Molson Coors is holding its analyst day tomorrow. Watch for signs that the global beer trade is alive and well, but beware of the prospect of rising commodity costs. Traders have pointed out that beer drinkers usually find a way to absorb higher prices that would drive fans of higher-end spirits to reduce their consumption or abstain entirely. This gives the brewers like Molson ( TAP , quote ) some leverage to push on what looks like a big move upward in grain costs -- if they recognize the problem early enough and act on its as a group. Comments tomorrow could give us guidance on that front. And of course, expect analysts to ask whether TAP is reaping the rewards of a more affluent Russian consumer yet, much less the emerging middle class elsewhere in the world.