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E-Malt.com Newsletter 12b
March 21 - March 24, 2024
Quote of the Week
I've always believed that paradise will have my favorite beer on tap.
Rudyard Wheatley
Currency Rates
Base Currency: US Dollar
on March 22, 2024 |
Base Currency: Canadian Dollar
on March 22, 2024 |
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1 USD = 0.9175 EUR
1 USD = 0.7855 GBP
1 USD = 1.3500 CAD
1 USD = 1.5160 AUD
1 USD = 151.1910 JPY
1 USD = 4.9703 BRL
1 USD = 91.5863 RUB
1 USD = 7.1957 CNY
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1 CAD = 0.7407 USD
1 CAD = 0.5818 GBP
1 CAD = 0.6796 EUR
1 CAD = 1.1228 AUD
1 CAD = 111.9790 JPY
1 CAD = 3.6813 BRL
1 CAD = 67.8333 RUB
1 CAD = 5.3295 CNY
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Currency Rates Chart
Equities of the Largest Breweries
Mexico: Brewers come under pressure to minimise water footprint
...Click here
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USA, OR: Slowing beer sales and consumption hurting Oregon hop growers
...Click here
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USA, MI: Stumblebum Beer Co. to open later this spring in Troy
...Click here
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USA, CA: Paskenta Band of Nomlaki Indians acquires Mad River Brewery from the Yurok Tribe
...Click here
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USA, OR: Brujos Brewing launches its brick-and-mortar space in northwest Portland
...Click here
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USA, CO: TRVE Brewing Co. already fully operational in Denver
...Click here
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USA, CT: City Steam Brewery closing its doors after decades in business
...Click here
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USA, CO: Alpine Dog Brewing to shut its doors for good on March 31
...Click here
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World: AB InBev completes repurchase of its shared from Altria
...Click here
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Bulgaria: Union of Brewers in Bulgaria reports 3% decline in beer sales last year
...Click here
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World: Barley harvest 2023 now complete, crop 2024 forecast at 5 mln tonnes higher
...Click here
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Malaysia: Carlsberg optimistic about its chances for top premium beer market in Malaysia
...Click here
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Nigeria: International Breweries seeks approval for $379.9 million shareholder loan and debt conversion
...Click here
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EU & UK: Malting barley prices continue to reflect slow pace of planting in France
...Click here
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China: China Resources Beer stock target raised, retains Buy rating
...Click here
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EU & UK: Barley crop forecast increased to 61.2 mln tonnes
...Click here
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UK: Barley exports this season down 27% on the year
...Click here
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UK: Port Ellen Distillery reopens after being closed for 40 years
...Click here
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South Korea: Hite Jinro’s Terra beer selling 28.8 bottles per second
...Click here
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Slovenia: Heineken’s Pivovarna Lasko Union appoints Marta Bulhak as new CEO
...Click here
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Graph of the Week
Table of the Week
South America Barley Production, Import, Consumption, and Ending Stocks
Prices Evolution
Barley Prices
Theoretical Malt Prices
These Days in Business History
21 March
1868 - In London, the prospectus for the earliest known mutual fund is published as the Foreign and Colonial Government Trust offers its shares to the public for 85 pounds sterling
1906 - John D Rockefeller III is born, billionaire philanthropist (oil)
1986 - 199.22 million shares traded in New York Stock Exchange
1986 - Pittsburgh Associates buy Pittsburgh Pirates for $218 million
22 March
1895 - Auguste and Louis Lumiere show their 1st movie to an invited audience
1933 - Franklin D. Roosevelt makes wine and beer with up to 3.2% alcohol legal
1960 - 1st patent for lasers, granted to Arthur Schawlow and Charles Townes
23 March
1836 - Coin Press invented by Franklin Beale
1857 - Elisha Graves Otis installs the world's first safety elevator for passengers in the E.V. Haughwout and Co. store in New York City
1861 - London's 1st tramcars, designed by Mr. Train of New York, begins operating
1951 - Wages in France increase 11%
24 March
1867 - Metropolitan Life Insurance Co. forms
1898 - 1st automobile sold
1955 - 1st seagoing oil drill rig placed in service
Agenda
March 2024:
21 - 23: Warsaw Beer Festival 2024 (Warsaw, Poland)
22 - 24: St Malo Craft Beer Expo 2024 (St Malo, France)
22 - 23: InnBrew 2024 (Barcelona, Spain)
22 - 24: Barcelona Beer Festival 2024 (Barcelona, Spain)
April 2024:
06 - 08: Planete Biere 2024 (Paris, France)
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)
27 - 28: Zythos Beer Festival 2024 (Kortrijk, Belgium)
May 2024:
14 - 16: International Beer Strategies Conference 2024 (Porto, Portugal)
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)
14 - 15: Tallinn Craft Beer Weekend 2024 (Tallinn, Estonia)
August 2024:
08 - 10: VIETFOOD & BEVERAGE - VIETNAM 2024 (Saigon Exhibitions and Conventions Center, 799 Nguyen Van Linh Street, District 7, HoChiMinh City, Vietnam)
17 - 20: World Brewing Congress 2024 (Minneapolis, Minnesota)
23 - 24: Beervana 2024 (Wellington, New Zealand)
September 2024:
12 - 14: Stockholm Beer & Whisky Festival 2024 (Stockholm, Sweden)
14 - 15: Bruges Beer Festival 2024 (Bruges, Belgium)
21 - 06 October: Oktoberfest 2024 (Munich, Germany)
28 - 30: Whisky Live Paris 2024 (Paris, France)
October 2024:
03 - 04: Brew Asia 2024 (Suntec Convention & Exhibition Centre, Singapore)
23 - 25: Drink Technology India 2024 (Bombay Exhibition Centre, Mumbai, India)
28 - 31: China Brew 2024 China Beverage 2024 (Shanghai, China)
November 2024:
22 - 22: Drink Japan 2024 (Makuhari Messe, Japan)
26 - 28: Brau Beviale 2024 (Nuremberg, Germany)
March 2025:
03 - 07: IBD Asia Pacific Convention 2025 (Hobart, Tasmania)
News Articles
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Mexico: Brewers come under pressure to minimise water footprint
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During a severe drought in northern Mexico two summers ago, President Andrés Manuel López Obrador made an example of the brewing industry, calling on
...More info on site
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USA, OR: Slowing beer sales and consumption hurting Oregon hop growers
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In a normal year, fifth-generation hop farmer Richard Kirk has 300 acres of the crop strung up for harvest, but this year, he’ll be cutting his acreage in half, Fox 12 Oregon reported on March 22.
It’s all because of a local and national trend of slowing beer sales and consumption.
“COVID kind of played a role in this,” Kirk said. “There was no kegs sold for a year and a half, whatever it was, and that really put the hurt on the small craft brewers. They’re dropping daily all over the country. It hurt them tremendously and that’s part of this problem.”
According to the OLCC, the sale of barrels of beer went down more than $40,000 from December 2021 to December 2023.
“When we look at world beer consumption, it’s pretty flat. We’re not seeing an increase and then when we consider hopping ratios, the efficiency of how brewers use hops, we’re just in a situation where we need fewer hops than are planted in the ground right now,” said Oregon Hop Commission administrator Michelle Palacios.
The downward trend in demand means there’s an oversupply of hops and farmers like Kirk aren’t just cutting acreage but adding other crops to compensate.
“We do have
...More info on site
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USA, MI: Stumblebum Beer Co. to open later this spring in Troy
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A new microbrewery specializing in craft beer, meat and cheese — three things that go very well together — is expected to open later this spring in Troy, the Detroit Free Press reported on March 20.
Stumblebum Beer Co., founded by Troy native Eli Green, is setting up shop at 1965 West Maple Road, in the former Bailey's Pub space across from Troy Motor Mall, with "a novel approach to pairing beer, meat, and cheese." Green plans to serve not just a smorgasbord of beers on tap in the 5,546-square-foot taproom, but also charcuterie boards utilizing a rotating selection of meats and cheeses. It'll also serve house-made sodas.
"It's not a radical idea to have a charcuterie board at a brewery," Green said. "To me, what is lacking is this focus on it."
The inspiration for Stumblebum came from Green's time in New York City. While he was pursuing a theater career in the 2010s, Green "became obsessed" with novel food pairings after attending a lecture on beer and cheese at the Museum of Food and Drink Laboratory. There, he met Garret Oliver, the renowned brewmaster at Brooklyn Brewery, who taught him about beer-and-cheese pairings and why he argues they work much better
...More info on site
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USA, CA: Paskenta Band of Nomlaki Indians acquires Mad River Brewery from the Yurok Tribe
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In November 2021, The Paskenta Band of Nomlaki Indians opened The Paskenta Brewery and Distillery, becoming the first tribal-owned distillery in California. This week, the Paskenta Band of Nomlaki Indians announced the acquisition of the Mad River Brewery from the Yurok Tribe in Northwestern California — one of the first Tribal Breweries in the United States .
“We’ve enjoyed great community response since opening Paskenta Brewery & Distillery,” said Tribal Chairman Andrew “Dru” Alejandre. “Now, with the acquisition of Mad River Brewery, we’re honored to extend our expertise in blending tribal identity and craft beer to the Northern California community and tribes across the nation. As we continue to innovate, we proudly lead the way in crafting beers and spirits within Indian Country.”
Based in Blue Lake, California, Mad River Brewery is dedicated to environmental stewardship as much as it is quality beers.
“Acquiring Mad River Brewery is another milestone in Paskenta’s commitment to building an economically sustainable future for our tribe and serving as an economic growth driver for our neighbors,” Alejandre said.
A women-led company formed the first partnership between a tribally owned brewery and a professional baseball team, making Mad River Brewery hand-crafted a staple at San Francisco Giants home games
...More info on site
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USA, PA: CoStar Brewing holds soft opening in Etna
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Dominic Cincotta began brewing his own beer with his friends Jeff and Caitlyn Hanna in 2009, the Pittsburgh Tribune-Review reported on March 19.
By 2012, they had honed their craft enough to sell their brews to local restaurants and bars. Their home base was the Hannas’ garage in their Highland Park home.
“It’s a process of experimentation,” Cincotta said. “We had a lot of leeway because we were working with a small system and craft beer was fairly unknown at that time.”
After more than 10 years of brewing and transporting kegs all over Pittsburgh, Cincotta and the Hannas have opened CoStar Brewing in Etna.
During their time selling to local bars and restaurants, Cincotta said that a search for a place of their own resulted in a lot of dead ends until they bought the land for CoStar in Etna in 2017. They had already made friendships in the borough by going door-to-door and speaking with local business owners about their feelings about a brewery entering the community. Cincotta said that Etna’s borough manager, Mary Ellen Ramage, gave him the tip about the available lot.
“We wanted to approach buying a building from a community angle,” Cincotta said. “We love Etna. The location is
...More info on site
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USA, OR: Brujos Brewing launches its brick-and-mortar space in northwest Portland
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Brujos Brewing officially opened on March 2 its new brick-and-mortar space in northwest Portland. Not to say there was some unholy spirit involved, but as beer sales have fallen nationwide, Brujos followers still packed the taproom as if it were a megachurch on its opening day, the Willamette Week reported on March 19.
The elusiveness of Brujos beers has been part of the mystique—previously only accessible through rare merch drops on a bigcartel.com page (still its only website). On Instagram, the brewery often posts black-and-white images of a cloaked figure shrouded in darkness presiding over a brewhouse as if it were a cauldron.
Brujos fans are not the backward-cap bros or bearded beer nerds that define craft beer stereotypes. They dress in nearly all black, with band shirts and brewery hoodies depicting skulls, demons and Lovecraftian monsters. Brujo is Spanish for sorcerer or male witch. The Brujos brand is cloaked in the trappings of the occult and black-metal worship.
The warlock in the shadows is founder Sam Zermeño, the chief conjurer who prefers anonymity. Zermeño grew up in Tijuana, Mexico, and found his community in alternative metal, arts and homebrewing clubs—eventually becoming a professional brewer after relocating to SoCal. In 2019, Zermeño found
...More info on site
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USA, CO: TRVE Brewing Co. already fully operational in Denver
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Mere months after Eurisko Beer Co. poured its last pint, TRVE Brewing Co. has moved into the South Slope brewery’s vacated space and is fully operational, the Mountain Express reported on March 19.
Launched in Denver in 2012, TRVE (pronounced “true”) has become familiar to certain Asheville-area craft beer drinkers over the past decade through multiple collaborations with Burial Beer Co. and via pouring at Wicked Weed Brewing’s Funk Invitational sour beer festival.
Owners of the heavy metal-themed brewery say the turnkey situation at 255 Short Coxe Ave. has been critical in allowing for an opening date of March 15.
“My ongoing joke is all we needed is black paint,” says co-owner/CEO Nick Nunns, who moved to Asheville with his wife, co-owner/COO EJ Nunns, in August. Head brewer Zach Coleman followed in December, less than a month after Eurisko left its home of six years.
But first thing’s first: What’s up with that name?
A longtime heavy metal fan, Nick pulled the spelling from popular internet lingo that pokes fun at people who take metal culture too seriously. But the moniker felt appropriate in other ways as well.
“I always thought that there were a lot of parallels between the beer community and the metal community
...More info on site
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USA, CT: City Steam Brewery closing its doors after decades in business
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Hartford's City Steam Brewery is closing its doors after decades of welcoming customers, nbcconnecticut.com reported.
The owners posted the decision to close on the restaurant’s social media accounts on March 21.
"It is with humble gratitude and a heavy heart that we announce the closing of City Steam Brewery on March 31," the post read.
The restaurant has been open on Main Street for 44 years -- 18 as Brown Thompson and Company, and another 26 as City Steam, according to the owners.
According to the post, the restaurant has not been able to recover after a burst pipe damaged all three levels of the establishment in February 2023. City Steam reopened in May 2023, but $500,000 in repairs and being shut for four months was too much for the restaurant, according to the post.
The owners thanked its staff over the years, as well as the customers that made the restaurant a success.
They hope someone else will come in and set the space in a new direction.
"We have had an incredible run, but it is now time to hand the reigns over to another talented and creative restaurateur," the post read.
“City Steam will continue to sell its craft beers in more than 1,500 grocery
...More info on site
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USA, CO: Alpine Dog Brewing to shut its doors for good on March 31
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It has been tough for breweries in central Denver over the past year as at least half a dozen have closed, including Mockery, MobCraft, Wah Gwaan, Dos Luces, Counter Culture and Lowdown.
Alpine Dog Brewing, at 1308 E. 17th Ave., will join that list when it shuts its doors on March 31, The Denver Post reported on March 22.
“After nearly 10 years of great beer, great friends and the most fun and epic of times, Alpine Dog will be selling or otherwise closing the brewery,” the business wrote on social media. “It’s a bittersweet moment to leave behind what we have built, the regulars that have supported us, and the delightful industry and Denver beer scene, but for many reasons, it’s time to move on.
“Our hope is to sell the operation to an inspired operator as we would love to see the space live on as a brewery for the neighborhood, and we are currently in some discussions to do so,” it continued. “In the meantime, our last day of operations will be March 31 (party TBA on the 30th). Thanks and gratitude to all of you who have enjoyed beers with us over the years.”
Founded by Gardiner Hammond in 2014
...More info on site
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UK: Brewery closures jump 82% in 2023
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The proportion of UK breweries which entered insolvency in 2023 grew by 82% in 2023, rising from 38 in 2022 to 69 by the
...More info on site
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World: AB InBev completes repurchase of its shared from Altria
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Anheuser-Busch InBev SA/NV announced on March 19 the completion of its repurchase of 3,335,417 Ordinary Shares from Altria (the 'Direct Share Buyback'). The aggregate
...More info on site
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Bulgaria: Union of Brewers in Bulgaria reports 3% decline in beer sales last year
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At its annual meeting, the Union of Brewers in Bulgaria (UBB) reported BGN 57 million in capital investments in 2023, including over BGN 20
...More info on site
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World: Barley harvest 2023 now complete, crop 2024 forecast at 5 mln tonnes higher
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Barley harvest 2023 is now completed with the southern hemisphere result know from a quantity and quality perspective and providing clarity for calendar 2024
...More info on site
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Malaysia: Carlsberg optimistic about its chances for top premium beer market in Malaysia
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Carlsberg Malaysia is optimistic about its chances to conquer the country’s premium Japanese beer market this year with new partner brand Sapporo, with the
...More info on site
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Nigeria: International Breweries seeks approval for $379.9 million shareholder loan and debt conversion
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The Board of International Breweries Plc will as part of a special resolution at the company’s Extra-ordinary General Meeting (EGM) seek approval of a
...More info on site
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EU & UK: Malting barley prices continue to reflect slow pace of planting in France
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French malting barley prices continue to reflect the slow pace of spring barley planting and less so regarding the poor demand situation, RMI Analytics
...More info on site
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China: China Resources Beer stock target raised, retains Buy rating
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On Monday, March 18, Jefferies maintained a Buy rating on China Resources Beer Holdings Co Ltd. and slightly increased the stock price target to
...More info on site
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EU & UK: Barley crop forecast increased to 61.2 mln tonnes
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COCERAL, in its latest forecast for the 2024 European Union/United Kingdom grain crop, trimmed its projection by 1 million tonnes to 295.5 million. If
...More info on site
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UK: Barley exports this season down 27% on the year
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UK’s barley exports this season to date (Jul-Jan) have totalled 494.7 Kt, down 27% on the year, and down 39% on the five-year average,
...More info on site
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UK: Port Ellen Distillery reopens after being closed for 40 years
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Scotch whisky producer Port Ellen is reopening its doors after closing 40 years ago, Drinks Retailing reported on March 19.
The so-called ‘ghost distillery’, situated on the island of Islay, first opened in 1825 but was shut down in 1983. However, Port Ellen Distillery officially opened again on March 19 after an £185 million investment from Diageo.
The new distillery features replicas of the original Port Ellen copper stills, alongside new stills designed for product experimentation. It also has an on-site laboratory to analyse and document experimental whiskies.
With Diageo aiming for the global business to be carbon neutral in its direct production by 2030, Port Ellen will be carbon neutral from its opening.
Ewan Andrew, Diageo’s president of global supply chain & procurement and chief sustainability officer, described the reopening as a “landmark moment for Diageo and for Scotch whisky”.
He continued: “Port Ellen has a proud heritage of leading innovation and experimentation and we have been true to that legacy in the reborn Port Ellen, creating a distillery grounded in tradition but prepared to be a trailblazing new light in the firmament of the Scotch whisky universe.”
As part of its investment in the Scotch whisky industry, Diageo also reopened fellow ‘ghost distillery’ Brora
...More info on site
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World: Diageo names John Manzoni as new chair
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Diageo named former British senior civil servant John Manzoni on March 19 as its next chair, replacing Javier Ferran who will retire in February 2025, Reuters reported.
The biggest Western spirits maker said in a statement that it began the search for a new chair in the summer of 2023, shortly before a November profit warning that dented confidence with some investors.
Manzoni joined the Diageo board in 2020, after leading the UK Civil Service as chief executive from 2014. He is currently chair of energy business SSE plc and previously spent 11 years as a non-executive director of African beer brewer SABMiller, which was taken over by Anheuser-Busch InBev in 2016.
Susan Kilsby, Diageo's senior independent director who led the appointment process, said Manzoni had been appointed following an extensive search process.
"John has an outstanding track record of leadership," she said, adding his experience will be instrumental as Diageo continues to grow.
Manzoni is also currently a non-executive director of engineering and technology business KBR Inc. and chair of the board of the Atomic Weapons Establishment, a UK defence ministry facility.
Previously, he led global oil and gas firms including Canada's Talisman Energy as president and chief executive from 2007-2012 and as a senior
...More info on site
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South Korea: Hite Jinro’s Terra beer selling 28.8 bottles per second
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Hite Jinro announced on the 20th that Terra, which has established itself as a representative beer brand, has surpassed 4.54 billion bottles in cumulative sales (as of March 19). This means that 28.8 bottles are sold per second (based on 330ml), mk.co.kr reported on March 20.
Terra has grown rapidly, exceeding 1 million box sales in 39 days since its launch in March 2019, setting a record for the fastest sales speed among beer brands.
Since then, it has overcome the novel coronavirus infection (COVID-19) crisis and has maintained the trend by recording a five-year average annual growth rate of 17%.
Hite Jinro cites product power and discrimination strategies by channel as factors for Terra's success.
A Hite Jinro official said, "Terra's 100% real carbonic acid method maximizes Lager's unique refreshing feeling, with dense foam, carbonation maintaining for a long time," and explained, "We provide various brand experiences by differentiating strategies for each home and entertainment channel based on Terra's product power."
Hite Jinro targeted home channels such as large supermarkets and convenience stores as a product diversification strategy. It has expanded consumers' choices by releasing a variety of limited-edition products such as new capacity canned beer and single malt edition.
Terra's home channel sales
...More info on site
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Slovenia: Heineken’s Pivovarna Lasko Union appoints Marta Bulhak as new CEO
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Slovenian brewer Pivovarna Lasko Union (PLU), a unit of Dutch brewer Heineken, has appointed Marta Bulhak as CEO, the company said.
Bulhak will assume office on May 1, succeeding Zooullis Mina, who served in the position for five years, PLU said in a statement earlier this week.
Currently, the CEO of Heineken Croatia, Bulhak had previously held various management positions in the areas of treasury, supply chain, and HR management, PLU said.
Heineken acquired PLU in 2016 after successfully completing a takeover bid.
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