World Grain - January 2017 - 50

FEATURE: LONG-TERM FREIGHT SLUMP TAKING TOLL

the downturn with most, if not all, of their
long-term charters now expired."
The problem facing bulk shipping
owners and operators is that consolidation is coming - but from customers,
not their peers.
"While dry bulk ship owners remain
highly fragmented, their customers are

HYHULQFUHDVLQJLQWKHLULQÀXHQFHDQGEDUgaining power," Bimco said. "Right now,
many dry bulk customers are spoiled for
choice in the shipping market. There are
too many ships to choose from and, as a
UHVXOWIUHLJKWUDWHVDUH¿UPO\LQWKHJXWter. Dry bulk shipping is, in fact, a good
example of what economists call an oli-

gopsony: a market with a limited number
of buyers and a large number of sellers."
Bimco forecasts that larger bulk carrier owners will seek to develop longterm direct relationships with major customers who will want to work directly
with fewer ship owners able to offer
more encompassing logistics solutions.
In the future, Bimco believes this will
mean the emergence of larger dry bulk
ship-owning companies focused on providing logistics services to commodity giants with a focus on risk management and Return on Capital Employed
(ROCE), not the asset play. This will
make the industry more demand-driven
with most ships purchased against longterm charters by large and sophisticated
businesses that are better able to forecast
future market demand.
"This will ensure that supply and demand are much more closely linked in a
mature market where large and unforeVHHQ WUDGH ÀXFWXDWLRQV DUH UDUH´ %LPFR
said. "Ultimately this will mean a less
cyclical industry where the peaks and
troughs are dampened, leading to steadier
and more predictable ROCE for the larger
companies."
All of which should be good news for
the global grain industry in the long run:
low freight rates are all well and good,
EXW WKH ULVN DVVRFLDWHG ZLWK WKH ¿QDQFLDO
stability of ship owner counterparties is
a cost in itself. However, getting to this
point will take some time.
WHAT NOW?
In the meantime, the freight pricing and
counter-party picture for grain shippers is
complex, not least because since the last
iteration of this column in the summer,
the world has been turned rather upside
down by Donald Trump's surprise win in
the U.S. presidential election. This also
has been accompanied by an improving
demand outlook.
The Baltic Dry Index, which gauges
shipping rates for dry commodity goods,
had bottomed out earlier this year at a
record low of 290 due to sluggish global
trade. That forced most shippers to idle
VKLSV ZKLOH VHYHUDO RSHUDWRUV ¿OHG IRU

50

January 2017 / World Grain / www.World-Grain.com



http://www.yenar.com.tr http://www.World-Grain.com

World Grain - January 2017

Table of Contents for the Digital Edition of World Grain - January 2017

World Grain - January 2017
Contents
FROM THE EDITOR-IN-CHIEF - Less ‘black and white’ in eating bread
CALENDAR OF EVENTS
Canadian Global Crops Symposium set for April
News review - ADM to sell stake in GrainCorp for A$387 million
G3 to build grain export terminal at Port of Vancouver
Chi succeeds Jansen as COFCO CEO
AGT, InterGrain in merger talks
Louis Dreyfus makes executive changes
Land O'Lakes to purchase Southern State's Cooperative feed business
Glencore signs multi-year port agreement
Nibulon receives loan to improve infrastructure
China details plans for transforming ag growth model
ADM expands oilseed crush facility
Beemer joins Agspring as CEO
United Grain planning grain terminal in Far East
AGP to break ground on soybean processing plant
New grain terminal planned for Taman, Russia
COFCO begins international flour shipments
GRAIN MARKET REVIEW - Coarse grains
COUNTRY FOCUS - India
PAROTHAS - a staple food in India
FLOUR EXPORTS EXPECTED TO REACH RECORD HIGH
KAZAKHSTAN UNVEILS NEW PLAN
NEW REGULATIONS ON THE HORIZON IN CANADA
LONG-TERM FREIGHT SLUMP TAKING TOLL
GEAPS EXCHANGE 2017
GEAPS PRODUCT SHOWCASE
SLOW RECOVERY CHALLENGES GRAIN TRADERS
SOUTH AMERICAN CROP STILL BIG DESPITE WEATHER
OPEN-MOUTH OR VALVE BAGS?
USING A GENTLE APPROACH WITH GRAIN
WATER USAGE IN MILLING
SUPPLIER NEWS
WORLD GRAIN ARCHIVE
ADVERTISER INDEX/Reader Information Form International Faxback Program
World Grain - January 2017 - World Grain - January 2017
World Grain - January 2017 - 2
World Grain - January 2017 - 3
World Grain - January 2017 - 4
World Grain - January 2017 - Contents
World Grain - January 2017 - FROM THE EDITOR-IN-CHIEF - Less ‘black and white’ in eating bread
World Grain - January 2017 - 7
World Grain - January 2017 - Canadian Global Crops Symposium set for April
World Grain - January 2017 - 9
World Grain - January 2017 - Chi succeeds Jansen as COFCO CEO
World Grain - January 2017 - AGT, InterGrain in merger talks
World Grain - January 2017 - Nibulon receives loan to improve infrastructure
World Grain - January 2017 - 13
World Grain - January 2017 - China details plans for transforming ag growth model
World Grain - January 2017 - Beemer joins Agspring as CEO
World Grain - January 2017 - AGP to break ground on soybean processing plant
World Grain - January 2017 - COFCO begins international flour shipments
World Grain - January 2017 - GRAIN MARKET REVIEW - Coarse grains
World Grain - January 2017 - 19
World Grain - January 2017 - COUNTRY FOCUS - India
World Grain - January 2017 - 21
World Grain - January 2017 - 22
World Grain - January 2017 - 23
World Grain - January 2017 - 24
World Grain - January 2017 - 25
World Grain - January 2017 - PAROTHAS - a staple food in India
World Grain - January 2017 - 27
World Grain - January 2017 - 28
World Grain - January 2017 - 29
World Grain - January 2017 - FLOUR EXPORTS EXPECTED TO REACH RECORD HIGH
World Grain - January 2017 - 31
World Grain - January 2017 - 32
World Grain - January 2017 - 33
World Grain - January 2017 - KAZAKHSTAN UNVEILS NEW PLAN
World Grain - January 2017 - 35
World Grain - January 2017 - 36
World Grain - January 2017 - 37
World Grain - January 2017 - 38
World Grain - January 2017 - 39
World Grain - January 2017 - NEW REGULATIONS ON THE HORIZON IN CANADA
World Grain - January 2017 - 41
World Grain - January 2017 - 42
World Grain - January 2017 - 43
World Grain - January 2017 - 44
World Grain - January 2017 - 45
World Grain - January 2017 - 46
World Grain - January 2017 - 47
World Grain - January 2017 - LONG-TERM FREIGHT SLUMP TAKING TOLL
World Grain - January 2017 - 49
World Grain - January 2017 - 50
World Grain - January 2017 - 51
World Grain - January 2017 - 52
World Grain - January 2017 - 53
World Grain - January 2017 - GEAPS EXCHANGE 2017
World Grain - January 2017 - 55
World Grain - January 2017 - 56
World Grain - January 2017 - 57
World Grain - January 2017 - 58
World Grain - January 2017 - 59
World Grain - January 2017 - 60
World Grain - January 2017 - 61
World Grain - January 2017 - GEAPS PRODUCT SHOWCASE
World Grain - January 2017 - 63
World Grain - January 2017 - 64
World Grain - January 2017 - 65
World Grain - January 2017 - 66
World Grain - January 2017 - 67
World Grain - January 2017 - 68
World Grain - January 2017 - 69
World Grain - January 2017 - 70
World Grain - January 2017 - 71
World Grain - January 2017 - 72
World Grain - January 2017 - 73
World Grain - January 2017 - SLOW RECOVERY CHALLENGES GRAIN TRADERS
World Grain - January 2017 - 75
World Grain - January 2017 - 76
World Grain - January 2017 - 77
World Grain - January 2017 - 78
World Grain - January 2017 - 79
World Grain - January 2017 - 80
World Grain - January 2017 - 81
World Grain - January 2017 - SOUTH AMERICAN CROP STILL BIG DESPITE WEATHER
World Grain - January 2017 - 83
World Grain - January 2017 - OPEN-MOUTH OR VALVE BAGS?
World Grain - January 2017 - 85
World Grain - January 2017 - 86
World Grain - January 2017 - 87
World Grain - January 2017 - USING A GENTLE APPROACH WITH GRAIN
World Grain - January 2017 - 89
World Grain - January 2017 - 90
World Grain - January 2017 - 91
World Grain - January 2017 - WATER USAGE IN MILLING
World Grain - January 2017 - 93
World Grain - January 2017 - SUPPLIER NEWS
World Grain - January 2017 - 95
World Grain - January 2017 - 96
World Grain - January 2017 - WORLD GRAIN ARCHIVE
World Grain - January 2017 - ADVERTISER INDEX/Reader Information Form International Faxback Program
World Grain - January 2017 - 99
World Grain - January 2017 - 100
https://digital.world-grain.com/sosland/wg/world-grain-january-2025
https://digital.world-grain.com/sosland/wg/world-grain-december-2024
https://digital.world-grain.com/sosland/wg/world-grain-november-2024
https://digital.world-grain.com/sosland/wg/world-grain-october-2024
https://digital.world-grain.com/sosland/wg/world-grain-september-2024
https://digital.world-grain.com/sosland/wg/world-grain-august-2024
https://digital.world-grain.com/sosland/wg/world-grain-july-2024
https://digital.world-grain.com/sosland/wg/world-grain-june-2024
https://digital.world-grain.com/sosland/wg/world-grain-may-2024
https://digital.world-grain.com/sosland/wg/world-grain-april-2024
https://digital.world-grain.com/sosland/wg/world-grain-march-2024
https://digital.world-grain.com/sosland/wg/world-grain-february-2024
https://digital.world-grain.com/sosland/wg/world-grain-january-2024
https://digital.world-grain.com/sosland/wg/world-grain-december-2023
https://digital.world-grain.com/sosland/wg/world-grain-november-2023
https://digital.world-grain.com/sosland/wg/world-grain-october-2023
https://digital.world-grain.com/sosland/wg/world-grain-september-2023
https://digital.world-grain.com/sosland/wg/world-grain-august-2023
https://digital.world-grain.com/sosland/wg/world-grain-july-2023
https://digital.world-grain.com/sosland/wg/world-grain-june-2023
https://digital.world-grain.com/sosland/wg/world-grain-may-2023
https://digital.world-grain.com/sosland/wg/world-grain-april-2023
https://digital.world-grain.com/sosland/wg/world-grain-march-2023
https://digital.world-grain.com/sosland/wg/world-grain-february-2023
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
https://digital.world-grain.com/sosland/wg/world-grain-june-2022
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
https://digital.world-grain.com/sosland/wg/2020_11_01
https://digital.world-grain.com/sosland/wg/2020_10_01
https://digital.world-grain.com/sosland/wg/2020_09_01
https://digital.world-grain.com/sosland/wg/2020_08_01
https://digital.world-grain.com/sosland/wg/2020_07_01
https://digital.world-grain.com/sosland/wg/2020_06_01
https://digital.world-grain.com/sosland/wg/2020_05_01
https://digital.world-grain.com/sosland/wg/2020_04_01
https://digital.world-grain.com/sosland/wg/2020_03_01
https://digital.world-grain.com/sosland/wg/2020_02_01
https://digital.world-grain.com/sosland/wg/2020_01_01
https://digital.world-grain.com/sosland/wg/2019_12_01
https://digital.world-grain.com/sosland/wg/2019_11_01
https://digital.world-grain.com/sosland/wg/2019_10_01
https://digital.world-grain.com/sosland/wg/2019_09_01
https://digital.world-grain.com/sosland/wg/2019_08_01
https://digital.world-grain.com/sosland/wg/2019_07_01
https://digital.world-grain.com/sosland/wg/2019_06_01
https://digital.world-grain.com/sosland/wg/2019_05_01
https://digital.world-grain.com/sosland/wg/2019_04_01
https://digital.world-grain.com/sosland/wg/2019_03_01
https://digital.world-grain.com/sosland/wg/2019_02_01
https://digital.world-grain.com/sosland/wg/2019_01_01
http://digital.world-grain.com/sosland/wg/2018_12_01
http://digital.world-grain.com/sosland/wg/2018_11_01
http://digital.world-grain.com/sosland/wg/2018_10_01
http://digital.world-grain.com/sosland/wg/2018_09_01
http://digital.world-grain.com/sosland/wg/2018_08_01
http://digital.world-grain.com/sosland/wg/2018_07_01
http://digital.world-grain.com/sosland/wg/2018_06_01
http://digital.world-grain.com/sosland/wg/2018_05_01
http://digital.world-grain.com/sosland/wg/2018_04_01
http://digital.world-grain.com/sosland/wg/2018_03_01
https://www.nxtbook.com/sosland/wg/2018_02_01
https://www.nxtbook.com/sosland/wg/2018_01_01
https://www.nxtbook.com/sosland/wg/2017_12_01
https://www.nxtbook.com/sosland/wg/2017_11_01
https://www.nxtbook.com/sosland/wg/2017_10_01
https://www.nxtbook.com/sosland/wg/2017_09_01
https://www.nxtbook.com/sosland/wg/2017_08_01
https://www.nxtbook.com/sosland/wg/2017_07_01
https://www.nxtbook.com/sosland/wg/2017_06_01
https://www.nxtbook.com/sosland/wg/2017_05_01
https://www.nxtbook.com/sosland/wg/2017_04_01
https://www.nxtbook.com/sosland/wg/2017_03_01
https://www.nxtbook.com/sosland/wg/2017_02_01
https://www.nxtbook.com/sosland/wg/2017_01_01
https://www.nxtbook.com/sosland/wg/2016_12_01
https://www.nxtbook.com/sosland/wg/2016_11_01
https://www.nxtbook.com/sosland/wg/2016_10_01
https://www.nxtbook.com/sosland/wg/2016_09_01
https://www.nxtbook.com/sosland/wg/2016_08_01
https://www.nxtbook.com/sosland/wg/2016_07_01
https://www.nxtbook.com/sosland/wg/2016_06_01
https://www.nxtbook.com/sosland/wg/2016_05_01
https://www.nxtbook.com/sosland/wg/2016_04_01
https://www.nxtbook.com/sosland/wg/2016_03_01
https://www.nxtbook.com/sosland/wg/2016_02_01
https://www.nxtbook.com/sosland/wg/2016_01_01
https://www.nxtbook.com/sosland/wg/2015_12_01
https://www.nxtbook.com/sosland/wg/2015_11_01
https://www.nxtbook.com/sosland/wg/2015_10_01
http://digital.world-grain.com/sosland/wg/2015_09_01
http://digital.world-grain.com/sosland/wg/2015_08_01
http://digital.world-grain.com/sosland/wg/2015_07_01
http://digital.world-grain.com/sosland/wg/2015_06_01
http://digital.world-grain.com/sosland/wg/2015_05_01
https://www.nxtbook.com/sosland/wg/2015_04_01
https://www.nxtbook.com/sosland/wg/2015_03_01
https://www.nxtbook.com/sosland/wg/2015_02_01
http://digital.world-grain.com/sosland/wg/2015_01_01
http://digital.world-grain.com/sosland/wg/2014_12_15
https://www.nxtbook.com/sosland/wg/2014_12_01
https://www.nxtbook.com/sosland/wg/2014_11_01
https://www.nxtbook.com/sosland/wg/2014_10_01
https://www.nxtbook.com/sosland/wg/2014_09_01
https://www.nxtbook.com/sosland/wg/2014_08_01
https://www.nxtbook.com/sosland/wg/2014_07_01
https://www.nxtbook.com/sosland/wg/2014_06_01
https://www.nxtbook.com/sosland/wg/2014_05_01
https://www.nxtbook.com/sosland/wg/2014_04_01
https://www.nxtbook.com/sosland/wg/2014_03_01
https://www.nxtbook.com/sosland/wg/2014_02_01
https://www.nxtbook.com/sosland/wg/2014_01_01
https://www.nxtbook.com/sosland/wg/2013_12_01
https://www.nxtbook.com/sosland/wg/2013_11_01
https://www.nxtbook.com/sosland/wg/2013_10_01
https://www.nxtbook.com/sosland/wg/2013_09_01
https://www.nxtbook.com/sosland/wg/2013_08_01
https://www.nxtbook.com/sosland/wg/2013_07_01
https://www.nxtbook.com/sosland/wg/2013_06_01
https://www.nxtbook.com/sosland/wg/2013_05_01
https://www.nxtbook.com/sosland/wg/2013_04_01
https://www.nxtbook.com/sosland/wg/2013_03_01
https://www.nxtbook.com/sosland/wg/2013_02_01
https://www.nxtbook.com/sosland/wg/2013_01_01
https://www.nxtbook.com/sosland/wg/2012_12_01
https://www.nxtbook.com/sosland/wg/2012_11_01
https://www.nxtbook.com/sosland/wg/2012_10_01
https://www.nxtbook.com/sosland/wg/2012_09_01
https://www.nxtbook.com/sosland/wg/2012_08_01
https://www.nxtbook.com/sosland/wg/2012_07_01
https://www.nxtbook.com/sosland/wg/2012_06_01
https://www.nxtbook.com/sosland/wg/2012_05_01
https://www.nxtbook.com/sosland/wg/2012_04_01
https://www.nxtbook.com/sosland/wg/2012_03_01
https://www.nxtbook.com/sosland/wg/2012_02_01
https://www.nxtbook.com/sosland/wg/2012_01_01
https://www.nxtbook.com/sosland/wg/2011_12_01
https://www.nxtbook.com/sosland/wg/2011_11_01
https://www.nxtbook.com/sosland/wg/2011_10_01
https://www.nxtbook.com/sosland/wg/20111_09_01
https://www.nxtbook.com/sosland/wg/2011_08_01
https://www.nxtbook.com/sosland/wg/2011_07_01
https://www.nxtbook.com/sosland/wg/2011_06_01
https://www.nxtbook.com/sosland/wg/2011_05_01
https://www.nxtbook.com/sosland/wg/2011_04_01
https://www.nxtbook.com/sosland/wg/2011_03_01
http://digital.world-grain.com/sosland/wg/2011_02_01
http://digital.world-grain.com/sosland/wg/2011_02_01
http://digital.world-grain.com/sosland/wg/2011_02_01
http://digital.world-grain.com/sosland/wg/2011_01_01
http://digital.world-grain.com/sosland/wg/2010_12_01
http://digital.world-grain.com/sosland/wg/2010_11_01
http://digital.world-grain.com/sosland/wg/2010_10_01
http://digital.world-grain.com/sosland/wg/2010_09_01
http://digital.world-grain.com/sosland/wg/2010_08_01
http://digital.world-grain.com/sosland/wg/2010_07_01
http://digital.world-grain.com/sosland/wg/2010_06_01
http://digital.world-grain.com/sosland/wg/2010_05_01
http://digital.world-grain.com/sosland/wg/2010_04_01
http://digital.world-grain.com/sosland/wg/2010_03_01
http://digital.world-grain.com/sosland/wg/2010_02_01
http://digital.world-grain.com/sosland/wg/2010_01_01
http://digital.world-grain.com/sosland/wg/2009_12_01
http://digital.world-grain.com/sosland/wg/2009_11_01
http://digital.world-grain.com/sosland/wg/2009_10_01
http://digital.world-grain.com/sosland/wg/2009_09_01
http://digital.world-grain.com/sosland/wg/2009_08_01
http://digital.world-grain.com/sosland/wg/2009_07_01
http://digital.world-grain.com/sosland/wg/2009_06_01
http://digital.world-grain.com/sosland/wg/2009_05_01
http://digital.world-grain.com/sosland/wg/2009_04_01
http://digital.world-grain.com/sosland/wg/2009_03_01
http://digital.world-grain.com/sosland/wg/2009_02_01
http://digital.world-grain.com/sosland/wg/2009_01_01
http://digital.world-grain.com/sosland/wg/2008_12_01
http://digital.world-grain.com/sosland/wg/2008_11_01
http://digital.world-grain.com/sosland/wg/2008_10_01
http://digital.world-grain.com/sosland/wg/2008_09_01
http://digital.world-grain.com/sosland/wg/2008_08_01
http://digital.world-grain.com/sosland/wg/2008_07_01
http://digital.world-grain.com/sosland/wg/2008_06_01
http://digital.world-grain.com/sosland/wg/2008_05_01
http://digital.world-grain.com/sosland/wg/2008_04_01
http://digital.world-grain.com/sosland/wg/2008_03_01
http://digital.world-grain.com/sosland/wg/2008_02_01
http://digital.world-grain.com/sosland/wg/2008_01_01
http://digital.world-grain.com/sosland/wg/2007_12_01
http://digital.world-grain.com/sosland/wg/2007_11_01
http://digital.world-grain.com/sosland/wg/2007_10_01
http://digital.world-grain.com/sosland/wg/2007_09_01
http://digital.world-grain.com/sosland/wg/2007_08_01
http://digital.world-grain.com/sosland/wg/2007_07_01
http://digital.world-grain.com/sosland/wg/2007_06_01
http://digital.world-grain.com/sosland/wg/2007_05_01
http://digital.world-grain.com/sosland/wg/2007_04_01
http://digital.world-grain.com/sosland/wg/2007_03_01
http://digital.world-grain.com/sosland/wg/2007_02_01
http://digital.world-grain.com/sosland/wg/2007_01_01
http://digital.world-grain.com/sosland/wg/2006_12_01
http://digital.world-grain.com/sosland/wg/2006_11_01
http://digital.world-grain.com/sosland/wg/2006_10_01
http://digital.world-grain.com/sosland/wg/2006_09_01
http://digital.world-grain.com/sosland/wg/2006_08_01
http://digital.world-grain.com/sosland/wg/2006_07_01
http://digital.world-grain.com/sosland/wg/2006_06_01
http://digital.world-grain.com/sosland/wg/2006_05_01
http://digital.world-grain.com/sosland/wg/2006_04_01
http://digital.world-grain.com/sosland/wg/2006_03_01
http://digital.world-grain.com/sosland/wg/2006_02_01
http://digital.world-grain.com/sosland/wg/2006_01_01
http://digital.world-grain.com/sosland/wg/2005_12_01
http://digital.world-grain.com/sosland/wg/2005_11_01
http://digital.world-grain.com/sosland/wg/2005_10_01
http://digital.world-grain.com/sosland/wg/2005_09_01
http://digital.world-grain.com/sosland/wg/2005_08_01
http://digital.world-grain.com/sosland/wg/2005_07_01
http://digital.world-grain.com/sosland/wg/2005_06_01
http://digital.world-grain.com/sosland/wg/2005_05_01
http://digital.world-grain.com/sosland/wg/2005_04_01
http://digital.world-grain.com/sosland/wg/2005_03_01
http://digital.world-grain.com/sosland/wg/2005_02_01
http://digital.world-grain.com/sosland/wg/2005_01_01
http://digital.world-grain.com/sosland/wg/2004_12_01
http://digital.world-grain.com/sosland/wg/2004_11_01
http://digital.world-grain.com/sosland/wg/2004_10_02
http://digital.world-grain.com/sosland/wg/2004_10_02
http://digital.world-grain.com/sosland/wg/2004_10_01
http://digital.world-grain.com/sosland/wg/2004_09_01
http://digital.world-grain.com/sosland/wg/2004_08_01
https://www.nxtbookmedia.com