Milling & Baking News - October 20, 2009 - (Page 1)

THE NEWS WEEKLY OF GRAIN-BASED FOODS OCTOBER 20, 2009 / FEATURE Wheat Summit 'enlarging tent' in exploring wheat biotechnology Late harvest could stress grain movement; most shipping costs down from 2008 Story on Page 20 LATE NEWS Woertz: agriculture will meet challenges DES MOINES, IOWA - "The world is looking to agriculture" to meet the challenges of a doubling of world food demand by 2050 and to deal with the prospect that energy from traditional sources will be insufficient to meet demand, said Patricia Woertz, chairman, chief executive officer and president of Archer Daniels Midland Co. Speaking Oct. 15 at the 2009 World Food Prize Borlaug Dialogue in Des Moines, Ms. Woertz expressed confidence that "agriculture can create viable, sustainable solutions to some of the world's most pressing needs." She noted that world corn production climbed 56% between Continued on Page 8 KANSAS CITY - An expansion of the number of stakeholders discussing the commercialization of bioengineered wheat highlighted the third meeting of the Wheat Summit in Kansas City last week. The Wheat Summit has sought to bring together for discussions and to find common ground representatives up and down the wheat foods chain, including growers, wheat merchandisers, millers and bakers. The group first met in September 2006 as a concerted response to the drop of U.S. wheat acreage by a third over the course a single generation. During an Oct. 14 press conference after last week's summit, Daren Coppock, chief executive officer of the National Association of Wheat Growers, said a major point of difference at this year's meeting was the inclusion of representatives of Canada and Australia. In May, groups from Canada and Australia, together with the United States, signed a joint statement committing to work toward the objective of "synchronized commercialization of biotech traits in the wheat crop" (see Milling & Baking News of May 19, Page 1). "We also had a very involved discussion with wheat breeders and technology transfer directors from public universities," Mr. Coppock said. "(Representatives from the )Agricultural Research Service were there, as were seed certification industry representatives, all dealing with issues about how are we licensed and how we'll be able to Continued on Page 10 Wheat carryover for 2010 balloons in latest U.S.D.A. forecast WASHINGTON - The carryover of wheat in the United States on June 1, 2010, will be the largest in nine years, according to the latest supply/demand projectives issued by the National Agricultural Statistics Service of the U.S. Department of Agriculture. At 864 million bus, the forecast wheat carryover was 121 million bus, or 18%, larger than the September projection and 207 million bus, or 32%, larger than the June 1, 2009, wheat inventory of 657 million bus. The recent five-year average wheat carryover was 506 million bus. The huge increase in the carryover forecast for 2010 from the September projection was the result of a larger crop estimate for 2009 and sizable reductions in both exports and domestic feed and residual use forecasts for 2009-10, which combined to easily overwhelm a 10-million-bu reduction in estimated beginning stocks. Based on revised crop estimates contained in the Small Grains Summary 2009 issued Sept. 30, the U.S.D.A. estimated 2009 U.S. wheat production at 2,220 million bus, up 36 million bus from the August estimate but down 279 million bus, or 11%, from 2,499 million Continued on Page 16

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Milling & Baking News - October 20, 2009