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E-Malt.com Newsletter 50a
December 09 - December 11, 2019

Quote of the Week

The most worth-while thing is to try to put happiness into the lives of others.
Robert Baden-Powell

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Currency Rates

Base Currency: US Dollar
on December 11, 2019
Base Currency: Canadian Dollar
on December 11, 2019
      1 USD = 0.9025 EUR
1 USD = 0.7596 GBP
1 USD = 1.3233 CAD
1 USD = 1.4666 AUD
1 USD = 108.6500 JPY
1 USD = 4.1419 BRL
1 USD = 63.5290 RUB
1 USD = 7.0355 CNY
      1 CAD = 0.7556 USD
1 CAD = 0.5740 GBP
1 CAD = 0.6819 EUR
1 CAD = 1.1081 AUD
1 CAD = 82.0900 JPY
1 CAD = 3.1295 BRL
1 CAD = 48.0011 RUB
1 CAD = 5.3158 CNY

Currency Rates Chart

Equities of the Largest Breweries

Equities of the Largest Breweries

North America News
Brewery news USA: Beer volume down 2.4% in the past five years ...Click here
Brewery news USA: Brewers Association highlights continued growth of craft beer sector in 2019 ...Click here
Brewery news USA, CA: Anderson Valley Brewing Company changes ownership, retains craft status ...Click here
Brewery news USA, FL: The Well brewery eyes fall 2020 opening in Pensacola ...Click here
Brewery news USA, SC: Holy City Brewing almost ready to open new location ...Click here
Brewery news USA, OH: Old Bridge Brewing Company coming to downtown McConnelsville by spring ...Click here
Brewery news USA, AR: Buffalo Brewing Company closes down abruptly ...Click here
World News
Brewery news World: 2018 beer production up mostly thanks to Mexico - report ...Click here
Malt news Ireland: Boortmalt’s expansion on track to finish by spring ...Click here
Brewery news Australia: Beer consumption expected to decline over the next four years – Fitch Solutions ...Click here
Barley news Australia: Barley production forecast to increase by 4% in 2019-20 ...Click here
Brewery news Ukraine: January-November beer output down 1.4% ...Click here
Barley news Argentina: New president facing speed bump from crop industry ...Click here
Brewery news UK: Heineken 0.0 sees 123% increase in volume and value on-trade sales ...Click here
Brewery news South Africa: Competition authorities reject Distell’s complaint against AB InBev ...Click here
Graph of the Week

Table of the Week

World Hop Alpha Supply and Demand

Table of the week.

Barley Prices

Theoretical Malt Prices

Scientific Digest


We have to breathe and to sweat to live but beer doesn't and shouldn't. Intensive research has been carried out to identify the staling mechanisms in lager beers. However, the impact of dissolved oxygen on dry-hopped beers is poorly investigated. US researchers evaluated the impact of dissolved oxygen on the sensory and hop volatile profiles of dry-hopped beer during storage. Commercially-brewed dry-hopped beer was dosed with oxygen in a controlled fashion to create beers with a range of dissolved oxygen concentrations from approximately 40 to 250 mg/L and then stored under chilled or accelerated storage conditions. Sensory results identified storage temperature as having the greatest effect on aroma during storage. Dissolved oxygen concentration was observed to have a lesser, but significant, impact at both high and low storage temperatures after only two weeks of aging. Higher temperature and dissolved oxygen concentrations resulted in decreased tropical, citrus, and hoppy characteristics and the expression of malty, dried fruit, and cardboard aromas. However, by chemical analysis it was observed that hop-derived monoterpenes were not significantly affected by treatment temperature or dissolved oxygen, suggesting that the stale character expression comes from alternate sources such as lipid oxidation or Strecker aldehyde formation.


Barnette, B., et al: Evaluating the Impact of Dissolved Oxygen and Aging on Dry-Hopped Aroma Stability in Beer, Journal of the American Society of Brewing Chemists, 77:3, 179-187, DOI: 10.1080/03610470.2019.1603002

Source: Barth Innovations

These Days in Business History

09 December
1793 - Noah Webster establishes New York's 1st daily newspaper, American Minerva
1843 - P Paul Leroy-Beaulieu French economist is born
1905 - French Assembly National votes for separation of church & state
1916 - P Paul Leroy-Beaulieu French economist (Economist France), dies at 73
1967 - Nicolae Ceausescu becomes President (dictator) of Romania
1968 - Doug Engelbart demonstrates first computer mouse at Stanford

10 December
1672 - New York Governor Lovelace announces monthly mail service between New York & Boston
1799 - Metric system established in France
1868 - The first traffic lights are installed, outside the Palace of Westminster in London
1901 - 1st Nobel Peace Prizes (to Jean Henri Dunant, Frederic Passy)
1915 - 10,000,000th model T Ford assembled
1930 - Clayton K Yeutter, US trade representative/Republican National chairman is born in Nebraska
1948 - UN General Assembly adopts Universal Declaration of Human Rights
1993 - Dow Jones hits record 3740.67

11 December
1901 - 1st newspaper on Curacao (Curacao Gazette & Commercial Advertiser)
1901 - Marconi sends 1st transatlantic radio signal, Cornwall to Newfoundland
1930 - Bank of the United States opens in New York NY
1967 - SST prototype "Concorde" 1st shown (France)
1985 - General Electric acquires RCA Corp & its subsidiary
1985 - Dow Jones closes above 1,500 for 1st time (1,511.70)
1997 - The Kyoto Protocol opens for signature


January 2020:
31 - 01 February: Braukunst Live! 2020 (Munich, Germany)

February 2020:
04 - 08: Great British Beer Festival Winter 2020 (Norwich, UK)
07 - 10: HoReCa 2020 (Athens, Greece)
07 - 09: Finest Spirits 2020 (Munich, Germany)
15 - 18: Beer Attraction 2020 (Rimini, Italy)
24 - 26: Beviale Moscow 2020 (Moscow, Russia)

March 2020:
09 - 11: 107th Brewing and Engineering Congress 2020 (Rust, Germany)
11 - 12: BeerX 2020 (Liverpool, UK)

April 2020:
19 - 22: Craft Brewers Conference & BrewExpo America 2020 (San Antonio, Texas, USA)
25 - 26: Zythos Beer Festival 2020 (Leuven, Belgium)

May 2020:
05 - 07: International Beer Strategies Conference 2020 (Munich, Germany)
13 - 15: Craft Beer China 2020 (Shanghai, China)
19 - 21: Beer 2020 (Sochi, Russia)
21 - 24: Mondial de la Biere 2020 (Montreal, Canada)

June 2020:
03 - 04: The Brewers of Europe Forum 2020 (Antwerp, Belgium)

July 2020:
29 - 31: Beviale Mexico 2020 (Guadalajara, Mexico)

August 2020:
07 - 08: Beervana 2020 (Wellington, New Zealand)

More events are available on site e-malt.com

News Articles

Brewery news USA: Beer volume down 2.4% in the past five years
Beer is in a bear market, CBS Boston reported on December 7.

Domestic brews, such as Budweiser, Coors Light and Miller Light, once dominated the US beverage market. But sales are declining while alternatives are spiking. Drinkers think beer is stale, compared to the innovative new brands and creative concepts emerging from other places, so they are craving a variety of other boozy drinks, including premium liquor, canned wine, spiked seltzers and pre-made bottled cocktails.

In 2018, alcohol consumption in the United States dropped for the third-straight year, according to IWSR Drinks Market Analysis. And beer is to blame: sales of a case of beer declined 1.5%. For the past five years, beer volume in the US declined 2.4%, the firm said.

The trend doesn’t appear to be reversing itself. Sales of domestic beer slipped 4.6% between October 2018 and October 2019, according to Nielsen. Microbrew and craft beers are also in a minor slump, down 0.4%, despite Big Beer companies scooping them up left and right (AnheuserBusch just purchased Craft Brew Alliance, which makes Redhook Ale).

But people are still drinking — a lot. Alternative drink categories that both firms tracked have all grown. With traditional beer getting the boot, here’s what people ...More info on site

Brewery news USA: Brewers Association highlights continued growth of craft beer sector in 2019
As 2019 comes to a close, the Brewers Association (BA) — the not-for-profit trade association dedicated to small and independent American brewers — takes a retrospective look at the contributions and major milestones of the country’s craft brewing community during the past year. Continued growth, record brewery count, and craft beers’ museum debut are a few of the highlights from a memorable year for the industry.

“Small and independent breweries continue to be essential contributors to communities across the country, finding new ways to innovate and thrive amid evolving consumer preference and a competitive and maturing beverage market,” said Julia Herz, craft beer program director, Brewers Association. “It’s been an exciting year for both brewers and beer lovers alike and we look forward to celebrating new beerworthy moments in 2020.”

Of note in 2019:

Growth Amidst Competition: Craft brewing production grew in 2019, but as with 2018, the continued increase in breweries meant that the market also grew more competitive, particularly in widely distributed channels. The BA 2019 midyear survey measured 4% production growth year-over-year for small and independent brewers, slightly down from 5% in 2018. IRI Group scan data numbers through mid-November showed 2% growth for BA-defined craft brewers, similar to 2018 ...More info on site

Brewery news USA, CA: Anderson Valley Brewing Company changes ownership, retains craft status
Anderson Valley, a Booneville-based craft brewing company best known for its Boont Amber Ale, was sold last week — but unlike some recent changes-of-hands, the beer company will retain its “craft” status, Eater SF reported.

Since its founding 1987, the Anderson Valley Brewing Company has operated independently and in small batches, two of the chief factors that allow a beer company to be considered “craft” — a designation that for many drinkers signals superiority to mass-market brews that, say, advertise during the Super Bowl or are featured at the endcap of one’s local big-box retailer.

When small beer companies like Anderson Valley are sold to bigger businesses — as San Francisco’s Magnolia Brewing Company was last month, when Kirin acquired its owner, New Belgium — that “craft” designation is frequently lost. After its sale to Sapporo in 2017, San Francisco-based Anchor Brewing — another recent test case — made business decisions derided by the Chron as “trendy” and jumping “on every possible bandwagon.” Not so for Anderson, however, as the buyer in this case is a wine industry veteran named Kevin McGee, a guy who’s also been making beer in his garage for the last 12 years.

McGee, a lawyer by trade, is ...More info on site

Brewery news USA, FL: The Well brewery eyes fall 2020 opening in Pensacola
A new brewery experimenting with an old style will become the first business to open under the umbrella of the privately developed East Garden District project in downtown Pensacola, Tallahassee.com reported on December 5.

Owner DC Reeves and the front men at Perfect Plain Brewing Co. plan to open The Well in the fall of 2020 at 42 E. Garden St. The team's new venture will be an expansion of sorts, opening directly next door to — and even sharing a wall and storage space with — the Perfect Plain.

"It'll be a true wood-cellar program," Reeves said of The Well's brewing style. "We'll have some beers that will be in barrels or foeders for a year, or maybe more."

The venture will bring a mixed-culture, wood-cellar beer program to Pensacola, imparting new flavors to craft beer and cocktails through a barrel-brewed and barrel-aged process.

The interior design calls for a 2,000-square foot taproom and bar area. Reeves said there will be a small kitchen utilized to make small plates and tapas-style dishes for Well customers. Perfect Plain will continue to benefit from its food truck partnerships.

"We like to feel like with everything we do we're pushing the envelope ...More info on site

Brewery news USA, SC: Holy City Brewing almost ready to open new location
Holy City Brewing's production manager Chris Brown says the Park Circle-area location (1021 Aragon Ave.) is almost ready to open. After a final fire inspection, he's hoping for a soft opening mid to late this week. The new and improved HCB will be open daily 11 a.m.-10 p.m. Mon.-Thurs. and Fri.- Sun. 11 a.m. until "well, we're going to play it by ear”, the Charleston City Paper reported on December 5.

After eight years on Dorchester Road, HCB is moving on up with its 10,000 square foot tap room, views of Noisette Creek, gargantuan kitchen, smokehouse, and adjacent event venue. Brown says they've been brewing on Aragon Avenue since March, doubling their production capabilities. In addition to new tanks (some 120-barrel tanks joining the crew), HCB has a large, separate room that houses its canning line; a sour beer area with wooden foudres; and a coolship room with a huge glass window customers can peer through as funky beers ferment in a stainless tub.

Brown says they'll start with the same kitchen menu in the new location, but with more space and a separate prep kitchen. Brown says the chef will definitely have some room to grow once they get settled. They've ...More info on site

Brewery news USA, OH: Old Bridge Brewing Company coming to downtown McConnelsville by spring
A century old landmark is getting a face lift as the Ponchak family is bringing a craft brewery to downtown McConnelsville, the Zanesville Times Recorder reported on December 5.

The former Gutberlet Chevrolet building on the corner of Third and Main streets will house a 1,500-square-foot event space alongside Old Bridge Brewing Company's 3,000-square-foot tap room and brewery. The opening is slated for the spring.

Jennifer Ponchak hopes the brewery will bring a boost to the town. "We are looking to bring some excitement to McConnelsville. We thought it would be a nice way to bring the community together and have a gathering place."

"A place to kick back and relax" added her husband and head brewer Dean.

Dean plans to start with four different beers on the brewery's 15-barrel system - a red ale, a brown ale, an India Pale Ale and a stout. They will also brew a couple more on a small batch system, which Dean will use to "play around with, and use that to see what people like."

One of the beers the Ponchaks like is a raspberry hibiscus lemonade, which they will brew on the small batch system to gauge its reception in the community. They will also brew ...More info on site

Brewery news USA, AR: Buffalo Brewing Company closes down abruptly
Buffalo Brewing Company closed on December 5, according to a post on the business's Facebook page.

No reason for the closure was given and messages to the business, located at 5622 R St. in Little Rock, were not immediately returned.

“The last several years have been a blast, but the time has come to move on and do something else,” the post said. “Thank you to the many friends and fans we've had the pleasure of meeting over the last few years.”

Brewery newsWorld: 2018 beer production up mostly thanks to Mexico - report
Global beer production has increased for the first time in five years to reach 191 million kilolitres, according to a new report from Japanese ...More info on site

Malt newsIreland: Boortmalt’s expansion on track to finish by spring
Boortmalt’s expansion in Ireland looks set to be on track to finish in the spring time and with that the plant will operate at ...More info on site

Brewery newsAustralia: Beer consumption expected to decline over the next four years – Fitch Solutions
Volumetric consumption of beer in Australia is set to decline over the next four years, hitting mainstream beer, but the value of sales will ...More info on site

Barley newsAustralia: Barley production forecast to increase by 4% in 2019-20
Australia’s barley production in 2019-20 is forecast to increase by 4% to around 8.7 million tonnes, 3% below the 10-year average to 2018–19, ABARES ...More info on site

Brewery newsUkraine: January-November beer output down 1.4%
Ukraine’s January-November beer production (excluding zero-alcohol beer and beer with less than 0.5% alc. by volume) totalled 16.68 mln hl, Ukrpivo reported on December ...More info on site

Barley news Argentina: New president facing speed bump from crop industry
Alberto Fernandez takes over as Argentina's president on December 10 with hopes of bolstering exports to spur growth and pay debts. But no sooner than the wheels start turning on his four-year term, he faces a speed bump from the crop industry, which accounts for more than a third of shipments, the San Francisco Chronicle reported.

Drought has ravaged the wheat and barley crop on the Pampas growing belt that rakes in key export revenues over the new-year period. Wheat is chiefly sold to Brazilian millers. Barley goes to Saudi Arabia for camel feed. And most of what is left to harvest on parched fields has already been traded by savvy farmers, meaning Fernandez's plan to grab his share by raising export taxes will be largely futile.

Take Claudio Sanchez, a grower in Frapal, Buenos Aires province. His wheat plants, spread across 4,000 hectares (about 10,000 acres), are expected to yield 40% less than last year and he's already sold about 70% of the grain still in the ground to exporters in forward contracts. That means he pays the current export tax of nearly 7% rather than the higher rate that's expected under Fernandez.

The drought has put prognosticators who were expecting a ...More info on site

Brewery news UK: Heineken 0.0 sees 123% increase in volume and value on-trade sales
While Beck’s Blue is still the best selling low and no-alcohol beer in the UK on-trade, Heineken’s offer more than doubled both in volume and value in 2019, the Morning Advertiser reported on December 5. According to CGA data, Beck’s Blue is still the biggest low and no-alcohol beer in Britain’s pubs after a 3.8% increase in volume and a 6.1% boost in value in 2019 – taking its total sales value to more than £20 mln.

However, 123% increases to both volume and value have seen second-placed Heineken 0.0 close the gap – selling £7.7 mln more of its alcohol-free variant in the past 12 months to take its total sales to £13.9 mln.

The pair are by far and away the best-selling no and low-alcohol beers in British pubs, with the overall sales value of third-place pour San Miguel 0,0 reaching £2.4 mln in the past year after respective 27.7% and 30.9% increases to volume and value.

Rounding off the top five best-sellers are Erdinger Alcoholfrei and Bavaria 0.0 in fourth and fifth respectively with the latter breaking into this year’s Drinks List after achieving 43% increases to both volume and value – the ...More info on site

Brewery news South Africa: Competition authorities reject Distell’s complaint against AB InBev
Distell is big enough to go toe to toe with AB InBev. But the brewer tried to use merger conditions designed to protect small producers to get ahead of its competitor, The Africa Report said on December 5.

That, in essence, is the South African Competition Commission’s reasoning in dismissing Distell’s referral of AB InBev for breach of merger conditions. The dispute centres on the definition of “ambient space” and exclusive stadium agreements entered into by AB InBev.

Distell, listed on the Johannesburg Stock Exchange, is the continent’s leading producer of wines, spirits and ciders. It is also the world’s second-biggest producer of ciders.

When the competition authorities granted conditional approval for AB InBev’s merger with SABMiller in late 2016, they stipulated that the global brewer must make provision for a 10% allocation of fridge space for rivals at outlets.

According to the Commission, in the context of an outlet, “ambient space” refers to shelving, floor space and cold storage. This provision was intended to ensure AB InBev does not abuse its dominant market position to muscle out smaller players.

Furthermore, competition authorities directed AB InBev not to induce outlet owners to exclude competitors from storing products.

Distell contended that the definition of “ambient space” is ...More info on site

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