Milling & Baking News - March 10, 2009 - (Page 1)

THE NEWS WEEKLY OF GRAIN-BASED FOODS MARCH 10, 2009 / FEATURE President's budget boosts nutrition, while trimming farm subsidies Hard to figure out white wheat situation Nutrition-packed varieties show up in products, but acreage lags Story on Page 35 LATE NEWS S.E.C. settles with Krispy Kreme WASHINGTON - The Securities and Exchange Commission on March 4 announced it had approved settlement agreements with Krispy Kreme Doughnuts Inc. and former executives with the company. Both settlements were in connection with company actions between February 2003 and May 2004 in which Krispy Kreme allegedly inflated quarterly and annual earnings. In its settlement, the company consented to a cease and desist order, committing to filing accurate financials with the S.E.C. and maintaining adequate internal financial controls. In reaching the settlement, the company did not admit to Continued on Page 8 WASHINGTON - The fiscal 2010 budget for agriculture outlined by President Barack Obama on Feb. 26 gives a boost to nutrition and rural development programs managed by the U.S. Department of Agriculture while it trims certain farm subsidies and programs. The emphasis on nutrition programs seemed to have solid support in the Congress given the state of the economy, but the president's proposal to reduce farm payments to more wealthy producers generated mixed reviews from both Republicans and Democrats. The budget would provide a $1 billion annual increase for child nutrition program reforms aimed at improving access, enhancing the nutritional quality of school lunch and breakfasts, expanding nutrition research and evaluation and improving program oversight. Funding also was proposed to support more than 9.8 million participants in the Women, Infants and Children program. The budget supports the temporary increase in the Supplemental Nutrition Assistance Program and additional resources for food banks and community-based food providers as provided under the American Recovery and Reinvestment Act, and it funds a pilot initiative to increase SNAP participation among low-income seniors. The budget provides $250 million in loans and grants to increase the national supply of homegrown renewable fuels, and five rural development programs would receive $61 million in funding. These programs include the rural micro-entrepreneur program, rural cooperative development grants, value-added producer grants, grants to minority producers and cooperative research agreements. The administration said it would Continued on Page 16 Grains for Health Foundation created; focus on health-related basic science ST. PAUL, MINN. - Over the past several years, the wheat foods industry has come together through numerous groups to help communicate the benefits and counter criticisms of grain-based foods. Now a new organization has been established to help strengthen the scientific underpinning of those communications efforts. The Grains for Health Foundation has been created as a collaborative group with a principal focus on basic scientific research aimed at, among other objectives, elucidating the role by which grains, grain components and whole grains may reduce chronic disease while focusing research and technology on improving public health. "We are redesigning the food supply chain by facilitating the development, delivery and consumption of grainbased foods that promote a balanced body weight, reduce chronic disease and curb health care costs," the group said. At an initial meeting Feb. 23-24 was Continued on Page 32

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Milling & Baking News - March 10, 2009