Milling & Baking News - July 20, 2004 - (Page 1)

Theinewsweeklyiofigrain-basedifoods JULY 20, 2004 / U.S.D.A. plans to alter approach in offering nutrition guidance WASHINGTON - The U.S. Department of Agriculture plans a dramatically different approach to the dissemination of nutrition guidance for 2005. The Department last week invited comments and said it will conduct a meeting to give the public an opportunity to offer input into this process. The request for comments and notice of the public meeting appeared in the July 13 Federal Register. "Effective food guidance can help educate the public on healthy diets and lifestyles," said Secretary of Agriculture Ann M. Veneman. "We are seeking public input on how to best present the most current nutritional science in a form that assists the public in personalizing the information so they can make healthier choices." The Department's future guidance may or may not include the Food Guide Pyramid. Whatever graphic it selects, the Department intends to simplify and clarify the message it conveys. The Department has faced criticism because its guidance has failed to stem rising obesity rates and associated health problems. Through its revised process, the U.S.D.A. said it intends to "increase consumer awareness of its guidance, to encourage Continued on Page 36 The soy advantage Soy brings its protein, health and profitability benefits to additional food categories. Wheat crop forecast down 12% from last year's outturn WASHINGTON - Production of wheat in 2004 was projected at 2,059,071,000 bus, down 277,455,000 bus, or 12%, from 2,336,526,000 bus in 2003, in the initial all-wheat forecast issued July 12 by the National Agricultural Statistics Service of the U.S. Department of Agriculture. The forecast, based on July 1 conditions, was below the average of pre-report trade es- LATE Story on Page 21 timates of 2,079 million bus and compared with 2,061 million bus in the U.S.D.A.'s non-survey forecast in its June supply and demand data. The 2003 all-wheat crop had ended a four-year slide in production from 2,547,321,000 bus in 1998. The recent fiveyear average (1999-2003) wheat production Continued on Page 12 NEWS KANSAS CITY - Moody's Investors Service downgraded the credit ratings of Interstate Bakeries Corp. late last week, lowering the company's senior implied and senior secured ratings to B2 from B1 with a negative outlook. Moody's, which last downgraded I.B.C. in late March, said the company remains challenged in its efforts to boost profitability in an intensely competitive market, with weak category volume and sales trends amid excess industry capacity. The agency noted that Continued on Page 8 I.B.C.'s credit ratings take another hit inside Flour milling, oilseed refining help lift CHS quarterly results ST. PAUL, MINN. - Solid flour milling, oilseed processing and energy refining results helped offset grain marketing losses at CHS Inc. in the first nine months of its fiscal year, as earnings rose 59% from the same period the previous year. CHS said it earned $140.6 million in the 9-month period ended May 31, compared with $88.4 million in the same period a year ago, as sales rose 15% to $7.96 billion from $6.95 billion. In the fiscal third quarter ended May 31, CHS recorded net income of $81.4 million, a 56% surge from $52.2 million last year. Results for the latest period include $14.7 million from the sale of a pipeline investment involving the National Cooperative Continued on Page 18 THIS WEEK K.C.B.T. in pact with Winnipeg exchange 10 Ingredient Additional promotions at Flowers Foods 16 Caravan Foods honored by Subway chain Week 35 38

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Milling & Baking News - July 20, 2004