Milling & Baking News - July 19, 2005 - (Page 1)

Theinewsweeklyiofigrain-basedifoods Bush sets 2010 target for ending agricultural supports; talks slow GLENEAGLES, SCOTLAND - Even as the July 7 terrorist bombings of three subway trains and one double-decker bus in central London diverted much attention from the G8 meeting in Scotland, President Bush won headlines by coming out in favor of ending all agricultural support programs by the year 2010. In effect, Mr. Bush embraced efforts of Prime Minister Tony Blair of Britain, who chaired the G8 summit of leading developed and developing countries, to persuade the European Union to agree to a timetable, first for ending all export subsidies LATE and then for halting agricultural supports. As revolutionary as such a step might appear to agricultural and agribusiness interests in both the United States and Europe, observers at the G8 and in Geneva, where the World Trade Organization has reform of agricultural programs at the top of its agenda, noted that similar language has come from Washington for three years now, and that little progress has been made in persuading the E.U. to adopt a similar goal or tone. Yet, in many ways, Mr. Bush last week Continued on Page 43 Wheat forecast of 2.2 billion bus up from '04; spring wheat up 3% WASHINGTON - Production of wheat in 2005 was forecast at 2,208,117,000 bus, up 49,872,000 bus, or 2%, from 2,158,245,000 bus in 2004, the National Agricultural Statistics Service of the U.S. Department of Agriculture said in its initial all-wheat forecast issued July 12. The forecast was JULY 19, 2005 / above the U.S.D.A. non-survey June forecast of 2,140 million bus, above average trade expectations of 2,180 million bus and 7% above the most recent five-year average of 2,057 million bus. Winter wheat production, forecast at Continued on Page 22 NEWS KANSAS CITY - Shares of Interstate Bakeries Corp. last week surged to the highest levels since the company declared bankruptcy last fall. I.B.C. shares traded as high as $8.75 July 14, up 14%, before closing at $8.30. The surge followed the release of higher monthly sales and improved cash flow for the fourweek period ended May 28. The nation's largest wholesale baker sustained a loss of $2,758,795 in the period, its second-best month since filing for bankruptcy and much smaller than the $24,120,039 loss sustained in the previous four-week period, according to an 8-K filed July 12 with the Securities and Exchange Commission. Sales climbed to Continued on Page 10 I.B.C. shares surge Vermont Bread buys Adams Bakery, expands in Northeast Packing it in Fortification and enrichment may improve the health image of baked foods Story on Page 27 inside NEW YORK - The Vermont Bread Co., the largest baker of natural and organic bread in the Northeast, has acquired the ongoing business and assets of The Adams Bakery Corp. As part of the acquisition, Vermont has gained the rights to The Baker brand of all-natural bread, rolls, granola and other all-natural baked goods. "We are excited to bring another high quality brand of all natural baked goods and snacks into our portfolio," said John Foley, chief executive officer of Vermont Continued on Page 14 THIS WEEK Flowers Foods acquiring Royal Cake 12 Wheat carryover projected to climb 20 Ingredient N.G.T.C. remains vital force at 70 40 Week sponsored by 46

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Milling & Baking News - July 19, 2005