World Grain - July 2007 - 43

FEATURE: SAILING TOWARD NEW CHALLENGES

Olson sees many changes in wheat industry, even more to come
"Wheat has changed a lot in the past 10
years, and it's going to change a lot more in
the next 10." With this opening statement,
Ron Olson, vice-president of grain operations
for General Mills, Inc., Minneapolis, Minnesota,
U.S., set the stage for his keynote presentation
at the May 7 International Milling Education
Foundation (IMEF) breakfast, part of the IAOM
Conference & Expo.
Describing his presentation as "Wheat
101," Olson discussed briefly wheat's place
in the world market before elaborating on the
crop's position in the United States (U.S.).
He said wheat is a relatively low technology
crop and noted the food line has not moved Olson
much in the past 10 years, which means it has been very inelastic.
A lot of wheat acreage has transferred to soybeans, he said,
but added that wheat - which is grown in 42 of 50 states in
the U.S. - will continue to be grown in sufficient supplies be-

cause of its price relationship to other grains.
Commenting on some of the issues and
challenges facing the wheat industry, Olson
stressed he's a "strong believer that economics
govern."
"We talk about elasticity," he said. "Wheat
is highly defined by the degree of substitutability. So if you don't have anything else you
can make bread from, or biscuits, or bagels, it
doesn't matter what type, it's very inelastic. No
matter what the price is, the quantity never
changes."
Olson also noted that value is communicated
and shared by price.
"We're now a fully integrated society," he
said, explaining that multiple companies and businesses are
involved in the wheat supply chain, as opposed to in the past
where one individual or one company was responsible for
multiple steps. "Price is the communicator of value."
Another issue is "creative destruction," which Olson said

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World Grain - July 2007

Table of Contents for the Digital Edition of World Grain - July 2007

Contents
World Grain - July 2007 - 1
World Grain - July 2007 - 2
World Grain - July 2007 - 3
World Grain - July 2007 - Contents
World Grain - July 2007 - 5
World Grain - July 2007 - 6
World Grain - July 2007 - 7
World Grain - July 2007 - 8
World Grain - July 2007 - 9
World Grain - July 2007 - 10
World Grain - July 2007 - 11
World Grain - July 2007 - 12
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World Grain - July 2007 - 14
World Grain - July 2007 - 15
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World Grain - July 2007 - 18
World Grain - July 2007 - 19
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World Grain - July 2007 - 27
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World Grain - July 2007 - 43
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https://digital.world-grain.com/sosland/wg/world-grain-april-2024
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https://digital.world-grain.com/sosland/wg/world-grain-february-2024
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https://digital.world-grain.com/sosland/wg/world-grain-december-2023
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https://digital.world-grain.com/sosland/wg/world-grain-january-2023
https://digital.world-grain.com/sosland/wg/world-grain-december-2022
https://digital.world-grain.com/sosland/wg/world-grain-november-2022
https://digital.world-grain.com/sosland/wg/world-grain-october-2022
https://digital.world-grain.com/sosland/wg/world-grain-september-2022
https://digital.world-grain.com/sosland/wg/world-grain-august-2022
https://digital.world-grain.com/sosland/wg/world-grain-july-2022
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https://digital.world-grain.com/sosland/wg/world-grain-may-2022
https://digital.world-grain.com/sosland/wg/world-grain-april-2022
https://digital.world-grain.com/sosland/wg/world-grain-march-2022
https://digital.world-grain.com/sosland/wg/world-grain-february-2022
https://digital.world-grain.com/sosland/wg/world-grain-january-2022
https://digital.world-grain.com/sosland/wg/world-grain-december-2021
https://digital.world-grain.com/sosland/wg/-world-grain-november-2021
https://digital.world-grain.com/sosland/wg/world-grain-october-2021
https://digital.world-grain.com/sosland/wg/world-grain-september-2021
https://digital.world-grain.com/sosland/wg/world-grain-august-2021
https://digital.world-grain.com/sosland/wg/world-grain-july-2021
https://digital.world-grain.com/sosland/wg/world-grain-june-2021
https://digital.world-grain.com/sosland/wg/world-grain-may-2021
https://digital.world-grain.com/sosland/wg/world-grain-april-2021
https://digital.world-grain.com/sosland/wg/world-grain-march-2021
https://digital.world-grain.com/sosland/wg/world-grain-february-2021
https://digital.world-grain.com/sosland/wg/2021_01_01
https://digital.world-grain.com/sosland/wg/2020_12_01
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https://www.nxtbook.com/sosland/wg/2013_03_01
https://www.nxtbook.com/sosland/wg/2013_02_01
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