Milling & Baking News - November 18, 2003 - (Page 1)

Theinewsweeklyiofigrain-basedifoods / NOVEMBER 18, 2003 Weston Foods in bakery marketing agreement with Atkins group TORONTO - The Weston Foods business of George Weston Ltd. has joined Atkins Nutritionals, Inc. in an exclusive agreement to market low-carbohydrate bakery products. In a quarterly conference call Nov. 12, Gary J. Prince, president of Weston Foods U.S., said Weston had launched an Atkinsendorsed bread line under the Arnold and Brownberry brands. "In addition to this, we have just launched a product strategy under the Atkins Bakery brand and to date there are three breads and three bagels in that lineup," Mr. Prince said. "We have an aggressive product pipeline that will roll out over the coming months." The Atkins Bakery brand, Mr. Prince Continued on Page 13 Extraordinary market conditions greet Purchasing Seminar Update CHICAGO - With the rapid approach of the inaugural Milling & Baking News Purchasing Seminar Update, uncertainty surrounding ingredient markets has reached a heightened pitch, according to Steven A. Freed, director of research, ADM Investor Services, Inc., Chicago. A presentation by Mr. Freed will kick off the seminar update, which will be con- LATE ducted Dec. 8 from 1 p.m. until 3:30 p.m., Central Standard Time. The on-line event is the first ever mid-year update for the 25year-old Purchasing Seminar. According to Mr. Freed, markets have been extremely dynamic in recent weeks with volatility unusual for this time of the year. By his ranking, soybeans and soybean oil pose the most perilous challenges Continued on Page 9 Story on Page 19 U.S.D.A. lowers wheat carryover by 25 million bus, to 608 million NEWS CRANBURY, N.J. - Six companies have joined in committing $10.2 million in new equity financing for Linguagen Corp., a developer of bioengineered ingredients used to improve the taste of food, beverages and pharmaceutical products. Participating in the first-round financing were NJTC Venture Fund SBIC, L.P.; Cargill Ventures, Danisco Venture A/S, DuPont Ventures, Aperture Venture Partners L.L.C., and RK Ventures Group, L.L.C. According to Linguagen, the privately held company has developed technology "to identify compounds that selectively eliminate the perception of bitterness so that products would require less sugar, salt or flavorings." Three executives of the inContinued on Page 8 WASHINGTON - The Economic Research Service of the U.S. Department of Agriculture on Nov. 12 reduced its projection of the U.S. carryover of wheat on June 1, 2004, to 608 million bus. The new projection was down 25 million bus from the Department's October forecast but up 117 million bus, or 24%, from the 2003 carryover of 491 million bus. It would compare with 777 million bus as the June 1, 2002, wheat inventory. The reduced carryover forecast was the result of a 25-million-bu increase in projected 2003-04 U.S. wheat exports, to 1,075 million bus. That was the only change in the all-wheat 2003-04 supply/demand estimates from the month before. The Department indicated it had made the upward revision in its export projection because of "stronger-than-expected shipments to date." In 2002-03, U.S. wheat exports had been an anemic 854 million bus, the smallest since 1971-72. The last time U.S. wheat exports were as high as what was forecast Continued on Page 15 Investors support Linguagen inside THIS WEEK Ralcorp to acquire Bakery Chef 10 Ingredient Kellogg sets plan to boost Keebler Bakery trade deficit grows 11 Week 30 33

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Milling & Baking News - November 18, 2003