Milling & Baking News - January 17, 2006 - (Page 1)

Theinewsweeklyiofigrain-basedifoods / Grain-based share prices perform unusually poorly in 2005 In what was the second worst performance for the index over the past 10 years, the Grain-Based Foods Share Index sustained a double-digit decline in 2006. Turmoil at several of the industry's largest companies - Sara Lee Corp., ConAgra Foods, Inc., and Kraft Foods Inc. - dragged the index down, largely erasing wide gains scored in 2004. At 9687.18, the Grain-Based Foods Share Index, compiled by Milling & Baking News, fell 1165 points, a 11% decline. The drop exceeded by far a decline of 0.6% in the Dow Jones average of industrial shares. Grain-based foods shares also underperformed the Standard & Poor's 500-stock index, which climbed 3% in 2005, and the Nasdaq Composite Index, which gained 1.4%. The 1091-point drop in the Grain-Based Foods Share Index, which is based on com- Patrick Callaghan promoted to president of Pepperidge Farm NORWALK, CONN. - Pepperidge Farm, Inc. last week named Patrick J. Callaghan as president, effective immediately. He succeeds Jay Gould, who had been president since February 2004. In his most recent role as senior vicepresident and general manager - meals and accompaniments, Mr. Callaghan was responsible for generating growth in the company's fresh bakery business. Dawn Food Products names Carrie Jones-Barber chief executive officer JACKSON, MICH. - The board of directors of Dawn Food Products, Inc., one of the world's largest independently owned bakery manufacturers and distributors, has named Carrie Jones-Barber as chief executive officer of the company. Ms. Jones-Barber is the third generation of the Jones family to lead the grow- ing company, which has more than 4,000 employees worldwide. Ms. Jones-Barber most recently was president of Dawn Foods International and was responsible for business strategy, growth and profitability of Dawn's international operations, which grew to more Continued on Page 30 inside panies with significant operations in grainbased foods, contrasted with a 1390-point jump in 2004, a decline of 455 points in 2003 and gains of 256 and 336 in 2002 and 2001, respectively. The 11% decline of grain-based foods shares also represented significant underperformance versus the individual sectors of the S.&P. 500 in 2005 - energy, up 29%; utilities, up 13%; health care, up 5%; financials, up 4%; materials, up 2%; consumer staples, up 1%; information technology, up 0.4%; industrials, up 0.4%; consumer discretionary, down 7%; and telecommunications, down 9%. While the overall index was down 11%, the number of grain-based foods companies registering share price gains in 2005 was 11 with 16 posting declines. Wide price swings were commonplace Continued on Page 22 LATE "Pat is an outstanding choice to lead Pepperidge Farm," said Mark Sarvary, president of Campbell North America. Pepperidge Farm is a division of Campbell Soup Co., Camden, N.J. "Throughout his career, Pat has built a record of significant accomplishment in the marketplace and in the workplace," Mr. Sarvary continued. "He has delivered strong Continued on Page 29 JANUARY 17, 2006 NEWS WA S H I N G T O N - Stocks of wheat in all positions in the United States on Dec. 1 , 2005, totaled 1,429,531,000 bus, down 795,000 bus, or less than 1%, from 1,430,326,000 bus in 2005, according to the National Agricultural Statistics Service of the U.S. Department of Agriculture. Indicated disappearance of wheat in September-November 2005 was 493,760,000 bus, down 3% from the same span a year earlier. Durum stocks on Dec. 1 were estimated at 81,384,000 bus, up 2,779,000 bus, or 4%, from a year earlier. Corn stocks on Dec. 1, 2005, were estimated at 9,812,835,000 bus, up 4% Continued on Page 8 Wheat stocks at 1,430 million bus THIS WEEK ADM to process Vistive soybeans 10 Ingredient Wheat seedings up, but not much 16 Cutting fat intake shown to cut weight 20 Week 30

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Milling & Baking News - January 17, 2006