World Grain - December 2017 - 66

the steady rise," she said, noting that its
share of exports had also risen. "You
have gone from 5% in the mid-90s, to
32% this year. Until you have a producWLRQLVVXHLQWKH%ODFN6HDLW¶VGLI¿FXOW
to build a bullish case."
Europe is the backstop on prices, she
said.
"You also have had the emerging lowcost producers of southeast Europe,"
she said. "Removing China and India,
they hold about 90% of the world exportable surplus."
Then there is the United States, which
she described as "the world's wheat
storage tank."
"Exports can never be banned," she
said. "We will have another record winter planting of wheat in the U.S. Exports

66

account for 57% of U.S. production and
yet the U.S. will only account for 15%
of world trade."
That compares with 40% from the
Black Sea. The United States plays a big
role in stocks.
"The U.S. will hold 20% of those
90.5 days," she said. "The biggest price
risk on wheat is the funds. We are range
bound for the next three to six months
barring any weather threat."

Erik Norland, senior economist with CME
Group, talks about the world's macro-economic
situation and how it is affecting the grain and
oilseed markets.

now going to be that demand driver. It's
not as transparent as ethanol. You might
see some surprises on the demand side."
China holds massive amounts of corn
that will never see the light of day in the
export grid, she said.
"With China, the supply cushion is
CORN SITUATION
about 70 days," she explained. "You
She then discussed the corn market.
remove China and the supply cushion
"We have a record yield out of the goes to 55 ½ days. Nearly 51% of those
86´ VKH VDLG ³:H ¿QDOO\ SDVVHG WKH 55 ½ days is in the U.S. The U.S. is the
million-tonne demand number in corn. world storage tank."
Biofuels was the demand driver for the
Just as with wheat, the U.S. has the
past decade. That is slowing. Feed is advantage of transparency.

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



http://www.akytechnology.com http://www.World-Grain.com

World Grain - December 2017

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

World Grain - December 2017
Contents
FROM THE EDITOR-IN-CHIEF - Automation’s past success in milling
VICTAM Asia dedicated to animal feed, grain processing, pet food and more
CALENDAR OF EVENTS
News review - Cargill inks deal to acquire Brazilian feed producer
Challenging operating environment weighs on ADM earnings
Grain Alliance to build flour mill in Ukraine
U.S. DDGS shipments accepted in Vietnam since ban lifted
Large grain harvest, malt performance boosts GrainCorp earnings
Wilmar to buy edible oil facility from Cargill
U.S. ag exports soar to third-highest level on record
OSHA proposes $1.8 million fine against Didion Milling
Pipeline Foods breaks ground on North Dakota grain terminal
Olam profit soars on sales surge
Nitto Fuji Flour Milling makes takeover bid for Masuda Flour Milling
CHS fiscal 2017 income down on charges
Increased crush margins in oilseeds, grains buoys Wilmar earnings
German firm acquires Cargill feed business in Switzerland
Scoular Wellington, Kansas facility damaged by fire
President of National Association of Wheat Growers resigns
The Andersons earnings up despite difficult market conditions
T S Flour Mill profit climbs 88% in third quarter
GRAIN MARKET REVIEW - Oilseeds
COUNTRY FOCUS - France
TECHNICAL PROFILE - ORGANIC BAKED GOODS a megatrend in France
Retailers expanding organic baked goods lines
FEATURE - RIEPER FINDS NICHE IN FLOUR, FEED AND BAKING
FEED QUARTERLY - IPPE ADDS TO EDUCATIONAL PROGRAMS
FEED OPERATIONS - Compressed air systems
FEED QUARTERLY - 'IT'S ABOUT TIME'
FEED QUARTERLY - CHINA'S CHANGING FEED INDUSTRY
FEATURE - IAOM MEA DRAWS RECORD NUMBER OF DELEGATES
FEATURE - WAITING on a supply shock
FEATURE - ORGANIC INDUSTRY FACES INFRASTRUCTURE CHALLENGES
FEATURE - PROTECTING stored products from pests
SUPPLIER NEWS
PRODUCT SHOWCASE
WORLD GRAIN ARCHIVE
ADVERTISER INDEX/Reader Information Form International Faxback Program
World Grain - December 2017 - World Grain - December 2017
World Grain - December 2017 - World Grain - December 2017
World Grain - December 2017 - 2
World Grain - December 2017 - 3
World Grain - December 2017 - 4
World Grain - December 2017 - Contents
World Grain - December 2017 - FROM THE EDITOR-IN-CHIEF - Automation’s past success in milling
World Grain - December 2017 - 7
World Grain - December 2017 - CALENDAR OF EVENTS
World Grain - December 2017 - 9
World Grain - December 2017 - Challenging operating environment weighs on ADM earnings
World Grain - December 2017 - 11
World Grain - December 2017 - U.S. DDGS shipments accepted in Vietnam since ban lifted
World Grain - December 2017 - Large grain harvest, malt performance boosts GrainCorp earnings
World Grain - December 2017 - U.S. ag exports soar to third-highest level on record
World Grain - December 2017 - OSHA proposes $1.8 million fine against Didion Milling
World Grain - December 2017 - Nitto Fuji Flour Milling makes takeover bid for Masuda Flour Milling
World Grain - December 2017 - CHS fiscal 2017 income down on charges
World Grain - December 2017 - President of National Association of Wheat Growers resigns
World Grain - December 2017 - T S Flour Mill profit climbs 88% in third quarter
World Grain - December 2017 - GRAIN MARKET REVIEW - Oilseeds
World Grain - December 2017 - 21
World Grain - December 2017 - COUNTRY FOCUS - France
World Grain - December 2017 - 23
World Grain - December 2017 - 24
World Grain - December 2017 - 25
World Grain - December 2017 - TECHNICAL PROFILE - ORGANIC BAKED GOODS a megatrend in France
World Grain - December 2017 - 27
World Grain - December 2017 - Retailers expanding organic baked goods lines
World Grain - December 2017 - 29
World Grain - December 2017 - FEATURE - RIEPER FINDS NICHE IN FLOUR, FEED AND BAKING
World Grain - December 2017 - 31
World Grain - December 2017 - 32
World Grain - December 2017 - 33
World Grain - December 2017 - FEED QUARTERLY - IPPE ADDS TO EDUCATIONAL PROGRAMS
World Grain - December 2017 - 35
World Grain - December 2017 - 36
World Grain - December 2017 - 37
World Grain - December 2017 - 38
World Grain - December 2017 - 39
World Grain - December 2017 - FEED OPERATIONS - Compressed air systems
World Grain - December 2017 - 41
World Grain - December 2017 - 42
World Grain - December 2017 - 43
World Grain - December 2017 - 44
World Grain - December 2017 - 45
World Grain - December 2017 - FEED QUARTERLY - 'IT'S ABOUT TIME'
World Grain - December 2017 - 47
World Grain - December 2017 - 48
World Grain - December 2017 - 49
World Grain - December 2017 - FEED QUARTERLY - CHINA'S CHANGING FEED INDUSTRY
World Grain - December 2017 - 51
World Grain - December 2017 - 52
World Grain - December 2017 - 53
World Grain - December 2017 - 54
World Grain - December 2017 - 55
World Grain - December 2017 - 56
World Grain - December 2017 - 57
World Grain - December 2017 - FEATURE - IAOM MEA DRAWS RECORD NUMBER OF DELEGATES
World Grain - December 2017 - 59
World Grain - December 2017 - 60
World Grain - December 2017 - 61
World Grain - December 2017 - 62
World Grain - December 2017 - 63
World Grain - December 2017 - FEATURE - WAITING on a supply shock
World Grain - December 2017 - 65
World Grain - December 2017 - 66
World Grain - December 2017 - 67
World Grain - December 2017 - 68
World Grain - December 2017 - 69
World Grain - December 2017 - FEATURE - ORGANIC INDUSTRY FACES INFRASTRUCTURE CHALLENGES
World Grain - December 2017 - 71
World Grain - December 2017 - 72
World Grain - December 2017 - 73
World Grain - December 2017 - 74
World Grain - December 2017 - 75
World Grain - December 2017 - FEATURE - PROTECTING stored products from pests
World Grain - December 2017 - 77
World Grain - December 2017 - 78
World Grain - December 2017 - 79
World Grain - December 2017 - SUPPLIER NEWS
World Grain - December 2017 - 81
World Grain - December 2017 - 82
World Grain - December 2017 - 83
World Grain - December 2017 - 84
World Grain - December 2017 - 85
World Grain - December 2017 - PRODUCT SHOWCASE
World Grain - December 2017 - 87
World Grain - December 2017 - 88
World Grain - December 2017 - WORLD GRAIN ARCHIVE
World Grain - December 2017 - ADVERTISER INDEX/Reader Information Form International Faxback Program
World Grain - December 2017 - 91
World Grain - December 2017 - 92
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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