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E-Malt.com Newsletter 46b
November 16 - November 19, 2023
Quote of the Week
The pessimist sees difficulty in every opportunity. The optimist sees opportunity in every difficulty.
Winston Churchill
Currency Rates
Base Currency: US Dollar
on November 17, 2023 |
Base Currency: Canadian Dollar
on November 17, 2023 |
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1 USD = 0.9215 EUR
1 USD = 0.8059 GBP
1 USD = 1.3723 CAD
1 USD = 1.5430 AUD
1 USD = 150.9780 JPY
1 USD = 4.8607 BRL
1 USD = 89.2459 RUB
1 USD = 7.2478 CNY
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1 CAD = 0.7286 USD
1 CAD = 0.5871 GBP
1 CAD = 0.6714 EUR
1 CAD = 1.1242 AUD
1 CAD = 110.0000 JPY
1 CAD = 3.5414 BRL
1 CAD = 65.0227 RUB
1 CAD = 5.2806 CNY
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Currency Rates Chart
Equities of the Largest Breweries
USA, ME: Orange Bike Brewing to open its doors on November 17
...Click here
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USA, OH: Third Eye Brewing set to open its second location on November 18
...Click here
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USA, NY: Big Ditch Brewing Company planning second brewery in Lockport
...Click here
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USA, IL: Turner Haus Brewery set to open in Chicago’s Bronzeville neighborhood this month
...Click here
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USA & Canada: Larger than anticipated US corn crop to be a bearish factor for Canadian feed barley prices
...Click here
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USA, NY: Young Lion Brewing Co. sells its brewing facility and taproom to Other Half Brewing Co.
...Click here
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USA: AB InBev ‘s US CMO stepping down as Bud Light sales continue to sink
...Click here
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USA, LA: Faubourg Brewing Co. shuttering beermaking operations in New Orleans East
...Click here
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USA, IL: Chicago’s Metropolitan Brewing permanently closing in December
...Click here
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World: Malteries Soufflet completes acquisition of United Malt
...Click here
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World: Profile of non-alcohol beers being raised across the globe
...Click here
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Argentina: Barley crop development continues to be favourable
...Click here
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Latin America: Diageo not sure how quickly it could resolve issues in Latin America that led to surprise profit warning last week
...Click here
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Russia: Russia detains two senior employees from Carlsberg’s Russian breweries
...Click here
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Sri Lanka: Heineken signs agreement with Distilleries Company of Sri Lanka
...Click here
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Vietnam: Proposed mixed tax regime on beer must be carefully studied - experts
...Click here
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Australia: Western Australia’s grain association cuts wheat, barley crop forecasts
...Click here
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South Korea & China: Korea’s beer imports from China plunge more than 40% in October
...Click here
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Ukraine: Ukraine 2024 winter sowing at 5.7 mln ha as of November 14
...Click here
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Belgium: Major strike stops work at AB InBev breweries in Belgium
...Click here
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Graph of the Week
Table of the Week
Slovenia Hops Area, Yields, and Production 2020-2022
Prices Evolution
Barley Prices
Theoretical Malt Prices
These Days in Business History
16 November
1841 - Life preservers made of cork are patented by Napoleon Guerin
1875 - William Bonwill, patents dental mallet to impact gold into cavities
1904 - British physicist John A. Fleming invents the thermionic two-electrode valve, or diode, later known as the vacuum tube, which soon makes the radio possible -- and ultimately powers the earliest modern computers
17 November
1801 - 1st edition of New York Evening Post
1869 - Suez Canal (Egypt) opens, links Mediterranean & Red seas
1914 - U.S. declares Panama Canal Zone neutral
18 November
1793 - Louvre officially opens in Paris
1963 - Bell Telephone introduces push button telephone
19 November
1493 - Christopher Columbus discovers Puerto Rico, on his 2nd voyage
1893 - 1st newspaper color supplement (NY World)
1959 - Ford cancels Edsel
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, ME: Orange Bike Brewing to open its doors on November 17
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Orange Bike Brewing will be opening this Friday, November 17. Portland’s newest brewery is located at 31 Diamond Street in East Bayside in the same building as Bite Into Maine. This weekend they’ll be open Friday 3 – 8 pm, and Saturday/Sunday noon – 8 pm, the Portland Food Map reported.
Alan Pugsley has been part of the start-up team as a consultant and has developed a set of gluten-free beer recipes which head brewer Jason Kissinger has put into production on a 10-barrel vintage Peter Austin brewery system. Orange Bike is Maine’s second dedicated gluten-free brewery joining Lucky Pigeon which opened for business in 2021.
On opening day Orange Bike will be pouring nine beers (see photo below for the full list) including a Belgian Wit, a New England IPA, a Winter Lager and a collaboration beer which is raising funds for the National Black Brewers Association. They’re just spinning up their canning line this week, and cans will be available for sale at the brewery on opening day.
Founder Tom Ruff and his team have built out a stylish ~40-person tasting room, and they’re working on an outdoor courtyard which when completed will have room for an additional 90+ people.
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USA, OH: Third Eye Brewing set to open its second location on November 18
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Third Eye Brewing is set to open its second location on Nov. 18 in Hamilton, FOX19 reported on November 14.
The new location will sit off Route 4 in a building that opened more than 80 years ago as a Pepsi bottling plant.
Third Eye Brewing Co-founder Tom Collins said they looked at several locations, but they wanted to be a part of what Hamilton has going for it.
“We looked around; Hamilton has a lot of great things going on,” explained Collins. “So, as we were looking at places, this one became available. We wanted to be a part of all the great things happening in Hamilton.
Another reason that made Hamilton the perfect site for the brewery’s second location is the water.
“I think what makes this location so special is we get to brew with some of the best water in the world,” said Third Eye Brewing Co-founder and Head Brewer Kelly Montgomery. “Hamilton’s touted water here. I think we finally have the facility we need to get beer where we need to get it.”
Third Eye Brewing Company opened its first location in Sharonville in the summer of 2020.
That location is maxed out as they produce 1,500 barrels a year.
The new location
...More info on site
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USA, NY: Big Ditch Brewing Company planning second brewery in Lockport
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Buffalo's Big Ditch Brewing Company has announced plans to open a second brewery and taproom in the city of Lockport inside the Historic Post Office Building located at One East Avenue, Spectrum Local News reported on November 15.
The new space will feature seating for 250 guests over two levels, a large bar, main dining area, outdoor covered patio and private event space. The venue will also include a small brewery for making experimental beers.
"We are excited to bring our award-winning beers and high-quality pub food to the city of Lockport," said Matt Kahn, president and co-founder of Big Ditch. "In discussion with area officials, it’s clear that there is a need for a venue such as ours in the city. The proximity of this location to the Erie Canal, which our brewery is named after, makes this a perfect fit for our next Tap Room destination."
It is anticipated that the new Big Ditch taproom will open by the middle of 2024.
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USA, IL: Turner Haus Brewery set to open in Chicago’s Bronzeville neighborhood this month
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A new brewery is set to open at the corner of 47th Street and Michigan Avenue in Chicago’s Bronzeville neighborhood this month, NBC Chicago reported on November 15.
The founders of Turner Haus Brewery told NBC Chicago they’re not just inspired to fill pints, but also to fill a need in their community.
“I’m feeling excited, exhausted, and excited,” co-founder Steven Turner said.
The Black-owned and family-operated brewery will open on Nov. 30 in a shared space with Sip and Savor Coffee Shop.
“We’re very excited to be an option for people to gather, socialize, and drink in our neighborhood,” he said.
The business has been 10 years in the making for Turner and his family, who brew everything off-site and call it a labor of love.
“We named all of our beers after a matriarch in our families, and we really think about who they were as a person as we’re coming up with a recipe to honor them, so we really put that into the ingredients,” co-founder Blair Aikens said.
One of the beers on tap is named after their beloved grandmother Helen.
“One of the things we have in our slogan is that these are people that poured into us and now we pour pints
...More info on site
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USA & Canada: Larger than anticipated US corn crop to be a bearish factor for Canadian feed barley prices
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Farmers in the United States grew a lot more corn than originally anticipated and that will be a bearish factor for Canadian feed barley prices, the Western Producer reported on November 16.
The U.S. Department of Agriculture raised eyebrows with its November World Agricultural Supply and Demand Estimates report.
“It was a surprise today, I have to admit,” said DTN lead analyst Todd Hultman.
The big shock was contained in the new U.S. corn average yield estimate of 174.9 bushels per acre, up from October’s 173.
That is expected to result in a record of 15.234 billion bu. of U.S. corn production, a 170 million bu. increase over its October estimate.
The USDA had to boost its feed, ethanol and export demand estimates to mop up that newfound corn.
That included bumping up corn exports to Canada by one million tonnes to 3.2 million tonnes, which will provide stiff competition to farmers selling their feed barley.
U.S. corn ending stocks for 2023-24 also grew to 2.156 billion bu., the highest level in seven years.
That pushed down its forecast for the average farm price by a dime to US$4.85 per bu.
December corn futures fell following the report, matching the 2023 lows of about $4.68 per bu.
Arlan Suderman, chief
...More info on site
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USA, NY: Young Lion Brewing Co. sells its brewing facility and taproom to Other Half Brewing Co.
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Young Lion Brewing Co. has sold its brewing facility and taproom on Canandaigua Lake to Other Half Brewing Co, WROC reported on November 15.
Subject to regulatory approvals, the parties expect the transaction to close in January 2024, according to Jennifer Newman, CEO of the Canandaigua company. Young Lion, which is located in the Pinnacle North development on Lakeshore Drive, has retained ownership of the brand and is exploring creative solutions for its exciting future, Newman said.
This is the fourth company Newman, who earlier this year received the Minority or Woman Owned Business of the Year from the Ontario County Chamber of Commerce, has helped start and been part of its sale.
"It's always hard to let go of something you put so much time, energy and passion into," Newman said in a text. "But this is the right decision for Young Lion's location and its team."
Founded in 2017, Young Lion, which is a woman-owned and managed brewery, intends to continue its operations until the deal closes, during which time current ownership and management plan to have special events for its friends and customers. For instance, Young Lion is part of a Black Friday pub crawl event next week and annual keg-tree
...More info on site
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USA: AB InBev ‘s US CMO stepping down as Bud Light sales continue to sink
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Anheuser-Busch InBev’s US chief marketing officer is stepping down after the company reported a slump in Bud Light sales, as the backlash against the beer continues, CNN reported on November 15.
In a statement on November 15, Anheuser-Busch said Benoit Garbe, the company’s US chief marketing officer, “will be resigning at the end of the year in order to embark on a new chapter in his career.”
Garbe has been CMO for just over two years, according to his LinkedIn profile. The company said its US chief commercial officer Kyle Norrington will oversee marketing going forward.
The world’s biggest brewer reported a 13.5% decline in third-quarter US revenue per 100 litres, a key measure of beer sales. The brand’s Bud Light customers abandoned the beer after it partnered with transgender influencer Dylan Mulvaney and botched its response to the controversy.
The executive reshuffling will “reduce layers within our organization and better enable our top commercial leaders to drive our business and legacy forward,” said Anheuser-Busch CEO Brendan Whitworth in a statement.
AB InBev said that sales to US retailers declined nearly 17% “primarily due to the volume decline of Bud Light.” In response, the company cut deals with wholesalers, including writing checks to distributors, and
...More info on site
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USA, LA: Faubourg Brewing Co. shuttering beermaking operations in New Orleans East
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Faubourg Brewing Co. is shuttering its beermaking operations at its facility in New Orleans East a year after Saints owner Gayle Benson sold a stake in the former Dixie Brewery to Alabama-based brewery Made By The Water.
In a written statement, Made by the Water, which owns several breweries in the southeast, said the company "has reached a point where the brewing facility in New Orleans East cannot meet the current demands of our family of breweries. While our first preference was to expand the brewery operations at our current facility, unfortunately, despite our best efforts and those of local stakeholders, that is not feasible."
The statement, which was first reported by WWL-TV, says Made by the Water will shift most of its brewing operations to other facilities and contract brewing partners, while exploring options for a new manufacturing home in the area.
The move comes a little over a year after Faubourg Brewing, which was purchased six years ago by Gayle and Tom Benson, announced it was merging with Made by the Water and two other other regional breweries owned by an Alabama private equity firm.
At the time, the deal was lauded by the Benson organization as an economic development win with
...More info on site
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USA, IL: Chicago’s Metropolitan Brewing permanently closing in December
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Metropolitan Brewing is permanently closing, the Block Club Chicago reported on November 14.
The beloved Chicago brewery and taproom will close after service on Dec. 17, owners Doug and Tracy Hurst announced on social media on November 14. The taproom along the Chicago River will be open its normal hours every day until then except for Thanksgiving, the owners said.
Metropolitan’s closure comes after nearly 15 years in business and follows a last-ditch effort to save the brewery from mounting financial trouble.
The Hursts filed for Chapter 11 bankruptcy protection due to unsustainable debt, a years-long rent dispute and “tepid” retail sales, the Tribune reported last month. They’d hoped the move would help the business “reorganize” and “right our ship,” they wrote.
But the owners said on November 14 they were unable to solve their “differences with our landlord,” forcing them to close. They have no plans to revive the business elsewhere once they shut down, they wrote.
“We are grateful for every soul that passed through our doors, both on Ravenswood and on Rockwell,” the owners wrote on Facebook. “And we are deeply sorry that we couldn’t see our way through this current situation. We tried. For years. But now it’s time to turn
...More info on site
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World: Malteries Soufflet completes acquisition of United Malt
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Malteries Soufflet, the second largest operator in the global malt industry, announced on Nov. 15 that it has completed the acquisition of 100% of
...More info on site
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World: Profile of non-alcohol beers being raised across the globe
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The recent Oktoberfest celebration in Munich brought together a big crowd. Of particular interest for this beer-centric event (where 80-90% of all beverages is
...More info on site
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Argentina: Barley crop development continues to be favourable
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Continued favourable crop development is the update from Argentina, with widespread rain falling across all key barley growing regions. These rains are beneficial as
...More info on site
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Latin America: Diageo not sure how quickly it could resolve issues in Latin America that led to surprise profit warning last week
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Diageo Chief Executive Debra Crew said on November 15 that it was difficult to predict when the company could clear the inventory issues in
...More info on site
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Russia: Russia detains two senior employees from Carlsberg’s Russian breweries
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The head of Carlsberg's seized Russian unit, Baltika Breweries, was on November 16 remanded in custody to Dec. 30 on suspicion of fraud, according to St Petersburg's Vyborg District Court, highlighting the difficulties faced by Western firms trying to leave, Reuters reported.
Moscow assumed control of the Danish brewer's stake in Baltika in July, taking the firm under "temporary management".
Carlsberg said Russia was now trying to justify its takeover by "targeting innocent employees", adding: "The allegations reported in Russian media are fake."
Executives at other firms trying to leave Russia have told Reuters that repercussions for local staff are among their top concerns.
Carlsberg CEO Jacob Aarup-Andersen said last month that Russia had "stolen" Carlsberg's business and the group had cut ties with its Russian unit.
Carlsberg has scrapped the licences enabling Baltika to produce, market and sell all Carlsberg Group products, including international and regional brands; Aarup-Andersen said it would not do a deal that would make Moscow's seizure look legitimate.
But Baltika is suing Carlsberg in Russia for the right to continue using the trademarks. Prosecutors say Denis Sherstennikov and Anton Rogachevsky - described on their LinkedIn profiles as Baltika's CEO and vice president, legal - transferred some intellectual property rights to Carlsberg
...More info on site
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Sri Lanka: Heineken signs agreement with Distilleries Company of Sri Lanka
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Heineken International B.V. signed on November 17 an agreement with Distilleries Company of Sri Lanka PLC (DCSL). DCSL is a Public Limited Liability Company and is listed on the Colombo Stock Exchange, the Lanka Business Online reported.
Under this agreement, Heineken will sell all its shares in Heineken Lanka Limited to DCSL and agree to Trademark Licence Agreements for Heineken’s international brand portfolio in Sri Lanka comprising of Heineken®, Tiger and Anchor.
Jacco van der Linden, Regional President APAC at Heineken, said: “In recent years, we have been exploring options to transform our business in Sri Lanka in anticipation of future trends in the market. Our international premium portfolio, comprising the Heineken®, Tiger and Anchor brands, is attractive to the Sri Lankan market. We are pleased to have found DCSL, who can realise the full potential of our brands.”
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Vietnam: Proposed mixed tax regime on beer must be carefully studied - experts
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The proposed mixed tax regime needs to be considered to ensure fairness among producers of different business scales, especially in the beer industry, according to the Viet Nam Association of Financial Investors (VAFI).
VAFI was commenting on the Ministry of Finance’s proposal for amending the Law on Special Consumption Tax which aimed to raise the excise taxes to increase the selling prices of products by at least 10 per cent to limit consumption, protect health, increase budget revenue and create a fair and transparent business environment for enterprises.
Under the ministry’s proposal, two options were raised. In the first option, the taxation method of a relative tax rate would be kept unchanged, but the rate would be increased following an appropriate roadmap in accordance with the call of the World Health Organisation.
In the second option, a combined tax regime would be applied, in which a relative tax rate and an absolute tax would be applied at the same time.
VAFI, in a recent document sent to the Prime Minister and relevant ministries, stated that for the beer industry, which was subject to the excise tax, the mixed tax regime might create unfairness. Companies holding dominant market shares, mostly foreign-invested, would benefit more in
...More info on site
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Australia: Western Australia’s grain association cuts wheat, barley crop forecasts
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Western Australia’s grain association has cut its forecast for the state’s wheat production again due to hot weather, with most of the overall grains harvest expected to be finished by the end of December, Yahoo Finance reported on November 17.
The majority of wheat crops have suffered from drier conditions and yields have been coming in lower than anticipated at the start of harvest, according to a monthly report from the Grain Industry Association of Western Australia. The state is the nation’s biggest exporter of the food staple.
The gathering of grains across the state is scheduled to be completed several weeks earlier than normal, and barley has been a standout crop so far, the association said. Overall, the lack of spring rain shortened the season and severely limited the potential of any crops that were later emerging.
Australia was baked by dry weather over September and October, and the onset of El Niño is expected to extend the warmer conditions into next year. The Australian government will provide forecasts on the nation’s overall grain production early next month, including wheat and canola.
Western Australia crop estimate for the 2023 season:
Wheat: 7.85m tons
Barley: 3.65m tons
Canola: 2.27m tons
Crop estimates from October report:
Wheat: 8.13m tons
Barley: 3.84m
...More info on site
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South Korea & China: Korea’s beer imports from China plunge more than 40% in October
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Korea's beer imports from China plunged more than 40 percent last month from a year earlier following the release of a viral video showing a man urinating into a tank at Tsingtao Brewery, the customs office said on November 16.
The amount of beer imports from China fell 43 percent on-year to 2,281 tons in October, and the value of beer purchases from the neighboring country declined 38 percent to $1.93 million, according to the Korea Customs Service.
The video released on Oct. 19 shows a uniformed man climbing over a high wall and urinating into a tank at Tsingtao Brewery.
Tsingtao said the batch of malt had been sealed off from use, and BK, which imports Tsingtao beer for distribution in Korea, said the plant in the video produces beer for local consumption in the Chinese market.
But the pee incident has raised concerns among consumers over the safety of Chinese food and beverage products.
In contrast, beer imports from Japan soared 302 percent on-year to 7,243 tons last month in terms of amount and surged 377 percent to $6.14 million in value, the customs data showed.
In October, Korea's overall beer imports rose 9.4 percent on-year to 18,753 tons and jumped 24 percent to
...More info on site
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Ukraine: Ukraine 2024 winter sowing at 5.7 mln ha as of November 14
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Ukrainian farmers had sown about 5.7 million hectares of winter crops as of Nov 14, the agriculture ministry said on November 14.
The area included 3.97 million hectares of winter wheat, or 91.1% of the expected area, the ministry statement said.
Ukraine’s winter wheat typically accounts for at least 95% of its overall wheat output.
The ministry still expects the winter wheat sowing area to reach 4.36 million hectares.
It said farmers had also sown 469,200 hectares of winter barley and 1.15 million hectares of winter rapeseed.
Producers plan to sow 692,100 hectares of winter barley and 1.2 million hectares of winter rapeseed this year.
Farmers sowed 4.46 million hectares of winter wheat, 612,200 hectares of winter barley and 1.376 million hectares of winter rapeseed for the 2023 harvest.
Ukraine is expected to harvest 79 million metric tons of grain and oilseed in 2023, with a 2023/24 exportable surplus of about 50 million tons, the ministry has said.
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Belgium: Major strike stops work at AB InBev breweries in Belgium
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A major strike has broken out at four AB InBev breweries in Belgium, after negotiations on working conditions had broken down. Among other things, the unions are demanding higher bonuses, RetailDetail EU reported on November 17.
Production at the four breweries had come to a complete standstill as of November 16, and some of the white-collar workers have also put down their tools, the unions report. The action broke out after the unions and the management failed to agree on a higher purchasing power bonuses and on additional bonuses for night shifts.
“AB InBev’s shareholders and managers get high bonuses. The staff want to share in that pleasure”, Sander Mouton of the ACV union told Belgian newspaper De Tijd. He also points out that the company is making savings at the expense of employees. More than 10 % of staff are sick, retiring people are not being replaced and machines suffer from poor maintenance, he says.
AB InBev only wanted to respond in writing, saying that “We regret that, despite ongoing talks, a strike has occurred among part of the staff in the breweries, distribution centres and in our technical catering teams. A follow-up consultation with the affected employees was already scheduled next
...More info on site
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