Milling & Baking News - June 19, 2007 - (Page 1)

THE NEWS WEEKLY OF GRAIN-BASED FOODS JUNE 19, 2007 / Winter wheat forecast cut; weather causes crop concerns IAOM Review Wade Blalock: Miller of the Year Story on Page 40 LATE NEWS Wheat futures at 11-year highs KANSAS CITY - Wheat futures prices soared to the highest levels since 1996 last week. Volume was heavy, with Chicago wheat futures registering record volumes on two consecutive days. Exchange trading at the Kansas City Board of Trade set a new record on Wednesday, with the exchange's wheat futures market alone registering volume just shy of its record. "Nearly everything wrong that could happen to a crop this time Continued on Page 8 Ingredient Week Sponsored by Story on Page 46 WASHINGTON - The National Agricultural Statistics Service of the U.S. Department of Agriculture on June 11 projected production of winter wheat in the United States this year at 1,609,679,000 bus, down 5,934,000 bus from its May forecast but up 311,598,000 bus, or 24%, from 1,298,081,000 bus in 2006. If the projection, which was based on conditions prevailing June 1, were to be realized, the 2007 winter wheat crop would be the largest since 2003. Subsequent to the release of the June crop report, wheat futures prices advanced sharply last week in reaction to severe weather believed to pose a serious threat on the eve of the 2007 harvest. In trading on June 14, the Kansas City July contract climbed to an 11-year high of $6.10 per bu (further market coverage begins on Page 46). The reduction from the May winter wheat forecast was tied to smaller projections for soft red winter and soft white winter wheat production, as the projections for both hard red winter wheat and hard white winter wheat were larger than the month before. The new soft red winter wheat production projection was 340,525,000 bus. The number was down 6,139,000 Continued on Page 18 Kellogg unveils new restrictions on how it will market to children BATTLE CREEK, MICH. - The Kellogg Co. last week announced it will change the way it markets its products to children and add front-of-pack nutrition labeling. The move comes in the face of mounting pressure on food companies to change how they market to children. The company said it will use a new internal standard, the Kellogg Global Nutrient Criteria, to determine which products to market to children on television, print, radio and Internet, as well as to determine how to market the products. The criteria were established based on a broad review of scientific reports and experts, Kellogg said. According to Kellogg, foods will not be promoted in media outlets to children under the age of 12 unless a single serving of the product meets the following per serving standards: * no more than 200 calories * no trans fat and no more than 2 grams of saturated fat * no more than 230 mg of sodium, except for Eggo frozen waffles * no more than 12 grams of sugar, not counting sugar from fruit, dairy and vegetables. "The initiatives we're announcing Continued on Page 12

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Milling & Baking News - June 19, 2007