cut over 8 thousand jobs worldwide in an attempt to reduce costs by 35 million euros per year.
Statistics Netherlands reported that Dutch Carnival attendees spend roughly 270 million euros during the celebratory period. Around half of that money is spent on beverages alone.
During Carnival season, between five to ten million litres of beer are typically consumed in the Netherlands. Beer brewers are hoping to still be able to tap into a part of their usual profit by collaborating with local initiatives in promoting at-home Carnival festivities.
The Limburg subsidiary of Heineken, Brand, is working together with a number of pubs to put together Carnival packages for house parties. “We are also working together with various associations, including in Venlo, where they go door-to-door”, a spokesperson of
...More info on site
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Canada: Perpetual beer-tax hikes not helping Canada’s economy to recover
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As with all businesses, the past 10 months have proven to be anything but normal for Canadian brewing companies. As the first wave of lockdowns took hold, brewing companies were figuring out how to manage millions of dollars of untapped keg beer that was being returned by restaurants and bars, TheSpec.com reported on February 14.
Unlike spirits and wine, beer is perishable. Most beer does not get better with age. If a keg goes untapped for too long, it is recommended the contents be disposed of, rather than go into anyone’s mug.
Thankfully, many brewers had another option. They donated the alcohol in the kegged beer for use in the production of sanitizers to address shortages and help those fighting the pandemic on the front lines in the early days. When Canada needed resourcefulness, brewers were ready to contribute.
In the subsequent months, beer companies have had to respond to market changes that in normal times would occur over many years. Seemingly overnight, the market went from one where restaurants and bars accounted for nearly 30 per cent of all beer sales to a market where beer was increasingly being sold in cans for consumption at home.
As a result, brewers quickly saw a
...More info on site
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The Philippines: Tax court denies San Miguel Corp. refund of P3.8 mln excise taxes paid in 2015
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The Court of Tax Appeals (CTA) thumbed down the appeal of San Miguel Corp. (SMC) for a review of the court’s decision to deny the company’s claim for a refund of the P3.8-million excise taxes it paid in 2015 for its San Mig Light in Kegs product, the BusinessWorld Online reported on February 15.
In a decision published on CTA’s website on Feb. 4, it said that it dismissed SMC’s claim due to “lack of merit.”
SMC claimed that the court should have taken judicial notice of the required sworn statements on the net retail price of its product. Such sworn statements are the basis for the computation of excise tax on the product.
SMC claimed that it had already submitted the sworn statements to the Bureau of Internal Revenue (BIR).
However, the CTA ruled that SMC should have formally offered the said documents to the court.
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Mexico & USA: AB InBev takes Constellation Brands to court over use of Corona brand name for a product other than beer
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The Mexican arm of drinks company Anheuser-Busch InBev accused U.S. firm Constellation Brands in a lawsuit filed on February 15 of breaching a deal on the use of the Corona brand name by applying it to a product other than beer, Reuters reported.
Constellation has used the name for its Corona Hard Seltzer, a sparkling water with alcohol and flavouring, one of several seltzer drinks that have become popular in the United States.
The case is the latest in an increasingly competitive and litigious U.S. brewing market.
Grupo Modelo filed its suit in the U.S. district court of the southern district of New York on February 15, according to a court filing. AB InBev, which confirmed the filing, said it had failed to settle the matter with Constellation directly.
When AB InBev took full control of Grupo Modelo in 2013, it agreed with U.S. antitrust regulators to sell Grupo Modelo’s business in the United States to Constellation, including the Corona brand. AB InBev retained rights to Corona and other Modelo brands in Mexico and elsewhere.
Modelo said the licensing arrangement for Corona only extended to beer and did not include hard seltzer. Constellation was not immediately available for comment.
Constellation launched Corona Hard Seltzer in February
...More info on site
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Barley News
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World: Grain and oilseed markets extremely firm at present
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World grain and oilseed markets are extremely firm; wild swings of futures markets stopped the uptrend only for short periods. It started with and
...More info on site
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EU: Barley exports in July-January slightly drop from last season’s level
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EU’s total barley crop hardly changed from 2019 to 2020, but there was an internal shift of 3 mln tonnes from the exporter France
...More info on site
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Australia: Barley exports bound for destinations new and old in absence of sales to China
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Australia is one of the world’s top exporters of barley, though its ranking in recent years has depended heavily on weather and its effects
...More info on site
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Russia & Ukraine: 2020/21 barley exports to-date total 5.5 mln tonnes for Russia, 3.73 mln tonnes for Ukraine
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Russian wheat has dominated world markets early in this year’s campaign. Wheat exports were anticipated to reach 39 mln tonnes during the crop year,
...More info on site
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Whisky News
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UK: Exports of Scotch whisky fall by more than £1 bln in 2020
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Exports of Scotch whisky fell by more than £1.1 billion in 2020 to the lowest level in a decade, according to an industry body.
The
...More info on site
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UK: Chivas Brothers calls for removal of tariffs on single malt Scotch exports to the US and a cut in spirits duty in next UK budget
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The chairman and chief executive of Chivas Brothers, the Scotch whisky business of Pernod Ricard, used the firm's results call to call for the removal of tariffs on single malt Scotch exports to the US and a cut in spirits duty in the next UK Budget, the Insider reported on February 12.
Jean-Christophe Coutures said that for the industry to continue its recovery, the UK Government must prioritise the interests of Scotch in future free trade agreement negotiations.
Attention was also drawn to securing improved market access in India, where Scotch whisky faces import tariffs of 150%.
Coutures said: “We must build on this momentum by clearing the path for Scotch to fully rebound and recover, and that means bringing about a swift end to US tariffs, prioritising Scotch in post-Brexit trade negotiations and a cut in spirits duty in the next Budget.”
Global exports of Scotch Whisky fell by more than £1.1 bln during 2020, according to the Scotch Whisky Association, putting them at the lowest in a decade.
In 2020, the export value of Scotch Whisky exports fell 23% by value to £3.8 bln, as countries went into Covid-19 lockdown, with hospitality and travel restrictions impacting airport retail - export values fell 70%
...More info on site
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