Food Business News - Sep 28, 2010 - (Page 1)

September 28, 2010 FOODBUSINESS NEWS NEWS, MARKETS AND ANALYSIS FOR THE FOOD PROCESSING INDUSTRY Food safety legislation in limbo WASHINGTON - Owners of Wright County Egg and Hillandale Farms, the two Iowa egg farms connected to the recent outbreak of Salmonella enteritidis, were lambasted during a House subcommittee hearing on Sept. 22. But the outbreak that sickened more than 1,600 persons and resulted in the recall of more than a half-billion eggs failed to move the Senate to pass its food safety bill before Congress was scheduled to recess for the midterm elections. Austin DeCoster, owner of Wright County Egg, and his son, Peter, who manages the Wright County Egg business, and Orland Bethel, president, Hillandale Farms of Iowa, were roundly criticized Continued on Page 24 Story on Page 28 INSIDE Wheyy into the mainstream main Not long ago people who worked to promote dairy ingredients worried about whey. They knew whey, a byproduct of cheese making, was an excellent protein source, but they worried consumers would not accept it. What little consumers new of the ingredient stemmed from references in nursery rhymes and perhaps its use as a component of animal feed. Fast forward a few years and athletes have grown aware of the types and Continued on Page 33 Fall rain slows Midwest harvest Waning U.S. corn yields, Canadian freeze add to world grain concerns KANSAS CITY - In August it was Russia's ban on grain exports that sent prices, mainly wheat futures, soaring. In September it appears to be falling U.S. corn yields, with harvest hampered by excessive moisture in the Midwest, and a freeze across much of Canada's Prairie Provinces that have stimulated prices. Last week's markets also were boosted by dryness in some South American soybean growing areas and a freeze in parts of China's corn growing region, added to the well-established severe drought across parts of the former Soviet Union. Europe has had problems, as well, ranging from too wet to too dry, and dryness in Australia was threatening what was forecast to be the largest wheat crop in five years. While not the severity of 2008 when low stock levels and global weather issues sent grain and oilseed prices to record highs, the numerous and widespread adversities certainly have spurred global demand for U.S. supply. Domestic and global weather concerns pushed corn futures prices to near or above $5 a bu through September 2011 and soybeans to near or above $11 for the same period. Wheat futures were mostly in the mid-$7 a bu and above range. All were at levels few in the trade were expecting just a couple of months ago. Corn and soybean values were especially surprising given prices traditionally succumb to harvest pressure in September, and record large Continued on Page 23

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Food Business News - Sep 28, 2010