Milling & Baking News - September 22, 2009 - 4

Contents 

September 22, 2009 Vol. 88, No. 15

NEWS FEATURE

 NEWS Comment

Story on Page 1

Caution rules as
recession ends,
policy may tighten

Census finds lackluster
growth for commercial
bakers in 2002-07

10

Lance to acquire
Stella D'oro brand

Lance, Inc. enters an agreement to buy the
Stella D'oro brand and certain manufacturing
equipment and inventory. Lance will bake the
Stella D'oro products in its Ashland, Ohio,
bakery.

Agriculture and
climate change
Story on Page 34

DEPARTMENTS
7 Editorial
10 Business
18 Data
20,32 Education and Research
22 Financial Results
34 Regulatory Affairs
35 Merchandising
36 Industry Activities
39 People
40 Supplier Innovations
41 Ingredient Week Trends
54 Archive

14

General Mills to innovate
throughout company

General Mills, Inc. plans to achieve growth in
a challenging global operating environment
through innovation. The company expects
to launch more differentiated and more
sustainable new items.

20

Father of Green
Revolution dies

Norman Borlaug won the 1970 Nobel Peace
Prize for fighting starvation through his efforts
to improve wheat varieties, adapt them to new
areas and develop acceptance among native
farmers.

22

MGP Ingredients
sustains $69 million loss

MGP Ingredients reports a fiscal year loss of
$69,123,000 while sales fall 30% to $275,976,000.
Results include $26.4 million in charges related
to a restructuring program.

38

Grains foundation accents
need for higher intake

The Grain Foods Foundation will use a survey
showing only 4% of respondents eat the
recommended daily servings of grain in its
Daily 6 initiative, which is designed to increase
grain intake.

Last week's statement by Ben Bernanke,
chairman of the Federal Reserve, that "from
a technical perspective the recession is very
likely over at this point" was lessened in its
pleasure by awareness that Mr. Bernanke
and his associates must also be thinking
about tightening monetary policy. Recovery
from the current recession, which started in
December 2007 and is ranked as the worst
setback since the 1930s, is credited in part
to the quick move by the Fed to lower
interest rates to record lows. Interbank
rates are now in a range of zero to 0.25%.
Once rates start rising, grain-based foods
and business in general will be facing a
total different reality.
Along with low interest, markets in
general and commodities central to grainbased foods are impacted by weakness in
the U.S. dollar. As the U.S. Dollar Index fell
to the lowest in a year, several markets,
especially for crude oil, moved higher as
a consequence. Conventional wisdom
would also see wheat, corn and soybeans
advance in response to dollar weakness,
but these grains feel the weight of large
supply increases and cautious demand.
Concern about the long-term ability
of the U.S. dollar to hold its value is
among the principal sobering aspects of
the long-awaited economic turnaround.
Similarly, forecasts that employment
gains will lag any economic improvement
is another source of caution for grainbased foods in looking forward to the
positives of an improving economy in
the wake of more than a year and a half
of troubling recession. MBN

COMPANIES IN THIS ISSUE
Alpine Foods ................................................. 40

Corn Products International, Inc.................... 12

MGP Ingredients, Inc. .................................... 22

Archer Daniels Midland Co............................ 39

DeFrancisci Machine Co. ............................... 40

Muhlenchemie GmbH & Co. KG .................... 40

Bunge Ltd...................................................... 16

General Mills, Inc. ................................... 10, 14

Sara Lee Corp. ................................................. 1

CII Laboratory Services .................................. 12

J.M. Smucker Co. ........................................... 14

Sealed Air ...................................................... 40

Campbell Soup Co. .................................. 22, 35

Kraft Foods Inc. ............................................. 16

Stella D'oro Biscuit Co. .................................. 10

Cargill ........................................................... 10

Lance, Inc. ..................................................... 10

Yum! Brands ................................................. 10

Chiquita Brands International, Inc................. 35

McDonald's Corp. ............................................ 1

4 / September 22, 2009 Milling & Baking News

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Milling & Baking News - September 22, 2009

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