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E-Malt.com Newsletter 08a
February 16 - February 18, 2026
Quote of the Week
God made yeast, as well as dough, and he loves fermentation just as dearly as he loves vegetation.
Ralph Waldo Emerson
Currency Rates
Base Currency: US Dollar
on February 18, 2026 |
Base Currency: Canadian Dollar
on February 18, 2026 |
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1 USD = 0.8446 EUR
1 USD = 0.7366 GBP
1 USD = 1.3646 CAD
1 USD = 1.4151 AUD
1 USD = 153.2030 JPY
1 USD = 5.2222 BRL
1 USD = 76.5702 RUB
1 USD = 6.9079 CNY
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1 CAD = 0.7327 USD
1 CAD = 0.5397 GBP
1 CAD = 0.6188 EUR
1 CAD = 1.0369 AUD
1 CAD = 112.2540 JPY
1 CAD = 3.8264 BRL
1 CAD = 56.1042 RUB
1 CAD = 5.0615 CNY
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Currency Rates Chart
Equities of the Largest Breweries
USA: Tilray Brands gets licence to produce, market, sell and distribute Carlsberg brands in the US
...Click here
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USA, CA: AB InBev reported to be trying to sell Fairfield brewery
...Click here
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Canada: Microbreweries navigating storm of rising aluminum costs
...Click here
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Canada, AB: Corn affecting feed barley prices in Lethbridge
...Click here
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Canada, ON: Diageo pays US$17m to ward off province-wide boycott
...Click here
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Canada, BC: North Vancouver’s Braggot Brewing closes its taps for good
...Click here
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USA, NY: Railhead Brewing Company to close for good at the end of February
...Click here
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World: Global malt market valued at USD 17.01 billion in 2025
...Click here
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China: World’s two largest brewers face starkly diverging realities in China
...Click here
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World: Rise in use of weight-loss drugs poses growing threat to beer demand, AB InBev says
...Click here
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Australia: December malting barley export more than five times the volume shipped in November
...Click here
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India: Carlsberg considering an initial public offering for Indian operations
...Click here
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India: Asgard Alcobev Limited announces acquisition of controlling stake in CMJ Breweries Private Limited
...Click here
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Australia: West Australian hop growers gearing up for the 2026 harvest
...Click here
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UK: Loch Lomond Brewery aiming to raise £250,000 to up its distilling operations
...Click here
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Graph of the Week
Table of the Week
UK Unroasted Malt Exports 1995 - 2025
Prices Evolution
Barley Prices
Theoretical Malt Prices
These Days in Business History
16 February
1978 - 1st Computer Bulletin Board System (Ward and Randy's CBBS, Chicago)
1990 - Cisco Systems, Inc. goes public on NASDAQ, selling 2.8 million shares at an initial offering price of $18 per share
1998 - Tellabs Inc. acquires Coherent Communications Systems for $670 million
17 February
1878 - Silver dollar became U.S. legal tender
1986 - 1st Francophone Summit convenes at Versailles
1989 - Egypt, Iraq, Jordan and North Yemen form common market
18 February
1933 - 1st issue of Newsweek magazine published
1939 - Golden Gate International Exposition opens on Treasure Island
1981 - Chrysler Corporation reports largest corporate losses in U.S. history
Agenda
February 2026:
23 - 23: Beer Experience 2026 (Antwerp, Belgium)
27 - 01 March: Finest Spirits 2026 (Munich, Germany)
March 2026:
04 - 07: Festival Brasileiro da Cerveja 2026 (Blumenau, Brazil)
15 - 17: Planete Biere Marseille 2026 (Marseille, France)
18 - 19: BeerX 2026 (Liverpool, UK)
20 - 22: St Malo Craft Beer Expo 2026 (St Malo, France)
24 - 26: RMI Global Conference 2026 (Lisbon, Portugal)
24 - 26: 110th International Brewing & Engineering Conference 2026 (Erding, Germany)
26 - 28: Warsaw Beer Festival 2026 (Warsaw, Poland)
April 2026:
07 - 09: Craft Beer China 2026 (Shanghai, China)
10 - 11: InnBrew 2026 (Barcelona, Spain)
10 - 12: Barcelona Beer Festival 2026 (Barcelona, Spain)
16 - 18: KIBEX 2026 (Seoul, South Korea)
20 - 22: Craft Brewers Conference & BrewExpo America 2026 (Philadelphia, USA)
22 - 22: World Beer Cup 2026 (Pennsylvania Convention Center, Philadelphia, USA)
22 - 22: World Beer Cup 2026 (Pennsylvania Convention Center, Philadelphia, USA)
28 - 30: 28th Annual International Beer and Cider Strategies 2026 (InterContinental Barcelona, Spain)
May 2026:
04 - 07: Worldwide Distilled Spirits Conference 2026 (EICC, Edinburgh, Scotland, UK)
04 - 10: Budapest Beer Week 2026 (Budapest, Hungary)
19 - 21: Expo Antad & Alimentaria Mexico 2026 (Expo Guadalajara, Jalisco, Mexico)
29 - 30: Copenhagen Beer Festival 2026 (Copenhagen, Denmark)
29 - 30: Tallinn Craft Beer Weekend 2026 (Tallinn, Estonia)
June 2026:
08 - 10: Brewing Conference Bangkok 2026 (Muang Thong Thani, Impact Challenger Hall, Jupiter 4-5, Bangkok, Thailand)
09 - 10: IGC Grains Conference 2026 (2 Savoy Place, London, UK)
09 - 11: Brasil Brau 2026 (Sao Paulo, Brazil)
17 - 18: Global Beer Summit 2026 (Brussels, Belgium)
July 2026:
17 - 18: London Craft Beer Festival 2026 (London, UK)
August 2026:
06 - 08: VIETFOOD & BEVERAGE - PROPACK VIETNAM 2026 (799 Nguyen Van Linh Street, Tan My Ward, Ho Chi Minh City, Vietnam)
21 - 22: Beervana 2026 (Wellington, New Zealand)
September 2026:
12 - 13: Bruges Beer Festival 2026 (Bruges, Belgium)
19 - 04 October: Oktoberfest 2026 (Munich, Germany)
24 - 27: Mondial de la Biere 2026 (Montreal, Canada)
26 - 28: Whisky Live Paris 2026 (Paris, France)
October 2026:
08 - 10: The Great American Beer Festival 2026 (Denver, USA)
15 - 16: Salon du Brasseur 2026 (Parc Expo Nancy, France)
23 - 25: Stockholm Beer & Whisky Festival 2026 (Stockholm, Sweden)
28 - 29: Brew Asia 2026 (Ho Chi Minh City, Vietnam)
31 - 03 November: Planete Biere Rennes 2026 (Rennes, France)
November 2026:
10 - 12: Brau Beviale 2026 (Nuremberg, Germany)
23 - 25: 16th Iberoamerican VLB Symposium Brewing & Filling Technology (Panama)
News Articles
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USA: 2025 beer shipments drop 5.9%
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United States’ beer shipments declined 5.9% in 2025, a loss of more than 8.68 million barrels of beer, according to domestic tax paid shipment
...More info on site
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USA: Tilray Brands gets licence to produce, market, sell and distribute Carlsberg brands in the US
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Tilray Brands and Carlsberg have signed an agreement giving the former company the US licence to produce, market, sell and distribute certain brands owned
...More info on site
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USA, CA: AB InBev reported to be trying to sell Fairfield brewery
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Just a couple of months after Anheuser-Busch announced it would be closing its Fairfield facility and ceasing production in the Bay Area, the world's largest brewing company is now planning to put its 170-acre Budweiser factory on the market, MSN reported on February 16.
The San Francisco Business Times first reported the news that the beer giant, which had been operating the landmark factory on the side of Interstate 80 since 1976, has tapped real estate services firm Cushman & Wakefield to market the facility ahead of its slated closure on Feb. 22.
The property at 3103 Busch Dr. is not yet named among the listings for lease on Cushman & Wakefield's website; SFGATE reached out to the firm, as well as Anheuser-Busch, for more information and did not immediately hear back.
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Canada: Microbreweries navigating storm of rising aluminum costs
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Craft beer lovers may think the toughest choice is picking a flavour, but for brewers, the real struggle starts before the first sip, Yahoo!Finance reported on February 15.
Right now, Canadian microbreweries are navigating a perfect storm of rising aluminum costs, tariffs and supply chain headaches that are making even the simplest can a costly challenge. In an era of economic uncertainty and trade friction, the humble beer can has become a symbol of just how interconnected and fragile local production can be.
Dominion City Brewing in Ottawa wanted to brew a beer with "100 per cent Canadian ingredients," co-founder Josh McJannet told Global News (1). There was just one problem: the aluminum can.
"We brewed an all-Canadian beer — all Canadian, but for the aluminum can, which we could not source in Canada," he revealed.
The 473-millilitre tall can that independent breweries in Ontario favour simply doesn’t exist from a Canadian manufacturer. That scarcity hits budgets fast.
Since U.S. President Donald Trump imposed tariffs on steel and aluminum in February 2025, the price of cans has jumped. McJannet said his costs went from around 15 cents a can to roughly 35 cents.
"The biggest factor is the Trump tariffs," Richard Alexander, president of Beer Canada,
...More info on site
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Canada, AB: Corn affecting feed barley prices in Lethbridge
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Feed barley prices in Alberta are not in sync as less expensive corn imports from the United States enter Lethbridge-area feedlots, the Manitoba Cooperator reported on February 12.
Susanne Leclerc of Market Master Ltd. in Edmonton said there is a wide gap between March prices in Edmonton and Lethbridge due to the amount of corn coming into the southern half of the province. However, the discrepancy is narrowing for April delivery.
“Elevators are paying C$5.70 (per bushel for feed barley) delivered in the Edmonton region, and when you take the feed barley price picked up in the Lethbridge region, it would only be C$5.10, C$5.15 in the March timeframe picked up in the yard,” Leclerc explained.
“It seems like if we look into April, they’re starting to match. So it will be interesting to see if they get closer or not, because there is more corn coming into the Lethbridge area.”
Strong export programs at elevators for feed barley are keeping prices elevated, she added, diminishing the grain’s market advantage over corn. Leclerc also said mild weather and higher prices have resulted in increased grain movement.
“More people are taking advantage of the markets that are there,” she said.
Other grains are also making their way
...More info on site
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Canada, ON: Diageo pays US$17m to ward off province-wide boycott
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Diageo has succeeded in avoiding a threatened boycott of its Crown Royal Canadian whisky brand in Ontario, pledging to spend CAD23m (US$16.9m) on its operations in the province, Global Drinks Intel reported on February 17.
The threat had initially arisen after the brand owner announced plans six months ago to close a bottling unit in Amherstburg in Ontario. The closure, scheduled for this month, drew the ire of Premier Doug Ford, who just over a month later warned Diageo that the province’s alcohol retail monopoly, the Liquor Control Board of Ontario, would pull Crown Royal from its shelves should the termination proceed.
Established in 1927, the LCBO is one of the largest buyers and retailers of beverage alcohol globally.
In a statement late last week, the Ontario Government detailed an agreement reached with Diageo “following months of discussions”. Almost half (CAD11m) of the CAD23m pledged by Diageo will go towards purchasing “grain neutral spirits manufactured by Greenfield Global in Johnstown, supporting local production in eastern Ontario”. A further CAD5m will be spent on marketing and promotion within the province.
“These investments will help keep Ontario workers on the job, strengthen provincial supply chains and support the local community in Amherstburg and the surrounding area,”
...More info on site
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Canada, BC: North Vancouver’s Braggot Brewing closes its taps for good
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Braggot Brewing, sitting at the end of North Vancouver’s Brewery District, has closed its taps for good, Vancouver Is Awesome reported on February 6.
Opening in May 2022, the business served an ancient and uncommon brew called braggot (a.k.a. bracket or bragwad), dating back to a time when grains weren’t pure enough to make beer and honey wasn’t pure enough to make mead. So they made something in between instead.
Braggot, run by founder Enrico Bovero, used honey produced at his own apiaries to brew his naturally carbonated beverage for nearly four years.
But the taps ran dry earlier this week.
In the beginning, braggot appeared to be a high-value product, but the cost of production was too high, Bovero says.
“From a pure business perspective, it doesn’t make sense from the math,” he says.
What does make sense, however, is the honey.
“The main message I want to convey is that we’re not closing — we’re pivoting,” Bovero says.
His honey venture started in 2009, and API Crafts continues to this day. Braggot has just been a part of that larger business, he explains.
“Revenue on the honey side has surpassed the brewing side,” Bovero says. “It makes sense to focus on the side that’s more profitable for
...More info on site
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USA, NY: Railhead Brewing Company to close for good at the end of February
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Railhead Brewing Company, the trendy Hornell restaurant and night spot known for in-house brewed craft beers and custom pizzas forged in wood-fire ovens, is closing its doors at the end of February after nearly a dozen years in business, The Evening Tribune reported on February 17.
Railhead Brewing owners Dave Woolever and Michael McCumiskey made the announcement in a Facebook post, writing, "The time for Railhead as it currently exists has come to an end."
The post added, "There are so many shared memories with this community, and we will address as much as we can in the coming weeks. For now simply thank you for supporting Railhead over the past 11 years."
The owners said the 40 Park Drive business will be open to the public for the last time on Friday, Feb. 27.
The announcement indicated that the business has been sold, with Railhead stating, "Cheers to new beginnings for this great place and its new ownership."
Railhead Brewing will hold a brewery equipment sale Feb. 20-21. Sale hours both days are 10 a.m. until 4 p.m.
The business is open 3-10 p.m. Thursday and Friday, noon to 10 p.m. Saturday and noon to 5 p.m. Sunday, according to its website.
Woolever and McCumiskey did
...More info on site
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World: Global malt market valued at USD 17.01 billion in 2025
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Global malt market size was valued at USD 17.01 billion in 2025 and is projected to reach USD 17.95 billion in 2026, further advancing
...More info on site
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Singapore: ThaiBev sales revenue falls by 6% in Q1
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Mainboard-listed Thai Beverage (ThaiBev) on Friday (Feb 13) said its sales revenue for the first quarter ended Dec 31, 2025 fell by 6 per
...More info on site
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China: World’s two largest brewers face starkly diverging realities in China
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The world’s two largest brewers faced starkly diverging realities in China in 2025 and rather than it being about taste or popularity, the contrast
...More info on site
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World: Rise in use of weight-loss drugs poses growing threat to beer demand, AB InBev says
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The world’s largest brewer, AB InBev, says changing consumer habits, including the rise in the use of weight-loss drugs, pose a growing threat to
...More info on site
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UK: Craft beer giant Brewdog put up for sale
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Scottish craft beer giant Brewdog could be sold off after bosses called in financial experts to look for new investors, the BBC reported on
...More info on site
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Australia: December malting barley export more than five times the volume shipped in November
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Australia exported 1,223,811 tonnes of barley and 12,957t of sorghum in December, according to the latest data from the Australian Bureau of Statistics.
The barley figures breaks up into 349,069t of malting, more than five times the 59,743t shipped in November, and 874,742t of feed, up slightly from the 871,889t exported in November.
On feed, China was the buyer of 700,257t, or 80 percent, of December-shipped feed barley, with Saudi Arabia on 158,950t and Vietnam on 6576t the second and third-biggest markets respectively.
China on 261,592t was also the buyer of 75pc of malting exports in December, with Saudi Arabia on 67,000t and South Korea on 14,680t appearing as the second and third-biggest markets.
December sorghum exports fell 56pc from the November total of 29,236t, with China on 8601t, The Philippines on 2455t, and Taiwan on 1737t the three largest markets.
McDonald Pelz senior broker Sam Roache said December 2025 was the largest month for barley exports since December 2023.
“China continued to take the lion’s share, but also notable in the data is strong Middle Eastern shipments, led by Saudi Arabia,” Mr Roache said.
“The record barley production and strong selling in Western Australia have seen barley very well priced into feed demand globally, and will
...More info on site
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India: Carlsberg considering an initial public offering for Indian operations
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Danish brewing leader Carlsberg is considering an initial public offering (IPO) for its operations in India, according to its Group CEO, Jacob Aarup-Andersen. He confirmed this during an investor call, signalling a potential strategic route to increase shareholder value in the rapidly growing Indian market, Devdisclosure reported on February 17.
While details remain sparse due to legal limitations, Andersen emphasized that the decision to explore an IPO is primarily to unlock shareholder value. He noted substantial growth in India, with brands like Tuborg and Carlsberg Elephant showing positive performance, particularly in light of a strong fiscal year-end in 2025.
Carlsberg's Indian subsidiary has benefited from a high single-digit volume growth and a robust market presence, bolstered by successful launches like Kronenbourg 1664 Blanc. Andersen reiterated that while India remains a focus, the decision on an IPO has yet to be finalized.
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World: Heineken places €1.1 billion of Notes
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Heineken N.V. announced on February 16 that it had successfully placed €1.1 billion of Notes across two tranches.
• €550 million 8-year Notes with a coupon of 3.375%, and
• €550 million 12-year Notes with a coupon of 3.875%.
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 dates of the Notes are 26 February 2034 and 26 February 2038 respectively.
BBVA, BNP Paribas, Deutsche Bank, J.P. Morgan and UBS acted as active book runners.
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India: Asgard Alcobev Limited announces acquisition of controlling stake in CMJ Breweries Private Limited
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Asgard Alcobev Limited, previously known as Banganga Paper Industries Limited, has made a decisive pivot from its paper manufacturing roots by acquiring a controlling 78.90% stake in CMJ Breweries Private Limited (CMJBPL) for a consideration of approximately ₹219.04 crore. This strategic move signals a significant diversification into the burgeoning Indian alcoholic beverages sector, Whalesbook reported on February 17.
The acquisition was executed through a combination of a share swap and preferential issuances. As part of the share swap, 15,10,64,917 equity shares of ₹1 each were allotted at ₹1.45 per share to CMJBPL's shareholders. Additionally, 3,90,10,000 equity shares and 2,20,00,000 convertible warrants were issued for cash at the same price, raising ₹5.66 crore and further funds through the warrants.
This acquisition represents a complete business transformation for Asgard Alcobev. The company, formerly a player in the paper industry, producing craft paper and corrugated boards [8, 13], is now positioning itself as a diversified group with a primary focus on alcohol beverages [25, 26, 27]. The paper industry has recently faced challenges like margin pressure due to imports and raw material costs [16].
The acquired entity, CMJ Breweries, is a significant contract brewing facility in Northeast India, capable of catering to leading Indian and international
...More info on site
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Australia: West Australian hop growers gearing up for the 2026 harvest
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Squeezing a freshly picked hop flower between your fingers releases an unmistakable aroma — the smell of beer.
For growers, it is also a sign that months of careful work are about to come together, ABC News reported on February 15.
West Australian hop growers are gearing up for the 2026 harvest, with the season so far shaped by generally favourable conditions.
Warm days and cool nights have helped the plants develop, setting up a promising crop for the weeks ahead.
Hops are the cone-shaped flowers of the hop plant, a climbing plant that grows into a long, helix-like "bine."
Once harvested, they are a key ingredient in beer, adding bitterness, flavour and aroma.
The alpha acids in hops balance the sweetness of malt, while essential oils and beta acids create flavours ranging from citrus and tropical fruit to floral or spicy notes.
Hops can be used fresh, dried or processed into pellets, and how they are harvested and handled has a big impact on the final taste of beer.
Hop grower Aaron Alexander is approaching his sixth consecutive harvest on the family-run farm near Denmark, 450 kilometres south of Perth.
"Between the end of February and start of March is when we typically harvest our hops.
...More info on site
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UK: Loch Lomond Brewery aiming to raise £250,000 to up its distilling operations
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Scotland-based Loch Lomond Brewery, which opened Levenbank Distillery last year, is aiming to raise £250,000 (US$340,000) in crowdfunding to scale up its distilling operations, The Spirits Business reported on February 17.
Founded in 2011, Loch Lomond Brewery operates from a 12,000-square-foot facility near Dumbarton, complete with a brewhouse and in-house canning line.
The founders, wife and husband Fiona and Euan MacEachern, moved into spirits production in early 2025 with the opening of Levenbank Distillery on the same site as the brewery.
The couple have now launched a Crowdcube campaign to boost its distilling and brewing capacity and lay down more whisky casks for the future. The business also plans to use the funds to upgrade its packaging facilities to improve efficiency and output
Levenbank produces West Highland gin and vodka, Cú Mara rum, and its namesake new make spirit. The distillery plans to release single malt and single grain whiskies in the future.
Fiona MacEachern, managing director of Loch Lomond Brewery, said: “When I started Loch Lomond Brewery, I was brewing, selling and delivering every pint myself.
“It’s been an incredible journey to grow from there into a national brand stocked in major supermarkets and enjoyed across the UK and globally. Adding the stills and beginning
...More info on site
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