Baking&Snack - July 2011 - 94

94

COMMODITIES Q&A

Yes. CFTC, per the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, must move forward with new position limit regulations impacting the overthe-counter (OTC) and futures markets by the end of June 2011. While this bill mandates such limits, the wheat futures market already operates under certain contract limits, and unless index funds are either defined as speculators or have their hedge exemptions removed, this rule will not have the desired impact in the wheat market. Currently, index funds are categorized as commercial hedgers, similar to bakers and wheat producers, through being granted hedge exceptions from contract limits by CFTC in the past. How would CFTC regulations affect index funds in the wheat markets? What other groups support ABA’s efforts in this segment of the market? ABA believes that CFTC should: • Implement contract limits on all index funds operating within the wheat futures markets • Maintain existing limits at the current level • Remove existing hedge exemptions that index funds erroneously receive due to misclassification. Implementing these regulations would reduce volatility in the commodities market through removing the massive positions of the index funds. No other grain chain organization has a position similar to ABA on this issue. Other farm groups have spoken out against funds in the market, but there is no formal coalition focusing solely on issues within the wheat market. Additionally, what can be done to set margin requirements to keep hedge funds and other speculators from manipulating the market? What are the chances of excluding commercial end users from these margin requirements? Altering margin requirements does not address the core issue. Today’s increased volatility requires commercial end users such as bakers to shift more of their financial assets toward margin requirements and away from improving/ upgrading their businesses. Increased margin requirements on index funds would not dissuade them from remaining in the agricultural futures markets. What conditions would make the wheat market less interesting to big-fund investors? Why? Consistently large crops, both in the US and the world, flat to declining world demand for food and energy, no extreme weather incidences around the globe and the lack of geo-political uprisings — but we will witness none of these dampening conditions in the foreseeable future. Normal weather, demand and supply conditions would bring normalcy to the marketplace.

How much volatility is actually caused by index funds, hedge funds and other groups that are not actual commercial end users like the baking industry? By their mere presence in the wheat markets, the index funds, or “massive passives,” treat these markets as an asset class, rarely reducing their length regardless of the price movement. Sequestering that large amount of the open interest causes extreme volatility in the balance of the freely traded open interest. With the current discussions on reducing federal spending, what are the realistic chances of getting meaningful reform — or even the elimination — of the current sugar program? With the influx of new members of Congress being elected because of promises to reduce the size and spending of government, ABA believes the chances of reforming the sugar program to make it much more consumer- and bakerfriendly are better than they have been in many years. Even though the sugar program technically is a nocost government program (i.e., no subsidies or direct payments to sugar growers), the cost impact of the program on consumers and bakers is dramatic — more than $4 billion dollars a year. This cost argument resonates with the current Congress, and ABA believes that the House and Senate Agricultural Committees will have to reform the current sugar program in the next farm bill to ensure its final passage. What other agriculture or commodity subsidy programs might come under the knife because of deficit-reducing budgetary proposals? The Conservation Reserve Program (CRP) may be further reduced. In 2008, CRP was reduced from 39 million acres to 32 million acres. CRP costs billions to operate each year, and Rep. Frank Lucas (R-OK), chairman of the House Agricultural Committee, has already mentioned that CRP may be put on the chopping block to reduce expenditures in the next farm bill. What are the chances of getting the government to open up non-environmentally sensitive acreage that’s currently protected by CRP? Chances are slim under the Obama Administration, although some acreage will be opened up to allow grazing. This being said, acreage within CRP may be further reduced in the next farm bill due to budget constraints. ◾
For more on the subject, subscribe to Baking & Snack’s Operations Update e-newsletter at www.bakingbusiness.com.

BAKING & SNACK / July 2011

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Baking&Snack - July 2011

Table of Contents for the Digital Edition of Baking&Snack - July 2011

Baking&Snack - July 2011
EDITORIAL - Engineering a New Era
MyPlate becomes new food icon
MyPlate receives mixed reviews
Commentary: Icon offers new hope for grains
NEWS IN BRIEF
Safeway Joplin plant assists
NEWS - DSM completes US innovation center
NEWS - Food Channel predicts Top 10 dessert trends for 2011
NEWS - Shearer’s hits home run
NEWS - Egg Board’s website focuses on functionality
NEWS/PEOPLE
WHEAT IMPROVEMENT - GM Gets Moving Again
WHEAT IMPROVEMENT - Organic Not Buying GM Story
WHEAT IMPROVEMENT - Global Debate on GM Wheat
WHEAT IMPROVEMENT - Change of Tech
WHEAT IMPROVEMENT - Here and Abroad
WHEAT IMPROVEMENT - Traits of Interest
Joseph Campione - Authentic Value
Joseph Campione - In the Spirit
Joseph Campione - In the Family
ARTISAN MARKETING - Ahead of Its Time
ARTISAN MARKETING - Educating Consumers
ARTISAN MARKETING - In-store Bakery vs. Bread Aisle
NEW ON THE SHELF
SODIUM REDUCTION - a Grain of Salt
SODIUM REDUCTION - Sodium: Down for the Count Globally
INGREDIENT APP - Sweet & Stable
INGREDIENT NEWS
BAKING PANS - a Pan of Action
BAKING PANS - Thermal Stability
BAKING PANS - Increasing the Life of Pans
BAKING PANS - Release Coatings
BAKING PANS - On Schedule
SPARE PARTS - When They Need It NOW
SPARE PARTS - In the Vault
INDUSTRY INSIGHT - Product Report Card
SUSTAINABILITY - On a ReCon Mission
SUSTAINABILITY - Making Recycling Pay
SUSTAINABILITY - Sustainability as a Journey
COMMODITIES Q&A - a chance for Change
PRODUCTS & PACKAGING
INDUSTRY IMAGES - an International Affair
Tortilla Tech
CALENDAR OF EVENTS
MARKETPLACE
AD INDEX
NEW PRODUCT SPOTLIGHT - Delicious in Pink
Baking&Snack - July 2011 - Baking&Snack - July 2011
Baking&Snack - July 2011 - 2
Baking&Snack - July 2011 - 3
Baking&Snack - July 2011 - 4
Baking&Snack - July 2011 - 5
Baking&Snack - July 2011 - 6
Baking&Snack - July 2011 - 7
Baking&Snack - July 2011 - 8
Baking&Snack - July 2011 - 9
Baking&Snack - July 2011 - EDITORIAL - Engineering a New Era
Baking&Snack - July 2011 - 11
Baking&Snack - July 2011 - 12
Baking&Snack - July 2011 - 13
Baking&Snack - July 2011 - Commentary: Icon offers new hope for grains
Baking&Snack - July 2011 - NEWS IN BRIEF
Baking&Snack - July 2011 - Safeway Joplin plant assists
Baking&Snack - July 2011 - 17
Baking&Snack - July 2011 - NEWS - Food Channel predicts Top 10 dessert trends for 2011
Baking&Snack - July 2011 - 19
Baking&Snack - July 2011 - NEWS - Egg Board’s website focuses on functionality
Baking&Snack - July 2011 - NEWS/PEOPLE
Baking&Snack - July 2011 - 22
Baking&Snack - July 2011 - 23
Baking&Snack - July 2011 - WHEAT IMPROVEMENT - GM Gets Moving Again
Baking&Snack - July 2011 - 25
Baking&Snack - July 2011 - WHEAT IMPROVEMENT - Organic Not Buying GM Story
Baking&Snack - July 2011 - 27
Baking&Snack - July 2011 - WHEAT IMPROVEMENT - Global Debate on GM Wheat
Baking&Snack - July 2011 - 29
Baking&Snack - July 2011 - WHEAT IMPROVEMENT - Change of Tech
Baking&Snack - July 2011 - 31
Baking&Snack - July 2011 - WHEAT IMPROVEMENT - Here and Abroad
Baking&Snack - July 2011 - 33
Baking&Snack - July 2011 - WHEAT IMPROVEMENT - Traits of Interest
Baking&Snack - July 2011 - 35
Baking&Snack - July 2011 - Joseph Campione - Authentic Value
Baking&Snack - July 2011 - 37
Baking&Snack - July 2011 - Joseph Campione - In the Spirit
Baking&Snack - July 2011 - 39
Baking&Snack - July 2011 - 40
Baking&Snack - July 2011 - 41
Baking&Snack - July 2011 - Joseph Campione - In the Family
Baking&Snack - July 2011 - 43
Baking&Snack - July 2011 - 44
Baking&Snack - July 2011 - 45
Baking&Snack - July 2011 - 46
Baking&Snack - July 2011 - ARTISAN MARKETING - Ahead of Its Time
Baking&Snack - July 2011 - ARTISAN MARKETING - Educating Consumers
Baking&Snack - July 2011 - 49
Baking&Snack - July 2011 - 50
Baking&Snack - July 2011 - 51
Baking&Snack - July 2011 - ARTISAN MARKETING - In-store Bakery vs. Bread Aisle
Baking&Snack - July 2011 - 53
Baking&Snack - July 2011 - 54
Baking&Snack - July 2011 - NEW ON THE SHELF
Baking&Snack - July 2011 - 56
Baking&Snack - July 2011 - 57
Baking&Snack - July 2011 - 58
Baking&Snack - July 2011 - 59
Baking&Snack - July 2011 - 60
Baking&Snack - July 2011 - SODIUM REDUCTION - a Grain of Salt
Baking&Snack - July 2011 - SODIUM REDUCTION - Sodium: Down for the Count Globally
Baking&Snack - July 2011 - 63
Baking&Snack - July 2011 - 64
Baking&Snack - July 2011 - 65
Baking&Snack - July 2011 - 66
Baking&Snack - July 2011 - INGREDIENT APP - Sweet & Stable
Baking&Snack - July 2011 - 68
Baking&Snack - July 2011 - 69
Baking&Snack - July 2011 - INGREDIENT NEWS
Baking&Snack - July 2011 - 71
Baking&Snack - July 2011 - 72
Baking&Snack - July 2011 - BAKING PANS - a Pan of Action
Baking&Snack - July 2011 - BAKING PANS - Thermal Stability
Baking&Snack - July 2011 - 75
Baking&Snack - July 2011 - BAKING PANS - Increasing the Life of Pans
Baking&Snack - July 2011 - BAKING PANS - Release Coatings
Baking&Snack - July 2011 - BAKING PANS - On Schedule
Baking&Snack - July 2011 - 79
Baking&Snack - July 2011 - SPARE PARTS - When They Need It NOW
Baking&Snack - July 2011 - 81
Baking&Snack - July 2011 - SPARE PARTS - In the Vault
Baking&Snack - July 2011 - 83
Baking&Snack - July 2011 - INDUSTRY INSIGHT - Product Report Card
Baking&Snack - July 2011 - 85
Baking&Snack - July 2011 - SUSTAINABILITY - On a ReCon Mission
Baking&Snack - July 2011 - 87
Baking&Snack - July 2011 - SUSTAINABILITY - Making Recycling Pay
Baking&Snack - July 2011 - 89
Baking&Snack - July 2011 - SUSTAINABILITY - Sustainability as a Journey
Baking&Snack - July 2011 - 91
Baking&Snack - July 2011 - 92
Baking&Snack - July 2011 - COMMODITIES Q&A - a chance for Change
Baking&Snack - July 2011 - 94
Baking&Snack - July 2011 - PRODUCTS & PACKAGING
Baking&Snack - July 2011 - 96
Baking&Snack - July 2011 - 97
Baking&Snack - July 2011 - INDUSTRY IMAGES - an International Affair
Baking&Snack - July 2011 - 99
Baking&Snack - July 2011 - 100
Baking&Snack - July 2011 - Tortilla Tech
Baking&Snack - July 2011 - 102
Baking&Snack - July 2011 - 103
Baking&Snack - July 2011 - CALENDAR OF EVENTS
Baking&Snack - July 2011 - 105
Baking&Snack - July 2011 - MARKETPLACE
Baking&Snack - July 2011 - 107
Baking&Snack - July 2011 - 108
Baking&Snack - July 2011 - 109
Baking&Snack - July 2011 - 110
Baking&Snack - July 2011 - 111
Baking&Snack - July 2011 - 112
Baking&Snack - July 2011 - AD INDEX
Baking&Snack - July 2011 - NEW PRODUCT SPOTLIGHT - Delicious in Pink
Baking&Snack - July 2011 - 115
Baking&Snack - July 2011 - 116
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