Milling & Baking News - August 21, 2012 - (Page 1)

THE NEWS WEEKLY OF GRAIN-BASED FOODS AUGUST 21, 2012 bakingbusiness.com / foodbusinessnews.net SIGNATURE INTERVIEW Grain Market Roundtable  Smallest corn crop in six years dictates direction for other grains KANSAS CITY — The forecast smallest corn crop in six years already has and will continue to dictate price direction for wheat and soy complex prices, analysts told Milling & Baking News after the Aug. 10 U.S. Department of Agriculture Crop Production and World Agricultural Supply and Demand Estimates reports. And some expect the final production number may be smaller yet, driving corn futures prices to new record highs before the end of the year. What started as a promising season with warm weather allowing early and rapid planting, which producers expected would result in pollination a couple of weeks ahead of what typically is the hottest, driest part of the summer in late July and early August, quickly turned sour as the worst drought in about half a century spread across the Corn Belt. The U.S.D.A.’s first survey-based corn production estimate of 10,779 Getting to know Grain Foods Foundation’s Christine Cochran Story on Page 14 LATE NEWS Smucker income eases 1% in first quarter ORRVILLE, OHIO — Higher expenses including rising commodity prices contributed to a 1% decline in income during the first quarter at The J.M. Smucker Co. For the quarter ended July 31, the company had net income of $110,863,000, equal to $1 per share on the common stock, which compared with $111,523,000, or 98c per share, during the same quarter of the previous year. Excluding special costs during the quarter, income totaled $129,297,000, or $1.17 per share, which compared with $128,240,000, or $1.12 per share, during the same quarter of the previous year. Sales Continued on Page 8 million bus came in below the 10,971 million bu average of trade expectations and would be the smallest crop since 10,531 million bus in 2006. The estimate was down 13% from 12,358 million bus produced in 2011, 17% below the U.S.D.A.’s non-survey July projection of 12,970 million bus and 27% below the department’s initial May Continued on Page 22 Whole wheat flour production rises, barely, in 2011-12 KANSAS CITY — Production of whole wheat flour by U.S. mills in 2011-12 totaled 20,923,000 cwts, up 384,000 cwts, or 2%, from 20,539,000 cwts in 2010-11. While the figure for 2011-12 was a record high, the year-to-year increase of 2% was the smallest since Milling & Baking News began gathering this data in the mid-2000s. The production estimates are based on information gathered from 24 milling companies with a combined daily milling capacity of 1,501,000 cwts, accounting for 93.8% of U.S. flour milling capacity, as calculated using the 2012 Grain & Milling Annual, which is published by Sosland Publishing Co. Individual company data are kept confidential Continued on Page 20 Marking nine decades in partnership with grain-based foods http://www.bakingbusiness.com http://www.foodbusinessnews.net

Table of Contents for the Digital Edition of Milling & Baking News - August 21, 2012

Milling & Baking News - August 21, 2012
Grain Market Roundtable - Smallest corn crop in six years dictates direction for other grains
Late News - Smucker income eases 1% in first quarter
Whole wheat flour production rises, barely, in 2011-12
Contents
News/Comment - Precarious corn situation governs wheat market
Editorial - Globalization, integration drive new growth
Louisiana Sugar receives re-export license
Owensboro Grain gets funding for expansion
Phelps, May-Treanor to appear on Wheaties
Goodman Fielder EBIT falls 20% in year
Business - Pepperidge to add products, open center this fall
Hostess, unions near deal?
Kraft board approves spin-off, declares quarterly dividend
Scoular to build grain handling facility in Kansas
Growers discuss sugar program, surplus supply at Symposium
Financial Results - Nature’s Own, Tastykake brands help drive sales and earnings gains at Flowers
CSM B.S.N.A. earnings rise solidly in second quarter
Hostess loss tops $5 million in latest four-week period
Signature Interview - Getting to know Grain Foods Foundation’s Christine Cochran
People - Nick Bunker to lead United Biscuits’ snacks business
Galvanoni named v.p., corporate controller at Ingredion
Two join Kemin technical sales team
Data - C.P.I. for baked foods, cereals rises 0.4%
Wheat combines race against drought, and win
Regulatory Affairs - Carbon dioxide emissions: Focus of attention
Industry Activities - Wheat Foods Council elects new officers for 2012-13
Don Fast appointed to chair of U.S. Grains Council
All Things Baking sets schedule for three bakery tours
International - Bayer CropScience building wheat and oilseeds center in Australia
Premier Bread division profit falls 27% in first half
Breakfast cereal makers form forum in Australia
Merchandising - Flowers Foods launches Nature’s Own Oatmeal Toasters
Corn Flakes to feature Gabby Douglas
Frito-Lay adds to gluten-free initiative
Ingredient Market Trends
Ingredient Week
Supplier Innovations
Classifieds
Marketplace Business Network
Ad Index
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