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E-Malt.com Newsletter 23a
June 03 - June 05, 2024
Quote of the Week
Go until you fail, then keep going.
Jason Feifer
Currency Rates
Base Currency: US Dollar
on June 05, 2024 |
Base Currency: Canadian Dollar
on June 05, 2024 |
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1 USD = 0.9185 EUR
1 USD = 0.7822 GBP
1 USD = 1.3667 CAD
1 USD = 1.5022 AUD
1 USD = 155.3350 JPY
1 USD = 5.2641 BRL
1 USD = 89.1818 RUB
1 USD = 7.2397 CNY
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1 CAD = 0.7316 USD
1 CAD = 0.5722 GBP
1 CAD = 0.6720 EUR
1 CAD = 1.0990 AUD
1 CAD = 113.6430 JPY
1 CAD = 3.8512 BRL
1 CAD = 65.2453 RUB
1 CAD = 5.2966 CNY
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Currency Rates Chart
Equities of the Largest Breweries
USA: Cannabis producer Green Thumb prepared to make an offer for merger with Boston Beer - report
...Click here
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Japan & USA: Suntory says it’s not in talks to purchase Boston Beer
...Click here
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USA, VA: Renewal Brewing to open its doors in Martinsville on June 6
...Click here
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USA, VA: Brainstorm Brewhouse opens within Black Heath Meadery’s building in Richmond
...Click here
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Ireland: Planning permission granted to expand Boortmalt’s malting plant in Athy
...Click here
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India: Heineken’s India unit says raids and red tape hurt business
...Click here
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Australia: Barley crop 2024-25 forecast at 11.5 mln tonnes
...Click here
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World: Total grain production forecast for 2023-24 down by 4 mln tonnes
...Click here
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Argentina: Barley crop forecast unchanged at 4.9 mln tonnes
...Click here
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India: United Breweries eyeing strong growth in premium beer segment
...Click here
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The Netherlands: Alcohol-free beer becoming increasingly popular in the Netherlands
...Click here
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Nigeria: Nigerian Breweries completes acquisition of majority stake in Distell Nigeria
...Click here
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Serbia: Heineken Serbia appoints new director general as of June 1
...Click here
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Germany: AB InBev reportedly to start brewing Corona Extra in Germany
...Click here
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Graph of the Week
Table of the Week
Spain Beer Production 2018 - 2023
Prices Evolution
Barley Prices
Theoretical Malt Prices
These Days in Business History
03 June
1748 - Amsterdam establishes municipal postal service
1889 - The transcontinental Canadian Pacific Railway is completed
1903 - Henry Ford launches the Ford Motor Co. in a refurbished wagon factory in Detroit
1932 - Benjamin Graham publishes the first of a three-part series of articles in Forbes Magazine
04 June
1070 - Roquefort cheese created in a cave near Roquefort, France
1875 - Pacific Stock Exchange opens
1896 - Henry Ford completes the Ford Quadricycle, his first gasoline-powered automobile, and gives it a successful test run
1953 - Woodcock, Hess & Co. of Philadelphia incorporates, becoming the first firm that's a member of the New York Stock Exchange to do so
05 June
1507 - England and Netherlands sign trade agreement
1933 - Gold standard abolished
1933 - The U.S. Congress abrogates the United States' use of the gold standard by enacting a joint resolution (48 Stat. 112) nullifying the right of creditors to demand payment in gold
1947 - Marshall Plan: In a speech at Harvard University, the United States Secretary of State George Marshall calls for economic aid to war-torn Europe
1977 - Apple II, the 1st personal computer, goes on sale
Agenda
June 2024:
06 - 09: Wiener Bierfest 2024 (Vienna, Austria)
09 - 11: Bangkok Brewing Conference 2024 (Bangkok International Trade & Exhibition Centre (BITEC) Bangkok, Thailand)
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:
02 - 04: 14th Iberoamerican VLB Symposium Brewing & Filling Technology (IBS) (Ciudad de Mexico (CDMX), Mexico)
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)
February 2025:
06 - 07: Glug Swiss 2025 (Alte Reithalle, Aarau, Switzerland)
07 - 10: HoReCa 2025 (Athens, Greece)
16 - 18: BBTech Expo 2025 (Rimini, Italy)
21 - 23: Finest Spirits 2025 (Munich, Germany)
March 2025:
03 - 07: IBD Asia Pacific Convention 2025 (Hobart, Tasmania)
12 - 15: Festival Brasileiro da Cerveja 2025 (Blumenau, Brazil)
19 - 20: BeerX 2025 (Liverpool, UK)
April 2025:
06 - 09: 15th International Trends in Brewing 'Beer & Society' 2025 (Leuven, Belgium)
10 - 12: KIBEX 2025 (Seoul, South Korea)
News Articles
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USA: Cannabis producer Green Thumb prepared to make an offer for merger with Boston Beer - report
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Cannabis producer Green Thumb Industries is prepared to make an offer for a potential merger deal with U.S.-based brewer Boston Beer, according to a letter seen by Reuters.
Green Thumb CEO Ben Kovler in a letter to Boston Beer founder Jim Koch on June 2 said a combination would allow the cannabis producer, which is currently listed in Canada, to also be listed on a major U.S. exchange.
Green Thumb's move comes after Boston Beer said it was "fully focused" on its business as an independent company after the Wall Street Journal (WSJ) reported on Friday, May 31 that Japanese whisky maker Suntory Holdings was in early talks to acquire the U.S. brewer.
Suntory, however, said that it was not in negotiations to acquire Boston Beer.
In Kovler's letter to Koch, which was sent after the WSJ report on Suntory's interest, he said that Green Thumb would be able to make a "superior and more valuable offer" for Boston Beer.
Koch, who is also chairman of Boston Beer, has 100% of the voting rights of the company's Class B stock, according to Jefferies.
The WSJ earlier on June 4 had first reported about Green Thumb pursuing a merger with Boston Beer.
Green Thumb, in response to WSJ's
...More info on site
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Japan & USA: Suntory says it’s not in talks to purchase Boston Beer
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Suntory Holdings said it's not in talks to purchase Boston Beer, a spokesperson for Suntory told Bloomberg on June 1, MSN reported.
The denial comes after Boston Beer shares surged 22% on May 31 after a Wall Street Journal report that the maker of Samuel Adams beer was in early talks to be sold to Jim Beam owner Suntory. The WSJ report cautioned that talks may not result in a deal or that another suitor could emerge.
Boston Beer told Bloomberg on May 31 that the brewer doesn't comment on rumors and is focused on its business as an independent company and its return to growth.
The WSJ report comes after speculation from Betaville last month that Boston Beer had attracted takeover interest. There was some speculation that Heineken may be interested, according to the report. Some other people suggested that Molson Coors may be the potential suitor for Boston Beer.
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USA, VA: Renewal Brewing to open its doors in Martinsville on June 6
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Renewal Brewing, a new craft brewery, is set to open its doors Thursday, June 6, at 32 Franklin Street in Uptown Martinsville, according to Renewal Brewing.
The company says the vision began two years ago when Atwell and his wife Peggy Donivan were attending an evening event in Uptown Martinsville.
“We saw how vibrant it could be,” Atwell Donivan said. “It was a good crowd and a fun night. We looked over at Franklin Street and thought how great it would be to see all those storefronts lit up and open at night, to have places for the crowd to go once the event was over,”
Phase one of the brewery’s opening will feature a speakeasy and brewhouse in the basement level of the historic 1893 building that was constructed with Carnegie steel, according to the brewery. The building, which has housed various businesses over the years including an A&P grocery store, has undergone renovations and is now set to become a cornerstone of Uptown Martinsville’s revitalization.
The three-phase renovation and opening will celebrate Martinsville’s past, present, and future.
The team aims to help increase foot traffic in uptown by creating a lively and welcoming community space. The brewery features twelve unique craft beers on
...More info on site
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USA, VA: Brainstorm Brewhouse opens within Black Heath Meadery’s building in Richmond
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Some spare space at a local meadery has led to Richmond’s newest brewery, the Richmond BizSense reported on June 3.
Brainstorm Brewhouse recently opened within Black Heath Meadery’s building at 1313 Altamont Ave. in Scott’s Addition.
The new brewery is a joint venture between Black Heath owner Bill Cavender, CM Bryant and Darryl Puller.
Bryant and Puller had previously been involved with Capsoul Brewing Collective, a local contract brewery that last year launched a crowdfunding campaign as it searched for a brick-and-mortar spot.
No longer part of Capsoul’s efforts, Bryant and Puller were still interested in a brewery venture and said they got to know Cavender through the local beer world. Cavender, who founded Black Heath in 2015, said it was at the bar at The Answer Brewpub last year that he ran into Puller and the seeds of Brainstorm were planted.
“We sat and chatted for a while and we came up with the idea for Black Heath to bring on this beer project,” said Cavender said. “We decided to work together to expand Black Heath and bring on this new vision for Brainstorm.”
“The puzzle pieces fit together so well,” Puller added.
Bryant, who got into the beer industry by hosting beer-share
...More info on site
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Ireland: Planning permission granted to expand Boortmalt’s malting plant in Athy
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Planning permission has been granted for an estimated €4m overhaul of Boortmalt’s Minch Malt plant in Athy, Kildare Now reported on June 2.
The almost
...More info on site
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India: Heineken’s India unit says raids and red tape hurt business
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The head of India’s biggest brewer has said raids by regulators and other “excessive actions” are curbing growth and complicating investment plans in the
...More info on site
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Australia: Barley crop 2024-25 forecast at 11.5 mln tonnes
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Australia is forecast to produce 29.1 million tonnes (Mt) of wheat, 11.5Mt of barley and 5.4Mt of canola from the winter crop now being
...More info on site
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World: Total grain production forecast for 2023-24 down by 4 mln tonnes
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The International Grains Council released its Grain Market Report highlighting key global grain production and trade forecasts.
The report shows a reduction in the
...More info on site
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Argentina: Barley crop forecast unchanged at 4.9 mln tonnes
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While Argentina has received light rainfall, there have been heavy amounts falling in Uruguay and southern Brazil. As conditions remain in good shape for
...More info on site
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Nigeria: Brewers’ revenue growth drops 13% in 2023
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Beer manufacturers’ revenue growth from customers dropped 13 percent in 2023, as spikes in the prices of goods and services are amplifying a cost-of-living crisis in the country, Business Day reported on June 3.
The latest financial statements of listed brewers show that the industry revenue growth stands at 13 percent in 2023 lower than the 22 percent growth recorded in 2022.
“The main reason for their revenue growth reduction is that inflation has reduced purchasing power and disposable income of Nigerian consumers,” Femi Egbesola, national president of the Association of Small Business Owners of Nigeria, said.
He noted that the country’s accelerating inflation is forcing consumers to prioritize their needs.
Nigeria’s headline inflation in March 2024 accelerated to a record high of 33.2 percent from 31.70 percent in February.
Nigerian Breweries said in a statement that soaring inflation rates and foreign exchange volatility contributed to its net loss of N106 billion in 2023.
In an April 12 note published on the Nigerian Stock Exchange, Nigerian Breweries said it will conduct a company-wide restructuring as part of its strategic recovery plan following the loss.
The brewer said the reorganisation is targeted at securing a resilient and sustainable future for its stakeholders. “This move comes after the Company
...More info on site
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India: United Breweries eyeing strong growth in premium beer segment
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Bengaluru-based United Breweries (UBL), makers of Kingfisher beer, is eying strong growth in the premium beer segment, driven by changing consumer preferences towards premiumisation, Business Standard reported on June 3.
“Across categories, premiumisation is taking place as people are looking for better choices and beer is no different. People are upgrading to better beer and newer brands. We have a good offering of premium brands — Kingfisher’s premium variants are Ultra and Ultra Max,” Vikram Bahl, chief marketing officer (CMO), UBL, said in an interview.
Two years ago, the company introduced Heineken Silver, a premium lager variant, catering to those who prefer more “sessionable” beer. This refers to those with a lower-than-average percentage of alcohol.
Recently, UBL launched Queenfisher, a new lager variant positioned as “a celebration of sisterhood.”
The company's go-to-market strategy emphasises partnering premium bars and restaurants. This ensures consumers experience top-tier brands in the best settings.
UBL identified increasing beer demand, driven by growing affluence in India's booming economy, as a key growth driver for the company.
“Apart from this, we make sure that our execution is good, the product is available, well distributed, and displayed – getting all the fundamentals right,” Bahl added.
“Spirits are what people are used to having more often
...More info on site
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The Netherlands: Alcohol-free beer becoming increasingly popular in the Netherlands
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Non-alcoholic beer is on the rise and is being ordered more often in Dutch bars and restaurants. The trend to consume more non-alcoholic drinks is due to the widespread healthy lifestyle. In addition, alcohol-free beer has evolved in taste and production in recent years, the Telegraaf reports.
Alcohol-free beer is becoming increasingly popular in the Netherlands. According to Meint Waterlander, director of the Dutch Brewers trade association, one in 14 beers sold in Dutch pubs and supermarkets is currently a non-alcoholic beer. This is set to increase significantly in the future. "By 2030, it should be one in 10," Waterlander told the Telegraaf. This growth is due to the arrangement with the Cabinet, which has agreed to subsidize the sale of non-alcoholic beer.
Even though the demand for non-alcoholic beer is growing on the market, there was a first-time decline of 2.1% in early 2024. This was caused by the government's increased excise tax by almost 200%. "Consumers saw the price increase as a consequence, which led to a drop in sales," explains Waterlander.
However, this is only a temporary phase, the director says. Waterlander is convinced that non-alcoholic beers are on the rise. Times have changed, and the younger generation opts for
...More info on site
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Russia: Barley crop forecast reduced by 1.6%
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The Russian Union of Grain Exporters has lowered its forecast for the grain harvest in Russia this year by 2.7%, to 130.9 mln tonnes, which is 2.7% lower than the previous week's estimate (134.2 mln tonnes), Interfax reports.
In particular, the estimate of wheat harvest has been reduced by 2.5% - from 86.6 mln tonnes to 84.6 mln tonnes, barley - by 1.6%, from 19.3 mln tonnes to 19 mln tonnes. The forecast for corn production remained unchanged at 15.3 mln tonnes.
The forecast of grain exports from Russia in 2024/25 MY was also lowered by 1.5%, from 58.7 mln tonnes a week earlier to 58.2 mln tonnes. At the same time, the updated estimate of wheat exports was lowered by 3.2% - from 46.7 mln tonnes to 45.4 mln tonnes. The forecasts for barley (4.3 mln tonnes) and corn (5.3 mln tonnes) exports have not changed for the third week in a row.
According to the Union of Exporters, the publication of weekly consensus forecasts was launched “due to the recent natural disasters that significantly affect the production of grain and other basic crops.”
The Russian Ministry of Agriculture's forecast for the grain harvest is 132 mln tonnes, including 85 mln tonnes of wheat.
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Nigeria: Nigerian Breweries completes acquisition of majority stake in Distell Nigeria
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Nigerian Breweries Plc has officially completed the acquisition of a majority stake (80%) in Distell Wines and Spirits Nigeria Limited (Distell Nigeria), according to an official statement, Marketforces Africa reported on June 1.
The transaction follows the South African Reserve Bank’s (SARB) approval for Nigerian Breweries Plc to acquire the shares of Distell International Limited, now known as Heineken Beverages Holdings Limited, in Distell Nigeria, as well as Distell International Limited’s import business in Nigeria.
According to the Managing Director, Nigerian Breweries Plc, Hans Essaadi, the acquisition and subsequent commencement of business operations align with the strategic objective of the brewery company to expand its current product offerings beyond beer to include wines, spirits, and flavored alcoholic beverages.
Essaadi, noting that the company remains unwavering in its commitment to cater to the diverse needs of consumers, said: “This acquisition is part of efforts to provide access to a complementary multi-category portfolio of fast-growing brands of wines and spirits market segment and capture significant growth opportunities in the wines and spirits segment of the brewing industry.
“We are excited to have the process completed and can’t wait to see how this transforms our business”.
In his remarks, the Managing Director, Distell Nigeria, Mr. Steve Ighorimoto,
...More info on site
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Serbia: Heineken Serbia appoints new director general as of June 1
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Heineken Serbia, a unit of Dutch brewing group Heineken, said it has appointed Sobir Djaffar as its director general as of June 1, SeeNews reported.
Djaffar, who has more than 17 years of experience in the beer industry, will replace Neda Djokic, Heineken Serbia said in an emailed statement on Friday.
Prior to coming to Serbia, Djaffar was the head of Beerwulf, a Dutch company than operates within the Heineken group, the statement read.
Djaffar started his carrier in Heineken in 2011. He used to serve as head of the group's Mongolian operations, as sales manager for New Zealand, and as head of sales and marketing in Myanmar.
The Dutch brewing group operates two factories in Serbia - in the eastern city of Zajecar and in the northern city of Novi Sad. On the Serbian market, it is present with its brands Heineken, Heineken Silver, Heineken 0.0, Amstel, Birra Moretti, Lasko, Lasko Malt, Sol, Zajecarsko, Zajearsko Crno, Pils Plus, Kapuciner and Krusovice.
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Germany: AB InBev reportedly to start brewing Corona Extra in Germany
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Anheuser-Busch InBev has reportedly decided to start brewing Corona Extra in Germany, Yahoo!Finance reported on June 4.
According to numerous reports in Germany, the brand is being produced at AB InBev’s Hasseröder brewery.
AB InBev told news agency dpa-AFX it is already brewing Corona Extra at the site in Wernigerode in central Germany.
The Belgium-headquartered company had to obtain official permits to brew Corona Extra in Germany. Germany’s ‘purity law’ limits brewers to using just malt, hops, yeast and water in beer production. Corona Extra contains corn and rice.
AB InBev has made similar moves in the US to take the production of its brands closer to the point of sale.
In recent years, the brewer has started brewing Stella Artois, Bass and Beck’s brands to its facilities in the US.
Speaking on AB InBev’s Stella Artois move last year, Rabobank analysts Francois Sonneville and Jim Watson said: “One reason brewers have been reluctant to brew imported beer locally in the US is concern over the impact on brand perception.
“There was considerable backlash against the Beck’s brand when consumers learned the German brand was being brewed in the US.”
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