Milling & Baking News - November 2, 2004 - 5

T H I S

W E E K

November 2, 2004
NEWSCOMMENT

FROZEN GRAIN-BASED FOODS industry perspective

Election leaves much
room for many
important decisions
Frozen food manufacturers find growth in
grain-based foods market challenging.
Story on Page 23

14

Whole grain products boost Sara Lee's profit

21

A.A.C.C. creates committee to define glycemic carbs

36

Bunge to purchase grain elevator in Russia

37

Farm Credit Services spurns potential deals

38

Ruling allows Roundup Ready corn to enter Europe

Sara Lee Bakery Group, benefiting from continued growth in its namesake brand
and several new product introductions focused on whole grains, recorded a 59%
increase in fiscal first-quarter operating income.

The American Association of Cereal Chemists wants to create a science-based
calculation for measuring glycemic carbohydrates. The group hopes the effort
will help improve consumer understanding of carbohydrate content issues.

Marking another step into its steady expansion into Russia, Bunge Ltd. said it
has agreed to purchase a grain terminal in the port city of Rostov. The facility will
give Bunge a shipping conduit to the Black Sea.

The large farm lending agency in Omaha has terminated its acquisition agreement
with Rabobank, even after the latter boosted its proposed purchase price by 25%,
and also rejected an overture from another bank in the Farm Credit System.

The European Commission authorized the use of Monstanto's bioengineered
NK603 corn seeds for human consumption, opening the door for the company to
begin importing the product to the continent.

Editorial
Late News
Financial Results
Industry Activities
Washington
Education and Research

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Executive editor, markets
Neil N. Sosland
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'8

AuditBureau
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Business
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People
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34
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6 / Milling & Baking News, November 2, 2004

Now that election day has passed, grainbased foods needs to focus on the highly
important decisions pending for the White
House as well as for Congress. Not the least
of these, so far as the industry is concerned,
is just what the Dietary Guidelines for
Americans, to be issued early in 2005,
will recommend about grain-based foods.
It still seems inconceivable that the
Departments of Agriculture and Health
and Human Services will accept advisory
committee recommendations that eating
of enriched grain-based foods be reduced,
while advocating a threefold increase for
whole grain products that never have won
favor with consumers.
Much else of great import will reflect the
election outcome. Change is foreordained
in economic policy-making. Key to this is
that the President will name the successor
to Alan Greenspan at the Federal Reserve.
His 14-year term as a Fed governor expires
in 2006, and present law says he cannot be
reappointed, even though he was named
this summer to his fifth four-year term as
chairman. Just as the Doha Round trade
negotiations heat up, it is likely, no matter
who has the White House, that Robert
Zoellick will give up his critical post as
U.S. trade negotiator.
Almost overlooked in the heated contest
for the presidency were the major battles
for Congressional seats. Leadership of
the agriculture committees is unlikely to
change, but this does not preclude the new
Congress from enacting changes in laws and
regulations affecting grain-based foods. MBN

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Milling & Baking News - November 2, 2004

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