Milling & Baking News - October 20, 2009 - 4

Contents 

October 20, 2009 Vol. 88, No. 17

NEWS FEATURE

 NEWS Comment

Story on Page 20

Moves to regulate
derivatives pose
hedging questions

Late harvest could
stress grain movement
Most shipping costs down from 2008

9

Credit Suisse
downgrades Ralcorp

Credit Suisse downgrades its ratings of Ralcorp
Holdings Inc. to "neutral" from "outperform"
and points to struggles with the Post cereal
business acquisition.

12
Engineers key to
food safety
Story on Page 26

DEPARTMENTS

PepsiCo Americas Foods
profit rises 1%

Third-quarter operating profit within PepsiCo
Americas Foods reaches $1,152 million. Strength
at Frito-Lay North America more than offsets
declines at Quaker Foods North America and
Latin America Foods.

9 Business
13 Financial Results
14 Data

17

18 International
26
27
29
30

Lance, Inc. completes the purchase of the Stella
D'oro brand as well as certain manufacturing
equipment and inventory. Stella D'oro blames a
union's action during a strike for a Bronx, N.Y.,
bakery shutdown.

13

7 Editorial

Lance closes
Stella D'oro purchase

Regulatory Affairs
Industry Activities
Merchandising
People

World wheat production
forecasts higher

The U.S. Department of Agriculture raises its
forecasts for 2009-10 world wheat ending stocks
to 186.73 million tonnes, up 0.12 million tonnes
from its September projection.

31 Nutrition and Health
32 Supplier Innovations
33 Ingredient Week Trends

31

Grain foundation prepares for
Celiac Awareness Month

The Grain Foods Foundation has prepared for
its membership a packet of information aimed
at helping bakers field media calls during Celiac
Awareness Month.

46 Archive

Of all the proposals arising from efforts
to prevent a recurrence of the economic
setback of the past year and a half,
none is likely to have greater impact on
grain-based foods than steps meant to
restrain what is popularly called excessive
speculation. While setting caps on salaries
of bankers trading highly risky instruments
and separating banks' historical consumer
and commercial business from investment
banking have provoked debate, it is the
effort to regulate the way derivatives trade
that might have the greatest consequence.
For an industry that has long used
futures exchanges and clearinghouses
to hedge against adverse movements
in historically volatile grain markets, the
idea that would have exchanges take over
dealings in derivatives has many aspects
requiring careful analysis. Unlike futures
exchanges with members, regular margin
requirements and clearinghouses in the
middle of all trades, derivatives became a
multi-billion-dollar business without such
an apparatus. Derivatives are a two-party
process, thus raising the specter of the
counter-party risk, often cited as a cause of
recession. It was the ease of dealing with a
single provider, usually an investment bank,
which led derivatives dealings to become a
multi-trillion-dollar business.
The principal participants in derivatives
assert that imposing similar rules as used
by futures exchanges would so boost
costs that dealings would shrink. That
means a different way of hedging could
be lost, and its impact on futures could
be momentous. MBN

COMPANIES IN THIS ISSUE
Allied Blending & Ingredients ... 32
American Italian Pasta Co. .......... 8
Archer Daniels
Midland Co................... 1, 18, 32
Burlington Northern
Santa Fe Railway Co. .............. 20
Cargill ....................................... 13
Chicago Sweeteners, Inc............ 32
DSM Food Specialties ................ 32

Fortress Investment
Group L.L.C. ........................... 24
Global Organics, Ltd. ................. 32
Grupo Bimbo............................. 31
Horizon Milling L.L.C. ................ 30
Imperial Sugar Co........................ 9
Industrial Ingredients, Inc. ......... 32
Interstate Bakeries Corp. ........... 29
JGR Enterprises L.L.C................. 12

4 / October 20, 2009 Milling & Baking News

The Kellogg Co. ......................... 18
Kraft Foods Inc. ..................... 9, 18
Lance, Inc. ................................. 12
Northern Foods P.L.C. ................ 18
OB Macaroni ............................. 12
The Peerless Group.................... 32
Pepperidge Farm, Inc. ................ 29
PepsiCo, Inc. ........................ 13, 30
Puratos...................................... 12

RailAmerica, Inc. ....................... 24
Ralcorp Holdings, Inc................... 9
Sadie Rose Baking Co................ 12
Stella D'oro Biscuit Co., Inc. ...... 12
Union Pacific Railroad ............... 21
ViaChem Group......................... 18

bakingbusiness.com / world-grain.com


http://www.bakingbusiness.com http://www.world-grain.com

Milling & Baking News - October 20, 2009

Table of Contents for the Digital Edition of Milling & Baking News - October 20, 2009

Contents
Milling & Baking News - October 20, 2009 - 1
Milling & Baking News - October 20, 2009 - 2
Milling & Baking News - October 20, 2009 - 3
Milling & Baking News - October 20, 2009 - Contents
Milling & Baking News - October 20, 2009 - 5
Milling & Baking News - October 20, 2009 - 6
Milling & Baking News - October 20, 2009 - 7
Milling & Baking News - October 20, 2009 - 8
Milling & Baking News - October 20, 2009 - 9
Milling & Baking News - October 20, 2009 - 10
Milling & Baking News - October 20, 2009 - 11
Milling & Baking News - October 20, 2009 - 12
Milling & Baking News - October 20, 2009 - 13
Milling & Baking News - October 20, 2009 - 14
Milling & Baking News - October 20, 2009 - 15
Milling & Baking News - October 20, 2009 - 16
Milling & Baking News - October 20, 2009 - 17
Milling & Baking News - October 20, 2009 - 18
Milling & Baking News - October 20, 2009 - 19
Milling & Baking News - October 20, 2009 - 20
Milling & Baking News - October 20, 2009 - 21
Milling & Baking News - October 20, 2009 - 22
Milling & Baking News - October 20, 2009 - 23
Milling & Baking News - October 20, 2009 - 24
Milling & Baking News - October 20, 2009 - 25
Milling & Baking News - October 20, 2009 - 26
Milling & Baking News - October 20, 2009 - 27
Milling & Baking News - October 20, 2009 - 28
Milling & Baking News - October 20, 2009 - 29
Milling & Baking News - October 20, 2009 - 30
Milling & Baking News - October 20, 2009 - 31
Milling & Baking News - October 20, 2009 - 32
Milling & Baking News - October 20, 2009 - 33
Milling & Baking News - October 20, 2009 - 34
Milling & Baking News - October 20, 2009 - 35
Milling & Baking News - October 20, 2009 - 36
Milling & Baking News - October 20, 2009 - 37
Milling & Baking News - October 20, 2009 - 38
Milling & Baking News - October 20, 2009 - 39
Milling & Baking News - October 20, 2009 - 40
Milling & Baking News - October 20, 2009 - 41
Milling & Baking News - October 20, 2009 - 42
Milling & Baking News - October 20, 2009 - 43
Milling & Baking News - October 20, 2009 - 44
Milling & Baking News - October 20, 2009 - 45
Milling & Baking News - October 20, 2009 - 46
Milling & Baking News - October 20, 2009 - 47
Milling & Baking News - October 20, 2009 - 48
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https://www.nxtbook.com/sosland/mbn/2016_06_21
https://www.nxtbook.com/sosland/mbn/2016_06_07
https://www.nxtbook.com/sosland/mbn/2016_05_24
https://www.nxtbook.com/sosland/mbn/2016_05_10
https://www.nxtbook.com/sosland/mbn/2016_04_26
https://www.nxtbook.com/sosland/mbn/2016_04_12
https://www.nxtbook.com/sosland/mbn/2016_03_29
https://www.nxtbook.com/sosland/mbn/2016_03_15
https://www.nxtbook.com/sosland/mbn/2016_03_01
https://www.nxtbook.com/sosland/mbn/2016_02_16
https://www.nxtbook.com/sosland/mbn/2016_02_02
https://www.nxtbook.com/sosland/mbn/2016_01_19
https://www.nxtbook.com/sosland/mbn/2016_01_05
https://www.nxtbook.com/sosland/mbn/2015_12_22
https://www.nxtbook.com/sosland/mbn/2015_12_08
https://www.nxtbook.com/sosland/mbn/2015_11_24
https://www.nxtbook.com/sosland/mbn/2015_11_10
https://www.nxtbook.com/sosland/mbn/2015_10_27
https://www.nxtbook.com/sosland/mbn/2015_10_13
https://www.nxtbook.com/sosland/mbn/2015_09_29
https://www.nxtbook.com/sosland/mbn/2015_09_15
https://www.nxtbook.com/sosland/mbn/2015_09_01
https://www.nxtbook.com/sosland/mbn/2015_08_18
https://www.nxtbook.com/sosland/mbn/2015_08_04
https://www.nxtbook.com/sosland/mbn/2015_07_21
https://www.nxtbook.com/sosland/mbn/2015_07_07
https://www.nxtbook.com/sosland/mbn/2015_06_23
https://www.nxtbook.com/sosland/mbn/2015_06_09
https://www.nxtbook.com/sosland/mbn/2015_05_26
https://www.nxtbook.com/sosland/mbn/2015_05_12
https://www.nxtbook.com/sosland/mbn/2015_04_28
https://www.nxtbook.com/sosland/mbn/2015_04_014
https://www.nxtbook.com/sosland/mbn/2015_03_31
https://www.nxtbook.com/sosland/mbn/2015_03_17
https://www.nxtbook.com/sosland/mbn/mbn/2015_03__03
https://www.nxtbook.com/sosland/mbn/2015_02_17
https://www.nxtbook.com/sosland/mbn/2015_02_03
https://www.nxtbook.com/sosland/mbn/2015_01_20
https://www.nxtbook.com/sosland/mbn/2015_01_06
https://www.nxtbook.com/sosland/mbn/2014_12_23
https://www.nxtbook.com/sosland/mbn/2014_12_09
https://www.nxtbook.com/sosland/mbn/mbn_2014_11_25
https://www.nxtbook.com/sosland/mbn/2014_11_11
https://www.nxtbook.com/sosland/mbn/2014_10_28
https://www.nxtbook.com/sosland/mbn/2014_10_14
https://www.nxtbook.com/sosland/mbn/2014_09_30
https://www.nxtbook.com/sosland/mbn/2014_09_16
https://www.nxtbook.com/sosland/mbn/2014_09_02
https://www.nxtbook.com/sosland/mbn/214_08_19
https://www.nxtbook.com/sosland/mbn/2014_08_01
https://www.nxtbook.com/sosland/mbn/2014_07_22
https://www.nxtbook.com/sosland/mbn/2014_07_08
https://www.nxtbook.com/sosland/mbn/2014_06_24
https://www.nxtbook.com/sosland/mbn/2014_06_10
https://www.nxtbook.com/sosland/mbn/2014_05_27
https://www.nxtbook.com/sosland/mbn/2014_05_13
https://www.nxtbook.com/sosland/mbn/2014_04_29
https://www.nxtbook.com/sosland/mbn/2014_04_15
https://www.nxtbook.com/sosland/mbn/2014_04_01
https://www.nxtbook.com/sosland/mbn/2014_03_18
https://www.nxtbook.com/sosland/mbn/2014_03_04
https://www.nxtbook.com/sosland/mbn/2014_02_18
https://www.nxtbook.com/sosland/mbn/2014_02_04
https://www.nxtbook.com/sosland/mbn/2014_01_21
https://www.nxtbook.com/sosland/mbn/2014_01_07
https://www.nxtbook.com/sosland/mbn/2013_12_24
https://www.nxtbook.com/sosland/mbn/2013_12_10
https://www.nxtbook.com/sosland/mbn/2013_11_26
https://www.nxtbook.com/sosland/mbn/2013_11_12
https://www.nxtbook.com/sosland/mbn/2013_10_29
https://www.nxtbook.com/sosland/mbn/2013_10_15
https://www.nxtbook.com/sosland/mbn/2013_10_01
https://www.nxtbook.com/sosland/mbn/2013_09_17
https://www.nxtbook.com/sosland/mbn/2013_09_03
https://www.nxtbook.com/sosland/mbn/2013_08_20
https://www.nxtbook.com/sosland/mbn/2013_08-06
https://www.nxtbook.com/sosland/mbn/2013_07_23
https://www.nxtbook.com/sosland/mbn/2013_07_09
https://www.nxtbook.com/sosland/mbn/2013_06_25
https://www.nxtbook.com/sosland/mbn/2013_06_11
https://www.nxtbook.com/sosland/mbn/2013_05_28
https://www.nxtbook.com/sosland/mbn/2013_05_14
https://www.nxtbook.com/sosland/mbn/2013_04_30
https://www.nxtbook.com/sosland/mbn/2013_04_16
https://www.nxtbook.com/sosland/mbn/2013_04_02
https://www.nxtbook.com/sosland/mbn/2013_03_19
https://www.nxtbook.com/sosland/mbn/2013_03_05
https://www.nxtbook.com/sosland/mbn/2013_02_19
https://www.nxtbook.com/sosland/mbn/2013_02_05
https://www.nxtbook.com/sosland/mbn/2013_01_22
https://www.nxtbook.com/sosland/mbn/2013_01_08
https://www.nxtbook.com/sosland/mbn/2012_12_25
https://www.nxtbook.com/sosland/mbn/2012_12_11
https://www.nxtbook.com/sosland/mbn/2012_11_27
https://www.nxtbook.com/sosland/mbn/2012_11_13
https://www.nxtbook.com/sosland/mbn/2012_10_30
https://www.nxtbook.com/sosland/mbn/2012_10_16
https://www.nxtbook.com/sosland/mbn/2012_10_02
https://www.nxtbook.com/sosland/mbn/2012_09_18
https://www.nxtbook.com/sosland/mbn/2012_09_04
https://www.nxtbook.com/sosland/mbn/2012_08_21
https://www.nxtbook.com/sosland/mbn/2012_08_07
https://www.nxtbook.com/sosland/mbn/2012_07_24
https://www.nxtbook.com/sosland/mbn/2012_07_10
https://www.nxtbook.com/sosland/mbn/2012_06_26
https://www.nxtbook.com/sosland/mbn/2012_06_12
https://www.nxtbook.com/sosland/mbn/2012_05_29
https://www.nxtbook.com/sosland/mbn/2012_05_15
https://www.nxtbook.com/sosland/mbn/2012_05_01
https://www.nxtbook.com/sosland/mbn/2012_04_17
https://www.nxtbook.com/sosland/mbn/2012_04_03
https://www.nxtbook.com/sosland/mbn/2012_03_20
https://www.nxtbook.com/sosland/mbn/2012_03_06
https://www.nxtbook.com/sosland/mbn/2012_02_21
https://www.nxtbook.com/sosland/mbn/2012_02_07
https://www.nxtbook.com/sosland/mbn/2012_01_24
https://www.nxtbook.com/sosland/mbn/2012_01_10
https://www.nxtbook.com/sosland/mbn/2011_12_27
https://www.nxtbook.com/sosland/mbn/2011_12_13
https://www.nxtbook.com/sosland/mbn/2011_11_29
https://www.nxtbook.com/sosland/mbn/2011_11_15
https://www.nxtbook.com/sosland/mbn/2011_11_01
https://www.nxtbook.com/sosland/mbn/2011_10_18
https://www.nxtbook.com/sosland/mbn/2011_10_04
https://www.nxtbook.com/sosland/mbn/2011_09_20
https://www.nxtbook.com/sosland/mbn/2011_09_06
https://www.nxtbook.com/sosland/mbn/2011_08_23
https://www.nxtbook.com/sosland/mbn/2011_08_09
https://www.nxtbook.com/sosland/mbn/2011_07_26
https://www.nxtbook.com/sosland/mbn/2011_07_12
https://www.nxtbook.com/sosland/mbn/2011_06_28
https://www.nxtbook.com/sosland/mbn/2011_06_14
https://www.nxtbook.com/sosland/mbn/2011_05_31
https://www.nxtbook.com/sosland/mbn/2011_05_17
https://www.nxtbook.com/sosland/mbn/2011_05_03
https://www.nxtbook.com/sosland/mbn/2011_04_19
https://www.nxtbook.com/sosland/mbn/2011_04_05
https://www.nxtbook.com/sosland/mbn/2011_03_22
https://www.nxtbook.com/sosland/mbn/2011_03_08
https://www.nxtbook.com/sosland/mbn/2011_02_22
https://www.nxtbook.com/sosland/mbn/2011_02_08
https://www.nxtbook.com/sosland/mbn/2011_01_25
https://www.nxtbook.com/sosland/mbn/2011_01_11
https://www.nxtbook.com/sosland/mbn/2010_12_28
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https://www.nxtbook.com/sosland/mbn/2010_11_02
https://www.nxtbook.com/sosland/mbn/2010_10_19
https://www.nxtbook.com/sosland/mbn/2010_10_05
https://www.nxtbook.com/sosland/mbn/2010_09_21
https://www.nxtbook.com/sosland/mbn/2010_09_07
https://www.nxtbook.com/sosland/mbn/2010_08_24
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https://www.nxtbook.com/sosland/mbn/2010_07_27
https://www.nxtbook.com/sosland/mbn/2010_07_13
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https://www.nxtbook.com/sosland/mbn/2010_05_18
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https://www.nxtbook.com/sosland/mbn/2010_04_20
https://www.nxtbook.com/sosland/mbn/2010_04_06
https://www.nxtbook.com/sosland/mbn/2010_03_23
https://www.nxtbook.com/sosland/mbn/2010_03_09
https://www.nxtbook.com/sosland/mbn/2010_02_23
https://www.nxtbook.com/sosland/mbn/2010_02_09
https://www.nxtbook.com/sosland/mbn/2010_01_26
https://www.nxtbook.com/sosland/mbn/2010_01_12
https://www.nxtbook.com/sosland/mbn/2009_12_29
https://www.nxtbook.com/sosland/mbn/2009_12_15
https://www.nxtbook.com/sosland/mbn/2009_12_01
https://www.nxtbook.com/sosland/mbn/2009_11_17
https://www.nxtbook.com/sosland/mbn/2009_11_03
https://www.nxtbook.com/sosland/mbn/2009_10_20
https://www.nxtbook.com/sosland/mbn/2009_10_06
https://www.nxtbook.com/sosland/mbn/2009_09_22
https://www.nxtbook.com/sosland/mbn/2009_09_08
https://www.nxtbook.com/sosland/mbn/2009_08_25
https://www.nxtbook.com/sosland/mbn/2009_08_11
https://www.nxtbook.com/sosland/mbn/2009_07_28
https://www.nxtbook.com/sosland/mbn/2009_07_14
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https://www.nxtbook.com/sosland/mbn/2009_06_16
https://www.nxtbook.com/sosland/mbn/2009_06_02
https://www.nxtbook.com/sosland/mbn/2009_05_19
https://www.nxtbook.com/sosland/mbn/2009_05_05
https://www.nxtbook.com/sosland/mbn/2009_04_21
https://www.nxtbook.com/sosland/mbn/2009_04_08
https://www.nxtbook.com/sosland/mbn/2009_04_07
https://www.nxtbook.com/sosland/mbn/2009_03_24
https://www.nxtbook.com/sosland/mbn/2009_03_10
https://www.nxtbook.com/sosland/mbn/2009_02_24
https://www.nxtbook.com/sosland/mbn/2009_02_10
https://www.nxtbook.com/sosland/mbn/2009_01_27
https://www.nxtbook.com/sosland/mbn/2009_01_13
https://www.nxtbook.com/sosland/mbn/2008_12_30
https://www.nxtbook.com/sosland/mbn/2008_12_16
https://www.nxtbook.com/sosland/mbn/2008_12_02
https://www.nxtbook.com/sosland/mbn/2008_11_18
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https://www.nxtbook.com/sosland/mbn/2008_10_21
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https://www.nxtbook.com/sosland/mbn/2008_09_23
https://www.nxtbook.com/sosland/mbn/2008_09_09
https://www.nxtbook.com/sosland/mbn/2008_08_26
https://www.nxtbook.com/sosland/mbn/2008_08_12
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https://www.nxtbook.com/sosland/mbn/2008_06_17
https://www.nxtbook.com/sosland/mbn/2008_06_03
https://www.nxtbook.com/sosland/mbn/2008_05_20
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https://www.nxtbook.com/sosland/mbn/2008_04_22
https://www.nxtbook.com/sosland/mbn/2008_04_08
https://www.nxtbook.com/sosland/mbn/2008_04_01
https://www.nxtbook.com/sosland/mbn/2008_03_25
https://www.nxtbook.com/sosland/mbn/2008_03_11
https://www.nxtbook.com/sosland/mbn/2008_02_26
https://www.nxtbook.com/sosland/mbn/2008_02_12
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https://www.nxtbook.com/sosland/mbn/2007_12_18
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https://www.nxtbook.com/sosland/mbn/2007_11_20
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https://www.nxtbook.com/sosland/mbn/2007_10_23
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https://www.nxtbook.com/sosland/mbn/2007_09_25
https://www.nxtbook.com/sosland/mbn/2007_09_11
https://www.nxtbook.com/sosland/mbn/2007_08_28
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https://www.nxtbook.com/sosland/mbn/2007_07_31
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https://www.nxtbook.com/sosland/mbn/2007_07_03
https://www.nxtbook.com/sosland/mbn/2007_06_19
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https://www.nxtbook.com/sosland/mbn/2007_05_23
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https://www.nxtbook.com/sosland/mbn/2007_02_27
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https://www.nxtbook.com/sosland/mbn/2007_01_30
https://www.nxtbook.com/sosland/mbn/2007_01_16
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https://www.nxtbook.com/sosland/mbn/2006_12_19
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https://www.nxtbook.com/sosland/mbn/2006_11_21
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https://www.nxtbook.com/sosland/mbn/2006_03_14
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https://www.nxtbook.com/sosland/mbn/2004_06_15
https://www.nxtbook.com/sosland/mbn/2004_06_08
https://www.nxtbook.com/sosland/mbn/2004_06_01
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https://www.nxtbook.com/sosland/mbn/2004_03_30
https://www.nxtbook.com/sosland/mbn/2004_03_23
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https://www.nxtbook.com/sosland/mbn/2004_02_03
https://www.nxtbook.com/sosland/mbn/2004_01_27
https://www.nxtbook.com/sosland/mbn/2004_01_20
https://www.nxtbook.com/sosland/mbn/2004_01_13
https://www.nxtbook.com/sosland/mbn/2004_01_06
https://www.nxtbook.com/sosland/mbn/2003_12_30
https://www.nxtbook.com/sosland/mbn/2003_12_23
https://www.nxtbook.com/sosland/mbn/2003_12_16
https://www.nxtbook.com/sosland/mbn/2003_12_09
https://www.nxtbook.com/sosland/mbn/2003_12_02
https://www.nxtbook.com/sosland/mbn/2003_11_25
https://www.nxtbook.com/sosland/mbn/2003_11_18
https://www.nxtbook.com/sosland/mbn/2003_11_11
https://www.nxtbook.com/sosland/mbn/2003_11_04
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