Milling & Baking News - April 20, 2010 - (Page 1)

THE NEWS WEEKLY OF GRAIN-BASED FOODS APRIL 20, 2010 / SPECIAL Grain Roundtable Fundamentals weigh on wheat prices, but outside markets bear watching W Baking Hall of Fame Special coverage begins on Page 37 LATE NEWS Krispy Kreme narrows loss in fiscal 2009 WINSTON-SALEM, N.C. - Krispy Kreme Doughnuts, Inc. narrowed its loss in the fiscal year ended Jan. 31 to $157,000 from $4,061,000 in fiscal 2008. The company, which also saw sales fall 10% to $346,520,000 in fiscal 2009, said it expects to return to profitability in fiscal 2011. "We are continuing to make targeted investments to build our operational capabilities to support future growth, despite those investments penalizing our results in the short term," said Jim Morgan, president and chief executive officer. "We are working vigorously to continue implementation of our strategic plans and, in doing so, we believe we are setting the stage for additional Continued on Page 8 ith U.S. and world wheat supplies ample and a large world crop forecast for 2010-11, bearish supply-and-demand fundamentals have pushed to the fore to become the principal driver of near-term wheat price direction, according to analysts interviewed by Milling & Baking News. Wheat price volatility has diminished markedly in the past several months and seemed certain to remain tame in comparison with what roiled markets during the past three years. At the same time, bakers and other users of grain products must keep a close watch on outside markets as well as spring weather and harvest prospects for any change that might rally prices. "A lot of people believe we're in a trading range until we know more about the new crop," said Steve Freed, vice-president, ADM Investment Services, Chicago. "There are no problems with the world wheat crops, and world wheat prices are at a discount to U.S. prices. Even though the U.S. Department of Continued on Page 27 Groups seeking reduced footprint for Conservation Reserve Program WASHINGTON - An option that would significantly reduce acreage included in the Conservation Reserve Program was strongly advocated by the National Grain and Feed Association and American Bakers Association in recent comments to the U.S. Department of Agriculture. The groups were responding to a notice published in the Feb. 19 Federal Register seeking comments about potential changes to the Conservation Reserve Program. The request was submitted following completion of a Draft Supplemental Environmental Impact Statement examining environmental consequences of changes to the program. Changes to the C.R.P. are authorized under the Food, Conservation and Energy Act of 2008. Of three policy options presented in the notice, the groups favor one that would reduce the area in the C.R.P. to 24 million acres from the 32 million acre cap. The option calls for 4 million acres designated for continuous signup, geared toward the most environmentally sensitive land using buffer strips, grassed waterways and Continued on Page 14

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Milling & Baking News - April 20, 2010