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E-Malt.com Newsletter 45b
November 09 - November 12, 2023
Quote of the Week
Nothing quenches the thirst like a wheat beer, or sharpens the appetite like an India pale ale. Nothing goes as well with seafood as a dry porter or stout, or accompanies chocolate like an imperial stout. Nothing soothes like a barley wine. These are just a few of the specialty styles of beer.
Michael Jackson
Currency Rates
Base Currency: US Dollar
on November 10, 2023 |
Base Currency: Canadian Dollar
on November 10, 2023 |
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1 USD = 0.9349 EUR
1 USD = 0.8151 GBP
1 USD = 1.3789 CAD
1 USD = 1.5620 AUD
1 USD = 151.0540 JPY
1 USD = 4.9125 BRL
1 USD = 91.8863 RUB
1 USD = 7.2826 CNY
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1 CAD = 0.7251 USD
1 CAD = 0.5911 GBP
1 CAD = 0.6779 EUR
1 CAD = 1.1327 AUD
1 CAD = 109.5310 JPY
1 CAD = 3.5622 BRL
1 CAD = 66.6281 RUB
1 CAD = 5.2808 CNY
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Currency Rates Chart
Equities of the Largest Breweries
USA: January-September and September alone beer shipments decrease in the US
...Click here
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Canada: Barley crop forecast slightly up to 8 mln tonnes
...Click here
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Canada & China: Canadian malting barley varieties tested in China
...Click here
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USA, AR: Flyway Brewing Company officially opens Fayetteville location
...Click here
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USA, TN: Crazy Gnome Brewing planning a new taproom and brewery in Nashville
...Click here
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USA, NY & NH: Five Boroughs Brewing Co. acquired by New Hampshire’s Smuttynose Brewing Co.
...Click here
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Puerto Rico & Virgin Islands: Beer lobby in battle over rum tax benefits
...Click here
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USA, IL: Other Half Brewing opening in Bridgeport's renovated Ramova Theatre
...Click here
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USA, MA: Bone Up Brewing Co. in Everett is closing its doors
...Click here
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Japan: Kirin Holdings reports lower earnings for the first nine months of the year
...Click here
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World: World barley trade forecast slightly down in USDA’s November report
...Click here
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EU & UK: Barley situation much tighter with production 4-5 mln tonnes smaller than last two crops
...Click here
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Zimbabwe: Delta Corporation delivers strong performance for six months ended September 30
...Click here
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Ethiopia: Ethiopia achieves self-sufficiency in malting barley
...Click here
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Luxembourg: Heineken successfully places EUR600 mln of 3-year Notes
...Click here
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South Korea: Hitejinro Co. raises its soju and beer prices by about 7%
...Click here
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Saudi Arabia: Saudi Arabia shifts from importing barley as a result of declining corn prices
...Click here
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Graph of the Week
Table of the Week
EU Barley Supply & Demand Forecast
Prices Evolution
Barley Prices
Theoretical Malt Prices
These Days in Business History
09 November
1731 - Benjamin Banneker, the brilliant African-American mathematician and inventor, is born on a farm in Ellicott's Mills, Md
1801 - Gail Borden, Jr. is born to Gail and Philadelphia Borden in Norwich. After a decade of constant experimentation with preserving food, Borden is awarded is awarded a U.S. patent for condensed milk in 1856
10 November
1544 - Antwerps painter John Matsys banished
1891 - Granville T. Woods patents electric railway
1951 - 1st long distance telephone call without operator assistance
1997 - WorldCom and MCI Communications announce a $37 billion merger (the largest merger in US history at the time)
11 November
1493 - Columbus discovers Saba
1925 - Robert Millikan announces discovery of cosmic rays
1988 - Oldest known insect fossils (390 million years) reported in Science
1993 - Bill Gates buys Leonardo da Vinci's "Codex" for $30,800,000
12 November
1765 - Robert Fulton is born. He invents the world's first practical steamboat in 1807, and for the first time humans can safely travel substantial distances without relying on animals or wind
Agenda
November 2023:
28 - 30: Brau Beviale 2022 (Nuremberg, Germany)
December 2023:
06 - 08: Drink Japan 2023 (Makuhari Messe, Japan)
February 2024:
01 - 02: Glug Swiss 2024 (Alte Reithalle, Aarau, Switzerland)
09 - 12: HoReCa 2024 (Athens, Greece)
18 - 21: Beer & Food Attraction 2024 (Rimini, Italy)
23 - 25: Finest Spirits 2024 (Munich, Germany)
March 2024:
13 - 15: 108 International Brewing & Engineering Congress 2024 (Groningen, the Netherlands)
13 - 14: BeerX 2024 (Liverpool, UK)
22 - 23: InnBrew 2024 (Barcelona, Spain)
22 - 24: St Malo Craft Beer Expo 2024 (St Malo, France)
April 2024:
11 - 13: KIBEX 2024 (Seoul, South Korea)
21 - 24: Craft Brewers Conference & BrewExpo America 2024 (Las Vegas, USA)
24 - 24: World Beer Cup 2024 (Las Vegas, USA)
May 2024:
20 - 26: Budapest Beer Week 2024 (Budapest, Hungary)
24 - 26: Cerveza Mexico Expo 2024 (Guadalajara, Mexico)
24 - 26: Mondial de la Biere 2024 (Montreal, Canada)
26 - 30: The Brewers of Europe Forum 2024 (Lille, France)
30 - 01 June: Craft Beer China 2024 (Shanghai, China)
June 2024:
06 - 09: Wiener Bierfest 2024 (Vienna, Austria)
11 - 13: Brasil Brau 2024 (Sao Paulo, Brazil)
August 2024:
08 - 10: VIETFOOD & BEVERAGE - VIETNAM 2024 (Saigon Exhibitions and Conventions Center, 799 Nguyen Van Linh Street, District 7, HoChiMinh City, Vietnam)
September 2024:
14 - 15: Bruges Beer Festival 2024 (Bruges, Belgium)
News Articles
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USA: January-September and September alone beer shipments decrease in the US
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The Beer Institute published on November 8 an unofficial estimate of domestic tax paid shipments by beer brewers for September 2023.
The September 2023 estimate is 13,200,000 barrels, a decrease of 7.4% compared to September 2022 removals of 14,256,962.
Year-to-date shipments are seen at 117.16 mln barrels, down 6.5% versus January-September last year.
The October 2023 domestic tax paid estimate is scheduled to be released on December 7, 2023.
The Beer Institute is a national trade association for the American brewing industry, representing brewers, beer importers and industry suppliers—an industry that supports nearly 2.4 million jobs and provides more than $409 billion to the American economy.
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Canada: Barley crop forecast slightly up to 8 mln tonnes
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RMI Analytics said in their latest report their barley crop estimate for Canada is raised slightly to 8 mln tonnes, with final harvest results
...More info on site
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Canada & China: Canadian malting barley varieties tested in China
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Commercial malting and brewing trials in China are paving the way for the adoption of better performing varieties in Canada, the Western Producer reported on November 9 citing an industry official.
The Canadian Malting Barley Technical Centre (CMBTC) has been facilitating the shipment of container loads of new malting barley varieties to Chinese maltsters since 2017.
Those shipments are used in commercial production trials typically involving between 100 and 400 tonnes of the new varieties. A shipment usually contains enough barley to conduct at least two trials.
“This has proven to be very popular with the Chinese,” said CMBTC managing director Peter Watts.
“They really appreciate it.”
Chinese maltsters are reluctant to change varieties.
“They like what they know,” he said.
It is a challenge to convince them to “test-drive” new varieties.
“What we argue and explain to the end users is that in order for barley to be a competitive cropping option for Canadian farmers, we need to get these new varieties accepted,” said Watts.
Barley has to compete with the new high-yielding wheat varieties and also offer growers better disease packages and lodging resistance.
CMBTC was already supplying international customers with malting performance data from its Western Canadian Field Trials as well as two-to-three-kilogram samples of new varieties
...More info on site
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USA, AR: Flyway Brewing Company officially opens Fayetteville location
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A North Little Rock-based brewery has opened a new Fayetteville location, the Fayetteville Flyer reported on November 8.
After a soft opening last week, Flyway Brewing Company officially opened on Wednesday, Nov. 8 at 1550 E Zion Rd, in the building formerly home to Apple Blossom Brewing. The new location is the first location outside of central Arkansas for the brewery.
Flyway got its start with owner Matt Foster brewing tiny batches of their Free Range Brown Ale in the back of Loblolly Creamery to provide a single house beer for the South on Main restaurant in Little Rock.
A couple years later, he built Flyway Brewing in North Little Rock’s Argenta district in 2015, offering food and local brews at that location.
Foster told us back in the spring that locals can expect to find all of their favorite year-round and seasonal brews they are used to from Flyway at the new Fayetteville location, along with some beers that will be exclusive to the new taproom.
“So many people have helped us get to where we are today, and we’re just thrilled to have this opportunity to bring even more great beer and great food to Northwest Arkansas,” he said. “It’s gonna
...More info on site
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USA, TN: Crazy Gnome Brewing planning a new taproom and brewery in Nashville
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The owner of East Nashville’s Crazy Gnome Brewing is planning a new taproom and brewery, also on the city’s East Side, the Nashville Scene reported on November 9.
Nashville Business Journal reports Grayson Miller will operate the facility near Inglewood at 1005 W. Kirkland Ave., with Mexican restaurant El Jaliciense located nearby on Gallatin Pike.
Miller is part of an investor group (which is not related to the ownership of the Crazy Gnome business) that paid $2 million for an East Nashville property with multiple buildings in September 2022 (read here) and at which the Crazy Gnome is planned.
The future taproom will be able to seat about 80 patrons, with the facility sufficiently large so as to allow Crazy Gnome to begin canning, NBJ reports.
Miller says on-site work at 1005 W. Kirkland Ave. will not begin until late 2024 at the earliest.
Miller says he and the other Crazy Gnome owners are not ready to announce when, or if, the existing Crazy Gnome at 948 Main St. might cease operations. He says there should be more clarity regarding that situation in 2024.
Miller says the team has not decided whether it will focus on canning six-packs of 12-ounce beers or four-packs of 16-ounce beers,
...More info on site
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Canada, BC: East Vancouver brewery for sale
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A near decade-old craft brewery in East Vancouver is being sold, again, and its current owners says B.C.’s “archaic” regulatory framework is partially to blame, CTV News Vancouver reported on November 7.
Freehouse Collective, formerly known as The Donnelly Group, says it recently listed Bomber Brewing for sale because there isn’t enough economic incentive for a hospitality group to own a venture of this kind due to the province’s tied-house policy.
The company has owned the brewery at 1488 Adanac St. since 2018, four years after Bomber was established by teammates on a local beer league hockey team by the same name.
But as a tied house, which is defined by B.C.’s Liquor and Cannabis Regulation Branch as “a business that has an association (financial or otherwise) with a liquor manufacturer or its agent that is likely to lead to its products being favoured,” Freehouse can only sell Bomber products at three of its 11 bars in Vancouver.
“We would warmly welcome the modernization of this policy, especially in the current craft beer climate with shrinking market share and increasing costs,” Harrison Stoker, the group’s chief growth officer, wrote in an email to CTV News on November 7.
“It’s long overdue for a review and
...More info on site
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USA, NY & NH: Five Boroughs Brewing Co. acquired by New Hampshire’s Smuttynose Brewing Co.
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Brooklyn-based craft brewery Five Boroughs Brewing Co. has been acquired by Smuttynose Brewing Co., New Hampshire's original craft brewery, PRNewswire reported on November 7.
The acquisition, announced on November 7, 2023, provides Finestkind Brewing LLC, the owner of Smuttynose, with access to resources in the New York market and an expanded presence in the tri-state area. Over the next few months, Five Boroughs' production will transition to Finestkind Brewing's facility in Hampton, New Hampshire.
"We're thrilled to partner with Smuttynose Brewing Co.," said Blake Tomnitz, Co-Founder and CEO of Five Boroughs Brewing Co. "Smuttynose is a craft beer pioneer, and we share their commitment to high-quality craft beers. Under their leadership, we're confident in the brand's continued growth, reaching even more craft beer consumers across the tri-state area and beyond."
Five Boroughs' taproom in Sunset Park, Brooklyn, will continue to operate as an innovation hub for the brewery, supporting new projects, including small-batch beers for select accounts.
"We remain dedicated to our Sunset Park taproom's role as a hub for creativity and experimentation," said Kevin O'Donnell, Co-Founder and COO of Five Boroughs Brewing Co. "It serves as a space for pushing craft beer boundaries while celebrating the community that has shaped the brand."
"We've closely
...More info on site
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Puerto Rico & Virgin Islands: Beer lobby in battle over rum tax benefits
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The beer lobby is taking aim at a tax benefit for Puerto Rico and the U.S. Virgin Islands up for renewal this year that they argue unfairly subsidizes their rum-producing competitors, amid an escalating dispute with the spirits industry over how to tax new alcoholic beverage options, the Roll Call reported on November 9.
The transfer of rum tax collections to the U.S. territories enjoys support on both sides of the aisle in Congress and would be a strong contender for a potential year-end tax package. But the squabble between beer brewers and liquor distillers is putting some new heat on the “rum cover-over.”
“The rum cover-over program has turned into a handout to large liquor companies,” a voiceover narrates in the Beer Institute’s minute-long ad on the issue. “Congress should take a hard look at this program and reform it to ensure that the people of Puerto Rico and the U.S. Virgin Islands get the assistance they need.”
The video is part of a “Stand with Beer” website that the Beer Institute — which represents the largest U.S. beer producers — launched this summer to tout its own benefits to the U.S. economy and question tax breaks that aid distilled spirits companies.
The
...More info on site
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USA, IL: Other Half Brewing opening in Bridgeport's renovated Ramova Theatre
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The reopened Ramova Theatre will also be home to Chicago’s newest brewery.
Other Half Brewing will open a brewery and taproom inside the Ramova Theatre, the historical movie house at 3520 S. Halsted St. that will reopen as a concert venue and dining destination.
The redeveloped Ramova Theatre is set to open in the coming months after sitting vacant for over three decades. Centered around an 1,500-capacity concert venue, the theater complex will also include a reopened Ramova Diner, Other Half Ramova, a beer garden and an events space.
After deciding to fold a brewery into the redevelopment plans, developer Tyler Nevius turned to the beer makers at the taproom he frequented when he lived in Brooklyn: Other Half.
“As soon as I tried [Other Half] and realized they were a mile and a half away, I think I was there almost every Saturday,” said Nevius, who is spearheading the Ramova redevelopment with Emily Nevius, his wife. “This idea of creating a music venue and a brewery was really developed organically with them to a great extent.”
Other Half opened in New York City in 2014, garnering a following despite the “smallest taproom anyone has ever seen,” said Sam Richardson, one of three co-founders and
...More info on site
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USA, TX: Shannon Brewing Company announces closure
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Shannon Brewing Company has closed, according to a social media post, the Community Impact reported on November 8.
Shannon Carter opened the brewery in Keller in 2014, brewing beer by fire and producing thousands of barrels per year.
He announced in June that he sold the business to a private equity group and would step away in July.
A social media post indicated the business was closed last week for technical difficulties before announcing the closure.
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USA, MA: Bone Up Brewing Co. in Everett is closing its doors
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According to a poster within the Friends of Boston's Hidden Restaurants Facebook group page, Bone Up Brewing Co. in Everett is closing its doors, the Boston Restaurant Talk reported on November 8.
A Facebook post from the Norman Street spot says the following:
“In news that won't come as a surprise to many of you, but which is nonetheless very difficult for us to deliver, we are officially announcing that Bone Up will be closing at the end of this year; our anticipated last day of taproom service will be Sunday, December 31....At the heart of this is, of course, the ongoing dispute we've been having with our landlords since early this year. There's more to it, of course, but there's only so much detail we can/should go into here and now....”
The post mentions that the people behind the brewery have no plans at the present time to reopen in a new location, though "We're not ruling that out as a possibility....the future of Bone Up - if there can be a future - would look less like 'moving to a new location' and more like 'starting something new in a different spot' (though, again, this is purely hypothetical at the moment)."
Bone
...More info on site
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Japan: Kirin Holdings reports lower earnings for the first nine months of the year
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Japanese beverage and pharma company Kirin Holdings Company, Ltd. on November 8 reported lower earnings for the first nine months of the year, particularly
...More info on site
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World: World barley trade forecast slightly down in USDA’s November report
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World barley trade forecast for 2023-24 is slightly reduced in USDA’s latest report this month: 26.946 mln tonnes vs the October forecast of 26.971
...More info on site
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EU & UK: Barley situation much tighter with production 4-5 mln tonnes smaller than last two crops
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From an overall supply and demand perspective, the EU27+UK barley situation is static, with a crop estimate at 54.46 mln tonnes, RMI Analytics said
...More info on site
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Zimbabwe: Delta Corporation delivers strong performance for six months ended September 30
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Delta Corporation, Zimbabwe’s largest beverages maker, delivered a strong performance for the six months ended September 30, 2023, after recording volume growth across business
...More info on site
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Ethiopia: Ethiopia achieves self-sufficiency in malting barley
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Ethiopia has achieved self-sufficiency in malting barley that it had been importing for years to meet the demands of the brewing industry, Industrial Parks Development Corporation (IPDC) disclosed, allAfrica.com reported on November 9.
Reports show that the country had been spending millions of USD to import 70 percent of the cereals required by its breweries. Ethiopia has stopped importing barley thanks to the government's efforts that enabled the nation to become self-sufficient with adequate local products, said Fitsum Ketema, Chief of Staff and Transformation Head of IPDC.
According to him, a malting barley producing company which operates at Bole Lemmi Industry Park has contributed to the barley production growth by supporting over 60,000 smallholder farmers to have direct access to the market. Such market linkage is being facilitated in Debre Berhan and Jimma agro processing industries, as to Fitsum.
He added that the country is also working on market integration for the trade-off between farmers and buyers in more agricultural products. Many industrial parks have been working on increasing the volume and variety of their products to alleviate the effects of the termination of Ethiopia from AGOA benefits, he noted.
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Australia: Barley exports up 40% in September
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Australia exported 5.77 million tonnes (Mt) of feed barley, 1.15Mt of malting barley and 2.81Mt of sorghum in the year to 30 September 2023, according to the latest data from the Australian Bureau of Statistics.
Combined malting and feed barley exports for September at 485,859t were up 40 percent from 346,213t shipped in August, a hefty upswing unusual for the last month of the marketing year prompted by China’s return to the market.
September figures showed a strong month for barley exports.
“We’ve seen the Chinese shipping program pick up as per our expectations,” Flexi Grain pool manager Sam Roache said.
“We note a significant jump in malting barley exports to China, but this is misleading, with most of the shipments being feed barley.
“We expect barley shipments to ramp up further in October and November, and by December we should be up around the 1Mt-per-month mark.
“Overall, we expect around 3Mt plus has been sold to China since August, with this being over half of our expected exports for the entire shipping year to October 2024.”
“That is a very aggressively sold program and we continue to see that aggressive buying from China in the market today, which is great for Australian barley growers.”
For the year
...More info on site
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Luxembourg: Heineken successfully places EUR600 mln of 3-year Notes
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Heineken N.V. announced on November 8 that it has successfully placed €600 million of 3-year Notes with a coupon of 3.625%.
The Notes will be issued under the Company's Euro Medium Term Note Programme and will be listed on the Luxembourg Stock Exchange.
The proceeds from the Notes issuance will be used for general corporate purposes, including debt repayments. The maturity date of the Notes is 15 November 2026.
Barclays, BNP Paribas, HSBC, Rabobank and Santander acted as active book runners.
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South Korea: Hitejinro Co. raises its soju and beer prices by about 7%
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Hitejinro Co., South Korea's leading beverage company, has raised its soju and beer product prices by about 7 percent to reflect higher raw material and manufacturing costs, Yonhap News reported on November 9.
Hitejinro raised Chamisul soju prices by 6.95 percent and Hite, Terra and Kelly beer prices by 6.8 percent Thursday due to sharply increased ethyl alcohol and bottle prices, the company said in a statement.
Prices of ethyl alcohol called "jujeong" jumped by more than 10 percent in April, and bottle prices have recently soared by 20 percent. Soju is a distilled liquor made of ethyl alcohol and water, with the addition of sweeteners.
But the company didn't raise the price of 500-milliliter cans of beer.
Last month, Oriental Brewery Co., Hitejinro's competitor, raised the prices of beer by 6.9 percent for the same reasons.
Hitejinro produces 100 percent of its soju products at its domestic plants. It earns 10 percent of its total sales from exports of soju; "makgeolli," Korean rice wine; and other liquors. Soju accounts for 80 percent of the exports.
lts soju products are sold under the flagship Jinro brand overseas, while two soju brands, Chamisul and Jinro, are sold domestically. Its beer is available globally under the brands of
...More info on site
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Saudi Arabia: Saudi Arabia shifts from importing barley as a result of declining corn prices
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Since 1978/79, Saudi Arabia’s primary feed grain import has been barley, imports of which peaked at more than 10.0 million tons in 2015/16. However, as of September 2023, Saudi Arabia has imported nearly 3.3 million tons of corn, while importing only 3.1 million tons of barley. The shift from barley to corn is a result of declining corn prices, higher demand for processed feeds, and lower global barley supplies, USDA said in its November report.
Over the past year, larger exportable corn supplies led to falling prices for imported corn. Per FAS/Riyadh, cost and freight (CFR) prices for Saudi Arabia corn imports have fallen $60 to $240/ton, while CFR prices for barley have moderated less significantly, hovering around $250/ton. Combined with a declining portion of feed import costs being met by monthly government cash payouts, corn has become a cost attractive option for feed buyers. Locally processed feed using corn can be as much as 35 percent cheaper than imported grain barley.
Additionally, shifting demand drivers within Saudi Arabia support higher imports of corn over barley. Most growth in feed demand is from an expanding poultry industry. Major poultry producers such as Almarai have invested $1.8 billion to double poultry production by
...More info on site
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