Milling & Baking News - March 11, 2008 - (Page 1)

THE NEWS WEEKLY OF GRAIN-BASED FOODS MARCH 11, 2008 / NEWS Wheat market roundtable Wheat price relief hinges on strong 2008 U.S. and world crops New look I.A.O.M. conference set for Orlando 2008 milling industry event will feature new midweek format and enhanced educational programming. Story on Page 35 LATE NEWS Harlan Bakeries to make Smart for Life cookies AVON, IND. - Smart for Life Weight Management Centers has selected Harlan Bakeries, L.L.C. to manufacture its new non-medical cookie line. Harlan Bakeries, which is one of the largest privately held baked foods manufacturers in the United States, will produce three flavors of the cookies - chocolate chip, oatmeal raisin and Maine blueberry - at its facility in Indianapolis. Smart for Life offers a weight loss program based on allnatural meal-replacing cookies that are specially formulated to suppress hunger. According to Smart for Life, the all-natural 60% organic cookies contain a blend of protein, fiber and Continued on Page 8 KANSAS CITY - Breakneck shifts and from the current nosebleed heights. wrenching turns in wheat futures and But the Northern Hemisphere harvest cash wheat markets put millers and bak- will not get under way until summer. ers through severe tests during the past Navigating the weeks until new crop few months. UnU.S. wheat carryover precedented price 950 (in million bus) volatility played out 876 at levels so high as to be unimaginable 777 just a year ago. Eager eyes were 571 cast toward the new 546 540 538* crop. U.S. wheat 491 456 production in 2008 was expected to 272* bounce back from 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 last year 's disapSource: U.S. Department of Agriculture *U.S.D.A.forecasts pointing outturn, and world wheat production was projected to set a re- wheat begins to flow into marketing cord in 2008-09, weather permitting, channels could be treacherous, and the which could send prices plummeting Continued on Page 25 Even at the farm, all wheat price tops $10 in February WASHINGTON - In a month in which many wheat price records were broken, the preliminary national average price received by farmers for all wheat in February was $10.40 per bu, up $2.47 from $7.93 in January and $5.69, or 121%, above the February 2007 average of $4.71, the U.S. Department of Agriculture said in its February Agriculture Prices report. Wheat futures prices first eclipsed $10 a bu in December, and certain cash wheat prices hit $10 even earlier (much earlier for durum), but it was not until last month that the average farm price for all wheat reached double digits. While the $10.40 price marked a notable milestone, February was hardly the first month in which a wheat price record has been shattered. In fact, it was the eighth straight month in which wheat prices have reached a new record high for that month, beginning when the price of wheat hit $5.17 in July 2007, breaking the previous July record of $4.73 in 1996. The $10.40 price also was a record wheat price for any month. By that measure, new record highs have been hit in six of the last seven months - $7.93 in Continued on Page 18

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Milling & Baking News - March 11, 2008