Milling & Baking News - January 24, 2023 - 12

TUES | 01 24 202 3
CHS, Cargill to expand joint
venture with grain terminal
MINNEAPOLIS - CHS Inc. and Cargill
intend to expand the export capabilities of
their joint venture, TEMCO LLC, with the
addition of Cargill's export grain terminal
in Houston, providing additional shipping
access for grains, oilseeds and byproducts
through the port of Houston.
TEMCO, a 24-year partnership between
Cargill and CHS, currently operates three
facilities in the Pacific Northwest: Portland,
Ore., Kalama and Tacoma, Wash.
These three facilities distribute grain to
global markets, primarily in the Asia-Pacific
region.
" We're pleased to continue to build
upon our successful relationship with
Cargill to expand the reach of TEMCO, "
said John Griffith, executive vice president
of ag business for CHS. " In keeping
with our purpose of creating connections
to empower agriculture, access to the
Houston terminal provides additional
options for area cooperatives and farmers
to participate in the global marketplace,
helping to advance CHS growth strategy
for the region and open new opportunities
for US farmers. "
The Houston terminal is 40 miles inland
from the Gulf of Mexico via Galveston Bay.
With 6 million bus of storage and capacity
Wave of strong Ardent Mills
results continues through Q2
CHICAGO - Ardent Mills in the second
quarter ended Nov. 27, 2022, saw strong
results once again, in line with earnings
recorded in the previous several quarters,
according to a Form 10-Q filing by
Conagra Brands, Inc. with the Securities
and Exchange Commission.
Conagra, which owns a 44% stake in
Ardent Mills, had equity method investment
earnings of $49.3 million in the
second quarter, up 67% from $29.5 million
in the second quarter of fiscal 2022. The
results were in line with those of the previous
several quarters - $49.2 million in
the first quarter of fiscal 2023, $47.5 million
in the final quarter of fiscal 2022 and
$48.1 million in the third quarter.
Year-to-date equity method investment
earnings at Conagra were $98.5 million,
up 98% from $49.7 million a year earlier.
FDA approves Kellogg's petition
for vitamin D3
in cereal, bars
WASHINGTON - The US Food and
Drug Administration has amended food
additive regulations to allow the use of
vitamin D³ as a nutritional supplement
in breakfast cereal and grain-based bars
such as breakfast bars, granola bars and
rice cereal bars, according to the Jan. 5
issue of the Federal Register. The action
comes in response to a petition filed by the
Kellogg Co., Battle Creek, Mich., on June
25, 2019. Vitamin D³ now may be included
at levels up to 560 international units (IU)
per 100 grams in breakfast cereal and up
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MILLING & BAKING NEWS
to 400 IU per 100 grams in grain-based
nutrition bars.
The Institute of Medicine of the
National Academies issued a report in
2011 to establish dietary reference intakes
(DRI) for vitamin D. The Kellogg Co.
submitted reports of scientific studies
published after the 2011 report to the FDA.
The studies supported a conclusion that
the proposed uses of vitamin D³ are safe.
The FDA will accept objections to the
ruling through Feb. 6. Objections may be
made at www.regulations.gov.
bakingbusiness.com
for 350 rail cars, the facility handles up
to 250 million bus annually. The terminal
receives both trucks and railcars with a
variety of commodities for global export.
" We look forward to expanding our
joint venture by integrating the Houston
terminal and leveraging the successful
operating model that's in place today with
TEMCO, " said Sheryl Wallace, president
of North America Grain for Cargill. " We
are excited to provide additional market
access and opportunities for our farmer
customers and to better serve our global
demand customers. "
Brian Kubik, general manager at
TEMCO, added, " The TEMCO team is
excited to integrate the Houston terminal
into our operations. This expansion will
create efficiencies and opportunities for
TEMCO and its employees. " MBN
In a call with analysts Jan. 5, David S.
Marberger, executive vice president and
chief financial officer at Conagra, said the
company's adjusted gross margin during
the quarter improved by 650 basis points.
" The increase in adjusted gross profit,
combined with another strong performance
from our Ardent Mills joint venture,
contributed to adjusted EBITDA growth
of 21.5%, " Mr. Marberger said. Similarly, a
27% improvement in adjusted earnings per
share for Conagra " was primarily driven
by higher sales and gross profit as well as a
small benefit from a continued strong performance
from Ardent Mills, " he said. MBN
Written objections may be mailed to
Dockets Management Staff (HFA-305),
Food and Drug Administration, 5630 Fishers
Lane, Rm. 1061, Rockville, MD 20852.
All submissions must include the Docket
No. FDA-2019-F-3519. MBN
©STEVE CUKROV - STOCK.ADOBE.COM
http://www.bakingbusiness.com
Milling & Baking News - January 24, 2023

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