Milling & Baking News - June 17, 2008 - (Page 1)

THE NEWS WEEKLY OF GRAIN-BASED FOODS JUNE 17, 2008 / LATE NEWS AIB and K.S.U. sustain damages from tornado MANHATTAN - An overnight tornado on June 11 caused damage to several buildings on and around the campus of Kansas State University, including peeling off part of the roof of the sanitation department at AIB International. While no injuries were reported, K.S.U. cancelled its classes scheduled for June 12 and estimated damage to be more than $20 million. "The damage on campus is extensive," said Tom Rawson, K.S.U.'s vice-president for administration and finance. "Roofs have been damaged or torn off, windows have been blown out in many buildings." The Grain Science and Industry facilities on the campus suffered only minor damage. Martin Puntney of AIB International said the Continued on Page 8 Rain inundates late-planted corn and soybean crops KANSAS CITY - More than 10 inches of rain pelted portions of the Corn Belt over the past two weeks, swamping corn and soybean fields that already had been planted late and raising concerns that some acreage would be abandoned or go unplanted. Corn futures trading at the Chicago Board of Trade set historic highs with all contracts through September 2009 closing above $7 a bu on June 11, in part due to concerns that flooding in the Midwest would reduce the 2008 crop. Soybean futures at the C.B.O.T. topped $15 a bu, with nearby months up the 70c daily limit on June 11, also partly on concerns of a weather-reduced crop. In sympathy, wheat futures in Kansas City, Minneapolis and Chicago also were mostly up their 60c-a-bu limit for the day on June 11. Midwest weather has been in a two- week wet, two-week dry pattern, David Salmon, owner of Weather Derivatives, a meteorology forecasting and consulting service near Kansas City, said. After additional rainfall across parts of both the Missouri and Mississippi river valleys toward the end of last week, he expects two weeks of drier weather. "But there is about a 40% chance that will be followed by another two weeks of cooler, wetter weather beginning at the end of June," he said. Conditions were setting up in the West to continue the pattern, he said. Mr. Salmon made comparisons to 1993 when flooding along the Mississippi river carried into August. "The 1993 scenario remains viable despite the current two-week respite from rain," he said. Concern about crop size was especially Continued on Page 11 Record attendance at 2008 Purchasing Seminar KANSAS CITY - Attendance at the 2008 Purchasing Seminar sponsored by Milling & Baking News swelled last week in response to surging commodity markets. The ballroom of the InterContinental hotel in Kansas City was filled to capacity with registration totaling 642, up 27% from 506 in 2007. Attendance at the first seminar in 1978 was 135. MBN

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Milling & Baking News - June 17, 2008