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Digital Re-print - January| February 2011
  Globalfeed markets - January | February 2011



    Grain & Feed Milling Technology is published six times a year by Perendale Publishers Ltd of the United Kingdom.
    All data is published in good faith, based on information received, and while every care is taken to prevent inaccuracies,
    the publishers accept no liability for any errors or omissions or for the consequences of action taken on the basis of
    information published.
    ©Copyright 2010 Perendale Publishers Ltd. All rights reserved. No part of this publication may be reproduced in any form
    or by any means without prior permission of the copyright owner. Printed by Perendale Publishers Ltd. ISSN: 1466-3872




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FEATURE




                                      GLOBAL
                                                                                                                                                                                                                                         Shangdong Yingchun
                                                                                                                                                                                                            Steel Silo Manufacturing
                                                                                                                                                                                                                           Heat Recovery Dryer



                                       GRAIN & FEED MARKETS
                                            Every issue GFMT’s market analyst John Buckley reviews
                                          world trading conditions which are impacting the full range of
                                        commodities used in food and feed production. His observations                                               and excellent after sales service.
                                                                                                                                                                                                                                         Up to    30%
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                                                       will influence your decision-making.                                                          We will stick to our tenet of “Quality first, credit uppermost, customer guided, common
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   A wet harvest in                Anxiety resurfaces over rising                                                                                                                                                                                   way of preserving grain quality.


   Eastern Australia             cereal costs & food price inflation
    reignited bullish



                               L
                                         AST ISSUE we noted 2010 had been an           by these cost increases – especially in the fastest       Shandong Yingchun Steel Silo Manufacturing Co., Ltd.
 sentiment as 2010                       unlucky year for crop weather. Now            growth markets like China. Indeed food demand             Address: No.101, Beiyi Road, Dongying City, Shandong Province
                                         2011seems to be starting in the same          for some commodities, like vegetable oils, seems to       Tel: +86 546 8313068
     drew to a close                     vein with record floods spoiling east         be growing even faster now than fuel consumption.         Email: ycgbc@silo86.com
                               Australian wheat harvest quality and a ‘La Nina’-          In the past month the UN Food & Agriculture
 and has remained              linked drought threatening Argentine maize and          Organisation has also reported its food price index                                                                                               TORNUM AB Box 100, SE-535 22 Kvänum, SwEdEn
                               soya output.                                            at record levels - back in what it terms “danger                                                                                                  Phone +46 (0)512–291 00 E-mail: info@tornum.com
          a supportive            US 2011 crop prospects may also have been            territory.” The index, which tracks a basket of                                                                                                                                   www.tornum.com
                               compromised by a persistent drought since               cereal, oilseed, dairy, meat & sugar prices, has
  factor in January.           sowing time affecting much of its hard red winter       risen for six months running. The FAO thinks the
                                                                                                                                                Wenger_Ad_2010_210x147mm           5/24/10    9:37 AM   Page 1
                                                                                                                                                Mog65th#5 GFM02 Conveying 132x90:GFMT 132x90 27/01/2011 16:24 Pag
                                                                                                                                                 Shangdong.indd 1                                                                                                               01/06/2010 11:35
                               wheat – the main export component for this,             situation is not yet as bad as in 2008 when rocketing
      Early forecasts          the world’s largest wheat exporter. A much-             food costs, led by cereals, caused riots in many

     that 40/60% of
                               needed Russian crop recovery from last year’s
                               devastating heatwaves and droughts is still fraught
                               with uncertainty after a shaky start amid lingering
                                                                                       developing countries. Wheat prices, in particular,
                                                                                       are still lower than then and production in poorer
                                                                                       countries is stronger, it points out. Yet, with the
                                                                                                                                                  MAKE SURE IT’S A…
                                                                                                                                                                                                                              Quality grain handling
    the (eastern, not          dryness. Europe east and west has meanwhile
                               seen one of the coldest winters for decades, if
                                                                                       latest set of weather problems, the FAO warns of
                                                                                       “room for prices to go much higher.” Expensive
                                                                                                                                                                                                                   innovation is our enduring to European DIN orsilos Standards
                                                                                                                                                                                                                                                   Chief
                                                                                                                                                                                                                           Chief dryers Supplied legacy. ASAE/ASTM
                                                                                                                                                  For all your CONVEYING
   total) crop might           with surprisingly few reports of frost damage so far.   cereals have, of course, already fed through to            and other vibratory
                                                                                                                                                                                                              SIZERS




                                                                                                                                                                                                                           VIVAsia 2011
                                  Capping these events, the US Department of           higher bread, pasta, meat and poultry costs.               equipment needs –
    be downgraded              Agriculture has just issued its final domestic crop        FAO officials have been reluctant to lay too much
                                                                                                                                                                                                                                                    Grain. It’swe've been help-
                                                                                                                                                                                                                                                    Since 1935, your business.
                                                                                                                                                  whether you’re                                                                                     ing customers solve problems
                               estimates for 2010, cutting production for maize        blame on speculators – “weather has been the big           specifying, purchasing                                                                            Which is why on opportuni-
                                                                                                                                                                                                                                                     and capitalize we never
from milling to feed           and soyabeans and lowering US stocks for the            trigger,” it says, although adding that speculators        or installing.
                                                                                                                                                                         FEEDERS
                                                                                                                                                                                                                                                     ties faced by their businesses.
                                                                                                                                                                                                                                                    underestimate the importance
                                                                                                                                                                                                        SEPARATORS
                               major grains and oilseeds.                              might be a factor in sustaining these prices. Yet
                                                                                                                                                                                                                                                    of how it is handled.
 were not what the                Just for good measure, bio-fuel looks likely to      anyone following the day-to-day market reports                                                                                                                Seventy-five years ago, a key

markets wanted to
                               compete harder still for food raw material supplies
                               amid rising crude oil prices and the New Year
                                                                                       from Chicago and European traders cannot
                                                                                       be unaware of the huge influence the ‘outside’
                                                                                                                                                       March 9 - 11, 2011                                                                           If you need a molasses with the
                                                                                                                                                                                                                                                     answer was a partner mixer.
                                                                                                                                                                                                                                                    expertise, technology and
                                                                                                                                                                                                                                                     Today, the solutions tend to




                                                                                                                                                                                                                                                                               Bangkok
                               passage of US legislation renewing/extending            investment community has – and will continue to                                      CONVEYORS
                                                                                                                                                                                                                                                    manufacturing methods to
                                                                                                                                                                                                                                                     be more technologically com-
hear in the wake of            subsidies for maize ethanol and soyabean bio-diesel.    have in the months ahead – on commodity prices.                                                                                                              ensurebut our founding
                                                                                                                                                                                                                                                     plex – that your storage plant
                                  If all that were not enough to get the bulls         Traditional fund speculators may not have piled into       Make sure it’s a…                                                                                  pledge remains unchanged.
                                                                                                                                                                                                                                                    is second-to-none in terms of
earlier crop quality           excited, strong demand for downstream grain             the wheat market but they have huge ‘long’ positions       MOGENSEN                                                                                          quality and processes, then
                               and oilseed products seems to be undeterred             in maize and soyabean futures, whose strength spills
                                                                                                                                                                                                                               Now distributing      At Wenger, we innovate to
   problems caused                                                                                                 over into wheat. Also, the     The first name in                                                      ViMarot rotary.viv
                                                                                                                                                                                                                            sit www .n trust        look no further.challenges.
                                                                                                                                                                                                                                                     solve customer
                                                                                                                                                                                                                                               e
                                                                                                                                                                                                                                             can t
                                                                                                                                                                                         SPREADERS
                                                                                                                   so-called index traders        processing & recycling
                                                                                                                                                                                                                           cleaners and You then we do itin Chief.
    by wet harvests                                                                                                – institutional investors       Mogensen
                                                                                                                                                       www.viv.net                                                     for more infor    And              again.

      in Canada and
                                                                                                                   looking for alternatives
                                                                                                                   to volatile stocks and
                                                                                                                                                         A Division of
                                                                                                                                                                   Grantham Engineering Ltd
                                                                                                                                                                                                                              spares     mation!
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               Germany                                                                                             built record positions in                       Lincolnshire NG31 7SF, UK             SCREENS

                                                                                                                   Chicago futures. These          Tel             +44 (0)1476 566301
                                                                                                                   participants are not (yet)              Bangkok, Thailand the new original since 1935.
                                                                                                                                                                           Inventing
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                                                                                                                                                   Fax                                  Presenting worldwide innovations and Tolleshunt Major
                                                                                                                                                                                                                Beckingham Business Park,
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                                                                                                                                                   E-mail  sales@mogensen.co.uk         numerous technical best Maldon, Essex CM9 8LZ, UK
                                                                                                                                                                                                                practices
                                                                                                                                                                                                                Tel +44 (0)1621 868944
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                                                                                                                                                                                                                                                    www.chief.co.uk

                                                                                                                                                 adv viv asia 210x147_aV2.indd 1                                                                                                   17-09-10 15:39
30 | January - february 2011                                                                           Grain &feed millinG technoloGy                         &
                                                                                                                                                              &
                                                                                                                                                       Grain feed millinG technoloGy
                                                                                                                                                      Grain feed millinG technoloGy
                                                                                                                                                      Grain feed millinG technoloGy                                                                              January - february 2011 | 5
                                                                                                                                                                                                                                                               January - february 2011 || 23
                                                                                                                                                                                                                                                               January - february 2011 31
I    Precise Discharge                                                                                                                                                        I   Tough & Flexible
subject to speculative limit regulations) but          unusually large, at 197m tonnes when the             possibly US) 2011 production. The main events
                                                                                                                                                                          Consistent profile shape assures uniform discharge                                                                         Injection molded polyethylene “gives” or “yields” to
their impact is often more profound, using their       season started and equal to about 29% of             influencing the supply outlook are listed in                        %
huge financial muscle to buy and hold paper            demand. These are still seen at a comfortable        the commodity sections below. Probably the                      75 ED
                                                                                                                                                                          characteristics over the entire bucket range.
                                                                                                                                                                                K
                                                                                                                                                                                                                                                                                                       bypass obstructions in your elevator, allowing the
stocks of grains and oilseeds for the long haul,
with potential to squeeze physical deliveries.
                                                       27.5% by the close of this season in mid-2011.
                                                       So, even after Russia’s much-publicised crop
                                                                                                            most important factors to watch, (assuming
                                                                                                            Latin American crops don’t get hammered                  I     B OO Fit
                                                                                                                                                                          Perfect
                                                                                                                                                                                                                                                                                                                   bucket to return to its original shape.

As we have recently seen in the cocoa market,          losses from drought and all the other world          by drought), will be spring and early summer
                                                                                                                                                                          Direct replacement of existing steel and plastic                                                                                                                 I   Unequaled Strength
when a speculative player obtains too large a          weather problems since, there is no outright         weather for northern hemisphere wheat
share of supply, prices can far exceed levels          shor tage of wheat. Nonetheless, millers             crops and the progress of US spring planting                  buckets. No modifications to your elevator                                                                                                     Thick walls and prime virgin engineered
that would be reasonably justified by supply/          around the globe are getting edgy about              campaigns for soya and maize. A lot of extra                  are needed.                                                                                                                                        resins provide exceptional strength.
demand fundamentals – though what goes                 availability of quality food wheat, especially of    US acres will undoubtedly come into play at
up, eventuallycomes down (as cocoa has since           hard bread-wheats in the months ahead, after         these high prices for all crops, maybe more
shown). So, while grain supply fundamentals            wet harvest problems in Europe, Canada – and         than the 10m or so touted recently by many               I    Profitable,                                                                                                                                                      I   I   Accurate & Reliable
                                                                                  now Australia too.        economists. Extra spring acres may also be
                                                                                     Wheat pr ices          drawn in for Canada, Europe and the former                    High-Speed                                                                                                                                                                  Capacity Ratings
                                                                                  have continued            Soviet Union for wheat, maize, barley and, in                 Handling                                                                                                                                                                                 Equal or greater
                                                                                  to r ise in recent        some cases, oilseeds. World wheat output                      Tested and proven                                                                                                                                                                               carrying
                                                                                  months (see char ts       will likely recover somewhat in 2011/12 but                                                                                                                                                                                                                capacity of
                                                                                  below), led by the        maybe not by enough to relax prices back
                                                                                                                                                                          designs allow a
                                                                                  bellwether Chicago        to pre-2010 levels – perhaps not such a bad                   direct, compact                                                                                                                                                                               equivalent
                                                                                  futures market which      thing if that assures farmers an income level                 discharge path for                                                                                                                                                                              size steel
                                                                                  recently tested the       that will keep adequate crops coming in the                   improved, high-speed                                                                                                                                                                             buckets.
                                                                                  two-year highs of last    following year. Coarse grain and oilseed output               performance.                                                                                                                                                                                   Rounded
                                                                                  summer (when Russia       will almost certainly rally too but however                                                                                                                                                                                                              front lip aids
                                                                                  announced its grain       well these crops perform there will be a need
                                                                                                                                                                                                                                                                                                                                                                       in filling of
                                                                                  expor t ban). Some        to start replenishing extremely low maize
                                                                                  analysts – again mainly   stocks – or risk another speculative feeding
                                                                                                                                                                     I   Increased Safety                                                                                                                                                                                  bucket.
                                                                                                                                                                                                                                                                                                                                                        ®
are certainly firm this season, it seems likely that   from the investment community, rather than           frenzy in 2011/12. Certainly the grain and feed     C
                                                                                                                                                                         Non-metallic materials eliminate
some of the recent strength in prices has been         commercial grain firms – think wheat prices          consuming world cannot afford any more                       the possibility of explosion-causing
exaggerated by over-exuberant bets from                could even return to the 2008 highs when             major problems on the weather front this            M

                                                                                                                                                                         sparking from bent and torn                                                                                                                                                        I   Cost Efficient
both of the above groups of ‘non-commercial            Chicago briefly nudged 13c/bu compared               year.
                                                                                                                                                                         steel buckets.                                                                                                                      Prime virgin resins give unsurpassed bucket life
                                                                                                                                                                Y

traders’ (or by their computer proxies which           with around $8 as we go to press. When                  Main commodity highlights since our last
are programmed to buy and sell electronically          speculators get involved and markets start           review
                                                                                                                                                               CM
                                                                                                                                                                                                                                                                                                                        for maximum return on investment.
when prices trigger so called price ‘stops.’)          to panic, anything is possible. However, this
                                                                                                                                                                         Ease of Installation
                                                                                                                                                               MY




                                                                                                            Wheat quality concerns build
                                                                                                                                                                     I
   ‘Outside’ investors have also been treating         scenario would probably require more unlucky                                                            CY

the markets to a whole raft of predictions             weather in first half 2011.                                                                                       Lighter weight aids in mounting buckets and
for 2011 and beyond, most of them bullish                 For maize the reduction in crop prospects            A wet harvest in Eastern Australia reignited
                                                                                                                                                               CMY
                                                                                                                                                                         reduces load on belt and running components.                                                                                          I   Ordered Today, Shipped Today
(surprise, surprise!). One again, economists           in recent months has been less severe, from          bullish sentiment as 2010 drew to a close and       K
                                                                                                                                                                         Nonmetallic materials eliminate hazardous sharp                                                                               900,000 buckets in stock worldwide in more than
are talking of food commodity prices moving            835m expected mid-2010 to about 816m                 has remained a supportive factor in January.
onto a permanently higher plain that reflects          this month – but again 20m tonnes below              Early forecasts that 40/60% of the (eastern,
                                                                                                                                                                         edges of steel buckets.                                                                                                       64 sizes, 12 styles & 6 materials for fast delivery.
the realities of the modern world – record             estimated demand. Maize has less carry-in            not total) crop might be downgraded from
populations, record living standards, finite land      stock than wheat to supplement a short crop          milling to feed were not what the markets
resources and production potential etc etc.            with a global stock/use ratio expected to drop       wanted to hear in the wake of earlier crop
These forecasts, many of them from relatively          from 18% at the start of this season to 15.2%        quality problems caused by wet harvests in                                                                                                                              STYLE SUPER EUROBUCKET ™ and STYLE CC-HD Polyethylene Elevator Buckets (pictured)
newer players in the commodity markets,                by the close (in September). In the US, the          Canada and Germany. Price strength was
seem to pay scant regard to the over-riding
impact of one year’s exceptionally poor
                                                       world’s largest maize supplier, that ratio is
                                                       far tighter.
                                                                                                            also encouraged by ongoing dryness in the
                                                                                                            US winter wheat belt, mainly affecting the                       How Tapco Buckets Make a World of Difference
                                                                                                                                                                                       in Your Elevator Facility
weather – a phenomenon that has occurred                  To these headline figures one must add            Central/Southern Plains hard red winter
in previous decades when funds were less               other coarse grains, led by barley, for which        wheat area. US crop condition ratings are
active in these markets.                               production is down from 150m tonnes in               low, indicating some loss of yield potential.
   A sense of proportion might be helped by            2009 to 125m – also about 15m tonnes below           Although there is still time for spring rains to             Only from Tapco, the two most popular                                    25% more capacity than the 8" buckets at a                                 Tapco elevator bolts have been specifically
recollecting where grain and oilseed markets           consumption – suggesting a like drawdown in          salvage a reasonable crop, there has been a lot                                                                                       very cost effective price.                                                 designed to work with nonmetallic buckets.
                                                                                                                                                                         bucket designs in the world!
were before the past year’s weather problems           barley stocks during 2010/11.                        of talk about farmers ploughing up poor stands
                                                                                                                                                                                                                                                  Wear and tear is a fact of life in many                                    To achieve the most secure assembly, use
struck. Earlier in 2010, world wheat production           Finally to soyabeans which, on paper at           to plant more lucrative corn and soyabean                    For North American style elevators: the
                                                                                                                                                                                                                                                  elevators. Tapco urethane buckets are known                                Tapco fanged elevator bolts and self-locking
was expected to reach 672m tonnes for the              least, had earlier looked                                                                                         classic CC-HD design. For European style
2010/11 season – well ahead of demand for              likely to be in relatively                                                                                                                                                                 for their exceptional wear characteristics.                                nuts. Tapco stocks over 14 million bolts
                                                                                                                                                                         elevators: the Super EuroBucket.
the third year running. Amid massive surplus           good supply af ter                                                                                                                                                                         Our nylon buckets are extremely strong,                                    in six styles. If you would
                                                                                                                                                                         Do you need more capacity? Consider the                                                                                                             like to improve your
stocks, all the talk in the early months of 2010       bigger crops across the                                                                                                                                                                    yet lightweight. If you are not using Tapco
was of where all this grain would go, how it           Americas. Strength in                                                                                             Tapco 8" and 9" CC-HD Super Capacity                                                                                                                elevator performance,
                                                                                                                                                                                                                                                  buckets, you are not getting the most out of                                                                         FLAT
was depressing wheat prices below the cost of          this sector also persists                                                                                         buckets. Our 9" projection cups provide                                                                                                             contact Tapco or visit                COUNTERSUNK
                                                                                                                                                                                                                                                  your elevator!                                                                                                       HEAD
production for many countries and threatening          due to the r apid                                                                                                                                                                                                                                                     www.tapcoinc.com.          FANGED HEAD Elevator Bolt
a contraction in future supply.                        depletion of US stocks                                                                                                                                                                                                                                                                                      Elevator Bolt
   A run of crop weather problems around               (thank s to record
the globe has since reduced the crop to about          Chinese demand) and
645m – about 20m below consumption needs.              uncer t ainties over                                                                                                                                                              ELEVATOR BUCKETS - ELEVATOR BOLTS
Yet carryover stocks from past years are still         Latin American (and
                                                                                                                                                                                                                                                 Please ContactLouis, Missouri U.S.A.
                                                                                                                                                                                                                                                           St. Us Today For More Information!!
                                                                                                                                                                              Tel.: +1 314 739 9191                     •      +1 800 AT-TAPCO (PT. Napindo Media Ashatama
                                                                                                                                                                                                                                                +1 800 288 2726) •                                         Fax: +1 314 739 5880                        •        www.tapcoinc.com
                                                                                                                                                                                                                         Jl. Kelapa Sawit XIV Blok M1 No 10 Kompleks Billy & Moon, Pondok Kelapa Jakarta 13450, Indonesia
                                                                                                                                                                         The color blue, when used in connection with elevator buckets, is a U.S.62-21 8650962, 8644756/85, Fax: 62-21 8650963, E-mail:Tapco Inc. © 2010 Tapco Inc.® All rights reserved.
                                                                                                                                                                                                                                  Phone: registered trademark owned by Tapco Inc. Super EuroBucket ™ is a registered trademark of info@indolivestock.com
32 | January - february 2011                                                                                        Grain &feed millinG technoloGy
Innovative extrusion processes without limits. Buhler is the global technology
                                                                                                                                                               partner for companies producing breakfast cereals, snack foods, or food ingre-
  crops. The US needs a decent HRW crop to              somewhat by upward revisions to Argentina’s        be needed from now on though and, even if
  keep up with world demand which has risen             crop, now seen around 15m tonnes by local          that transpires, prices at the close of 2011 will
                                                                                                                                                               dients on a commercial scale. With its extensive extrusion know-how and its
  strongly for this variety in first half 2010/11
  season on the back of shortages and higher
                                                        analysts compared with 11m last year. Larger
                                                        export supplies from this source have been
                                                                                                           probably manage to get only halfway back to
                                                                                                           their 2010 lows at best.
                                                                                                                                                               passion for customized solutions, Buhler is always in a position to generate
  prices for other hard bread wheats. On                figuring in a number of recent import tenders.
                                                                                                                                                               added value and success for any product idea. Buhler offers an integral range
  the plus side the US has sown almost 10%                 Australia crop estimates have also risen
                                                                                                           KEY WHEAT FACTORS IN THE
  more winter wheat in total this year than last        since latter 2010 with the popular figure                                                              of products and services for all process stages – from correct raw material
  (although less HRW than expected earlier).            around 25m tonnes – one of its largest crops       MONTHS AHEAD
  HRW export prices have recently reflected             ever. If, as some observers think, some of                                                             handling, cooking and shaping through extrusion to drying of the extruded
  these events, rising to a new 2½-year peak of         the downgraded milling wheat may yet be fit        • Spring/summer weather for winter-sown
  $327 at US Gulf ports, exactly double what            for blending in food rather than feed outlets,       crops in the EU, N America, former Soviet         products. And this for all market segments – from breakfast cereals and snack
  importers could have bought it for in mid-2010.       Australia may be far from written off as a force     Union
  US hard red spring bread wheat prices have            in the global milling wheat export markets (It     • Spring wheat planting results in the above        foods to modified flours and starches, texturised proteins, or vitaminised rice.
                                                                        too has been quite prominent       • Level of increased wheat feeding globally to
                                                                        in recent big tenders, keeping       make up for tighter maize and barley              In short: extrusion processes without limits.
                                                                        other suppliers from hoisting      • Speculative activity in wheat futures linked
                                                                        prices too quickly).                 to the $ exchange rate, macro economic
                                                                           Russia, as expected has           pointers, media spotlight on world food/          Bühler AG, Pasta & Extruded Products, CH-9240 Uzwil, Switzerland, T +41 71 955 11 11, F +41 71 955 35 82
                                                                        stayed out of the market and         inflation issues                                  extrusion@buhlergroup.com, www.buhlergroup.com/extrusion
                                                                        made various noises about          • Importers’ willingness to ‘de-stock’ and hold
                                                                        keeping its options open for         out for possibly cheaper new crop wheat
                                                                        a more prolonged absence
                                                                        depending on this year’s crop
                                                                        weather. It will also plant more
                                                                                                           Screws tighten further on maize
                                                                        spring wheat, which yields            US maize prices jumped to 30-month highs
                                                                        less but can be higher quality.    in January after the USDA reduced its final US
  also jumped to a new high of $423/tonne – a           Ukraine has planted more winter wheat. The         2010 crop estimate from 318.5m to 316.2m
  54% increase from last year’s lows with similar       other big regional exporter Kazakshstan is an      tonnes – still the third largest harvest ever
  grade Canadian CWRS prices advancing at a             unknown quantity at this stage but, along with     but well short of this season’s combined US
  similar pace.                                         the region as a whole, might be expected to        domestic and export needs for 342m. The
     Despite Russia’s shortfall, ordinary soft          produce a much better crop in 2011 if the          resultant cut in forecast US ending stocks –
  milling wheats are not in bad supply and prices       weather normalizes. The success or otherwise       to 18.9m tonnes puts them at just 5.5% of
  of these have risen more slowly than those of         of former Soviet Union crops will, as always,      consumption – less than three week’s supply
  the hard wheats. However, this largest sector         be key to where the world wheat price sets         and the lowest level since the record-small
  of the market is still being pulled up from above     its floor next season.                             (5%) ratio of 1995/96. The USDA also cut
  by consumers seeking alternatives to tight,              Finally to the EU, which, apart from rain       its Argentine crop estimate by 1.5m to 23.5m
  more expensive quality wheat supplies and,            plagued Germany, survived last year’s weather      tonnes, reducing world total maize output
  pushed from below by increased substitution           challenges with a far better overall crop than     from December’s forecast 820.7m to 816m
  of wheat for short coarse supplies by the             anyone imagined in the drought-ridden              tonnes.
  animal feed sector.                                   summer. Plantings are up but not to the same          Although USDA also trimmed world maize
     The latest snapshot of world wheat                 extent as in the USA. Crops have survived a        consumption and imports slightly, this still
  production from the USDA was seen mildly              harsh winter well so far and harvests should       knocks another 3m tonnes off this season’s
                                                                        increase next summer. The big      carry-out stocks at 127m tonnes – about 20m
                                                                        issue at this stage, however, is   less than last year’s.
                                                                        the hectic pace of exports to         Questions dominating US – and global –
                                                                        capitalize on these high world     maize market in the New Year all revolve
                                                                        prices, especially from France     around cost. Has the price risen far enough
                                                                        and the UK, where supplies         yet to reflect these fundamentals, to ration
                                                                        risk running very low before       demand at a sustainable level, and to ‘buy’
                                                                        the next harvest. This may lead    the necessary acres to grow an adequate crop
                                                                        to some late season price blips    in 2011?
                                                                        and more intra-EU trade to fill       The answer to the first question depends
                                                                        gaps, or even more imports         on the other two. Certainly import demand
                                                                        from non-EU countries. Along       for US maize has drifted down after prices
  bullish by the markets as the Department              with the chronic weakness of the Euro and          almost doubled in second half 2011 although
  lowered its US wheat stocks estimate to               the constant bursts of strength in Chicago         the seasonal forecast for US exports remains
  reflect a further shift in world import demand        futures markets, this has recently pushed EU       close to 2009/10’s 50m tonnes. US demand
  to the top supplier. However, US stocks by the        wheat futures prices to their highest levels       on the other hand is still forecast 10m tonnes
  next harvest (starting in May in the southern         since March 2008.                                  higher this season than last, mostly due to
  states) will still be huge at over 22m tonnes.           For ward Chicago futures suggest an             higher ethanol usage and a smaller gain in feed.
  So, even if the US crop is a little mediocre, it      eventual 10 % premium on new crop                  World maize demand in total is forecast 23.5m
  should still have one of its largest total supplies   wheat but with decent weather, such ‘price         tonnes higher. Like the US, China is expected
  of recent years.                                      revelation’ predictions could be swept away        to use about 10m tonnes more, the rest of
     Markets have also been comfor ted                  – as they were in 2008. Good weather will          the gain demand spread among many smaller
                                                                                                                                                               The solution behind the solution.

34 | January - february 2011                                                                                     Grain  &feed millinG technoloGy
News             January - February 2011
                                                                                                                                                                       News             January - February 2011
                                                                                                                                                                                                                                                        NEWS
                                                                                                                                                                                                                                                                                                      NEWS



                                                                                                                         4B Braime Elevator Hubbard Feeds Named 2010 Feed Mill of the Year
                                                                                                                         Components opens                                        H
                                                                          much the US sows before             drought reducing prospects for a much-                                        ubbard Feeds of Bismarck, North      efficiently manage Cargill’s 34 production
                                                                          backing these bullish speculative   needed bumper harvest in Argentina. Early                                     Dakota, is the 2010 Feed Mill        employees. Safety, customer service and
                                                                          scenarios with higher prices.       forecasts of a possible 54/56m tonne crop –                                   of the Year, according to the        equipment improvement are among the
                                                                              While the biggest exporter
                                                                          of maize, the US is not the
                                                                          only factor. Argentina’s crop
                                                                                                                          new subsidiary in
                                                                                                              in line with last year’s record – have given way
                                                                                                              to a much lower range of 42/50m recently.
                                                                                                              Some timely rains might yet make all the
                                                                                                                                                                                  American Feed Industry Association and
                                                                                                                                                                                  Feedstuffs, the sponsors of the annual
                                                                                                                                                                                  contest. The runner-up is Cargill’s animal
                                                                                                                                                                                                                                 qualities ranking Cargill near the top.
                                                                                                                                                                                                                                 Cargill Animal Nutrition supplies feed
                                                                                                                                                                                                                                 products throughout the region, with


                                                                                                                               Australia
                                                                          is suffering drought and            difference but as we go to press the possibility                    nutrition facility in Giddings, Texas.         a 300-mile marketing radius in South
                                                                          heatwaves that could trim           has to be penciled in that Argentina’s domestic                                                                    Central Texas and Mexico. The plant
                                                                          output well below the most          and export customers will see anything up                           The Peavy Company built the winning            produces beef feed products, horse
                                                                          recent USDA forecast of             to 8m tonnes less in meal equivalent than                           plant in 1977. In 1983, it was purchased       products, poultry products, deer and
                                                                          23.5m tonnes, perhaps to            budgeted for earlier. Soya prices have also                         by Northwestern Supply and renamed             other game products. The product mix is
                                                                          under 20m or about 5m less          reacted to the dwindling supply in the USA                          Heartland, Inc Hubbard Feeds entered           70 percent bagged products and includes
                                                                          than expected two months            - even after last year’s near record 90.6m                          into a joint venture in 1993, before           pellets, meal, minerals, textured feeds,
                                                                          ago. The world market needed        tonne harvest there. Traders blame a massive                        purchasing the plant in 2003.                  processed grains and pressed blocks.
                                                                          that supply and may have to         expansion in Chinese demand, accelerating in                        AFIA’s Safe Feed/Safe Food Certification       The annual Feed Mill of the Year award
                                                                          buy more from the US instead.       the last few months as Argentina’s weather                          Program and the Hazard Analysis and            recognizes overall excellence in feed
                                                                          On the other hand, Brazil,          problems raised the possibility of a smaller                        Critical Control Points system certify         manufacturing operations. Increased
                                                                          another leading expor ter,          than expected global supply. At the last                            Hubbard Feeds.                                 safety, quality, regulatory compliance,
                                                                          has a good crop – probably          count, China was expected to import 57m                              Randy Amelsberg has managed the plant         operating efficiencies and overall industry
                                                                          2m more than USDA’s                 tonnes of whole soyabeans from all sources                          for the last seven of his 30 years at this     awareness of food safety are among the
                                                                          forecast 51m tonnes – plus          in 2010/11 against last year’s 50.3m and a                          location. Among the employees keeping          criteria reviewed for each applicant.
                                                                          comfortable stocks which it         mere 28m just four years ago. Demanding                             the running at maximum efficiency,             “The quality of this year’s candidates was
                                                                          might be tempted to sell            some restraint from soya suppliers, however,                        include seven production employees,            quite impressive as was their dedication
                                                                          abroad at these prices (bearing     second largest supplier Brazil still expects                        a truck driver, t wo super visor y             to quality control and safety standards,”


                                                                                                                  4
                                                                          in mind too that Brazil’s own       another mammoth crop, probably close to
                                                                                                                           B Braime, leading supplier                             employees, one plant superintendent,           said Keith Epperson, vice president of
                                                                          consumption is expanding –          last year’sof elevator and conveyor should
                                                                                                                             record 69m tonnes, and                               a grain merchandiser and three clerical        manufacturing and training for AFIA. He said
                                                                          up 7m tonnes in the last four       manage large exports has both soyabeans
                                                                                                                           components, of created                                 employees. The mill had no lost time and       this year’s winning mill stood out because
                                                                          years alone).                       and a newUS soyabean prices have risen by
                                                                                                                    meal. operation especially for                                zero accidents since 2006.                     there is a “clear commitment from every
                                                                              Traders are also anxiously      about 12% since ourmarket. The about
                                                                                                                    the Australian last review and                                Hubbard Feeds manufactures                     employee to produce a safe, quality product
                                                                          watching China where the state      40%new subsidiary, 4B Australia,
                                                                                                                      from last summer’s lows. European                           approximately 24,100 tons of feed,             for the customers of Hubbard Mills.”
                                                                          continues to auction off maize      prices have in Brisbane, was officially
                                                                                                                    located had a bigger boost because of                         annually. The plant has a total of 103         Over 75 feed facilities competed for this
                                                                          reserves to keep feed costs and           incorporated on the US dollar. Australia, 4B Braime is aiming feed bins, with approximately
                                                                                                              the weak euro versus1st December Other                              grain and                                      year’s award. “The number of facilities
                                                                          inflation under control. There            2010 and crops fully operational, to provide a first class technical total bushel storage. Feed
                                                                                                              meal-bearing is now – about from groundnut                          400,000                                        increased again this year,” said Epperson.
                                                                          is widespread skepticism over       and cottonseed meals – of Managing support and after sales serviceis tested twice a year and scales
                                                                                                                    under the leadership    failed to grow their                  volume                                         “I believe this is due in part to the fact
  users. If price-rationing is taking place, then, it   China’s own buoyant crop estimates and with           supplies last year, putting most of the to its local customerare calibrated once a year.
                                                                                                                    Director Paul Dennis, former onus                              base, a                                       that each facility that applies receives
  is slowing rather than stopping demand growth         feed consumption growing fast there too, the          on soyabeans to meet expanding woirld which 4B feelThevital, produces 90 percent of pellets,
                                                                                                                    Product Development Manager service                            is plant                                      important feedback in the way of bench-
  (2009/10 saw world consumption expand by              possibility that it will need to buy millions of      demand (a lot Dunlop cotton/groundnut
                                                                                                                    at Fenner of the Conveyor particularly for its electronics    with textured and meal comprising the          marking information. Comparing their
  30m tonnes).                                          tonnes from the US this year remains a real one       mealServices.
                                                                                                                      is consumed in country of origin).range.
                                                                                                                                                            The                   last 10 percent. The majority of feed is       own mill to others in the industry gives
      This year’s US maize plantings are expected       for 2011.                                                                                                                 bulk, representing 78 percent of capacity,
                                                                                                              2010/11 oilseed marketing season did at4B Australia’s mother company,
                                                                                                                                                           least                                                                 managers a way to focus on the areas
  by some private analysts to increase by about            In Europe itself, last year’s smaller maize crop   start4B Australia has been created oilseeds
                                                                                                                      with large carryover stocks of 4B Braime, celebrated its    while bagged feed totals 22 percent. The       where they may have scored low so they
  5m acres, maybe more which, with perfect              undershot demand by about 3.4m tonnes but             – about 14m more than the year before. anniversary in 2008
                                                                                                                    owing to the importance of 120th                              largest volumes produced are for beef,         can make improvements.”
  weather, could deliver, say, 340/350m tonnes          this has been offset by raising imports and           These will only be drawncompany’s and has been a pioneer of the wild bird. Hubbard serves 94
                                                                                                                    the region in the        down by about 5%                     dairy and                                      Selection of the top plant starts with an
  – enough to expand domestic and export                cutting exports. Even so, European maize prices,            growth plans. 4B Braime has material handling industry, of dealers and six percent of
                                                                                                              by the end of the marketing year. However,                          percent                                        online application process and concludes
  demand by 25m to 30m tonnes without taking            as measured on the Paris futures exchange, have       any surpluses may be in keen demand introducing the first seamless
                                                                                                                    been serving customers in if the                              retailers.                                     with personal visits to the top sites by
  stocks lower still. However, there are wild           been even firmer than those of wheat, reaching        Argentine crop deteriorates further steel elevator bucketSafety in important to Hubbard Feeds.
                                                                                                                    the area for many years, and           and/                    back is                                       an inspection team from AFIA and
  cards. Maize is under fierce competition for          three-year highs in mid-January.                      or the US fails to sow enough soyabeans With the world’s largesthas a safety committee, a written
                                                                                                                    4B components have become 1909.                               The mill                                       Feedstuffs. Final selection is based on a
  land from soyabeans which have risen just                                                                   this an integral is also of many range of elevator and conveyor
                                                                                                                    spring. There par t some uncertainty                          safety program that includes self-inspection   combined scoring of the application and
  as sharply in value over the past few months
  and require less fertilizer (costs of which are
                                                        MAIZE FACTORS TO WATCH                                about rapeseed output, which could components, 4B Braime’s compliance, and mandatory
                                                                                                                    processing facilities.                 have                   for OSHA
                                                                                                                    From elevator buckets and material handling division has safety training meetings.
                                                                                                              been expanded for 2011/12 but has faced stiff                       employee
                                                                                                                                                                                                                                 personal visit.
                                                                                                                                                                                                                                 Additional details on the 2010 Feed Mill
  rising). The extension of ethanol blending            • US spring planted area & weather                    competition from expensive winter wheat. field in elevator bucket Feeds is also active in the
                                                                                                                    bolts through to complete led the                             Hubbard                                        of the Year and the runner-up will be in
  credits in the US and the highest crude oil           • Competition from feed wheat, especially             Forward futures prices suggest soyabeans and manufacture by
                                                                                                                    hazard monitoring systems design                              community, sponsoring and donating to          a future issue of Feedstuffs. Visit www.
  prices for two years have also firmed ethanol           from Australia’s weather damaged crop                                                                                   several causes.
                                                                                                              – and thus other oilseed – costs will supplying the highest of quality
                                                                                                                    for elevators and conveyors,           ease                                                                  feedstuffs.com to learn more.
  prices and could stimulate greater use than           • Will China grow enough maize to meet its                  such into latter 2011 but Elite components. 4B Braime’sanimal nutrition mill in Giddings,
                                                                                                              somewhatas 4B’s Watchdogonly if a decent                            Cargill’s                                      The winner of the 2009 contest was a
  the markets have budgeted for. US livestock             own demand – or have to import?                           system, 4B components are electronic division specializes in the runner-up of the 2010
                                                                                                              world crop comes through. More should be                            Texas, is                                      Southern States feed mill in Cleveland,
  prices are also strong, supporting higher feed        • How quickly will the global economy/world           known on the outlook for soya,many level controls, electricFeed Mill of the Year contest. The mill
                                                                                                                    the preferred choice of rapeseed and                           sensors                                       North Carolina. The runner-up mill in
  costs and – especially if the US/global economy         livestock feed demand recover?                      sunflower meal supplies by our next issue. safety control systems that won the award in 1991 and
                                                                                                                    equipment manufacturers, and                                  previously                                     last year’s contest was Cargill’s Value
  does improve this year – possibly pointing to         • How will US ethanol demand evolve?                        p l a n t e n g i n e e r s a n d prevent costly downtime and it was named runner-up in
                                                                                                                                                                                  2006, and                                      Added Meats turkey production plant in
  a greater expansion in feed use next season.
      Some analysts think these factors could push
                                                        • Speculative activity in futures, as with wheat
                                                          above
                                                                                                              OILMEAL FACTORS TO WATCH
                                                                                                                    contractors.                                                  1989.
                                                                                                                                                          reduce the risks of explosions
                                                                                                                    With its range of components, in hazardous areas. Cargill’s Giddings mill is certified by both
                                                                                                                                                                                                                                 Harrisonburg, VA.

  maize prices up from the present $6/6.50 per                                                                • Argentine soyaacrop weather of
                                                                                                                    4B serves large range                                         the Hazard Analysis and Critical Control       More   inforMation:
  bushel towards $8 – a rise that would certainly
  impact on corn, other feed grain and wheat
                                                        Oilmeal costs rise with soyabeans                     • USn d u s t r i intentions i(Apr/May)
                                                                                                                    i planting e s r a n g n g f r o m for More inforMation:
                                                                                                              • Nor thern Hemisphere rapeseed Paul Dennis
                                                                                                                    agricultur al to industrial             and
                                                                                                                                                                                  Points system and AFIA’s Safe Feed/Safe
                                                                                                                                                                                  Food Certification Program.
                                                                                                                                                                                                                                 Leslie Malone
                                                                                                                                                                                                                                 AFIA
  values in the world at large, including Europe.         The highest soyabean prices since early                sunflower cropmining and heavy 4B Australia
                                                                                                                    through to outlooks                                           Cargill Animal Nutrition Plant Manager         2101 Wilson Blvd, Suite 916, Arlington
  However, markets must wait and see just how           2008 have followed news of a prolonged                • Chinese demand
                                                                                                                    duty industries.                                              Byron Sommerlatte, who has managed the
                                                                                                                                                            Email: pdennis@go4b.com                                              VA 22201, USA
                                                                                                                    With its local presence in              Website: www.go4b.com Giddings facility since 1988, taps his more     Tel: +1 703 5240810
                                                                                                                                                                                  than 30 years of industry experience to         Email: lmalone@afia.org

                                                                                                                         &
                                                                                                                  Grain feed millinG technoloGy                                                                                             January - february 2011 | 11
36 | January - february 2011                                                                                              &
                                                                                                                   Grain feed millinG technoloGy                                  Grain &feed millinG technoloGy                                                                          January - february 2011 | 17
                                                                                                                                                                                          Belting Half Page FLT.indd 1                                              20/01/2011 13:18:54
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Globalfeed markets - January | February 2011

  • 1. Digital Re-print - January| February 2011 Globalfeed markets - January | February 2011 Grain & Feed Milling Technology is published six times a year by Perendale Publishers Ltd of the United Kingdom. All data is published in good faith, based on information received, and while every care is taken to prevent inaccuracies, the publishers accept no liability for any errors or omissions or for the consequences of action taken on the basis of information published. ©Copyright 2010 Perendale Publishers Ltd. All rights reserved. No part of this publication may be reproduced in any form or by any means without prior permission of the copyright owner. Printed by Perendale Publishers Ltd. ISSN: 1466-3872 www.gfmt.co.uk NEXT PAGE
  • 2. FEATURE GLOBAL Shangdong Yingchun Steel Silo Manufacturing Heat Recovery Dryer GRAIN & FEED MARKETS Every issue GFMT’s market analyst John Buckley reviews world trading conditions which are impacting the full range of commodities used in food and feed production. His observations and excellent after sales service. Up to 30% TRUTH - INNOVATION - PURSUIT OF EXCELLENCE - QUALITY - PEOPLE ORIENTED - PROFOUND KNOWLEDGE “With over 50 years of experience in the industry, we have built a solid reputation for “Yingchun”. Energy Savings This reputation is based on our scientific management, advanced processing, strict quality control will influence your decision-making. We will stick to our tenet of “Quality first, credit uppermost, customer guided, common With our Heat Recovery Dryer you get the development” and provide the best products and services for you” lowest energy consumption on the market. TORNUM Grain Coolers – The eco-friendly A wet harvest in Anxiety resurfaces over rising way of preserving grain quality. Eastern Australia cereal costs & food price inflation reignited bullish L AST ISSUE we noted 2010 had been an by these cost increases – especially in the fastest Shandong Yingchun Steel Silo Manufacturing Co., Ltd. sentiment as 2010 unlucky year for crop weather. Now growth markets like China. Indeed food demand Address: No.101, Beiyi Road, Dongying City, Shandong Province 2011seems to be starting in the same for some commodities, like vegetable oils, seems to Tel: +86 546 8313068 drew to a close vein with record floods spoiling east be growing even faster now than fuel consumption. Email: ycgbc@silo86.com Australian wheat harvest quality and a ‘La Nina’- In the past month the UN Food & Agriculture and has remained linked drought threatening Argentine maize and Organisation has also reported its food price index TORNUM AB Box 100, SE-535 22 Kvänum, SwEdEn soya output. at record levels - back in what it terms “danger Phone +46 (0)512–291 00 E-mail: info@tornum.com a supportive US 2011 crop prospects may also have been territory.” The index, which tracks a basket of www.tornum.com compromised by a persistent drought since cereal, oilseed, dairy, meat & sugar prices, has factor in January. sowing time affecting much of its hard red winter risen for six months running. The FAO thinks the Wenger_Ad_2010_210x147mm 5/24/10 9:37 AM Page 1 Mog65th#5 GFM02 Conveying 132x90:GFMT 132x90 27/01/2011 16:24 Pag Shangdong.indd 1 01/06/2010 11:35 wheat – the main export component for this, situation is not yet as bad as in 2008 when rocketing Early forecasts the world’s largest wheat exporter. A much- food costs, led by cereals, caused riots in many that 40/60% of needed Russian crop recovery from last year’s devastating heatwaves and droughts is still fraught with uncertainty after a shaky start amid lingering developing countries. Wheat prices, in particular, are still lower than then and production in poorer countries is stronger, it points out. Yet, with the MAKE SURE IT’S A… Quality grain handling the (eastern, not dryness. Europe east and west has meanwhile seen one of the coldest winters for decades, if latest set of weather problems, the FAO warns of “room for prices to go much higher.” Expensive innovation is our enduring to European DIN orsilos Standards Chief Chief dryers Supplied legacy. ASAE/ASTM For all your CONVEYING total) crop might with surprisingly few reports of frost damage so far. cereals have, of course, already fed through to and other vibratory SIZERS VIVAsia 2011 Capping these events, the US Department of higher bread, pasta, meat and poultry costs. equipment needs – be downgraded Agriculture has just issued its final domestic crop FAO officials have been reluctant to lay too much Grain. It’swe've been help- Since 1935, your business. whether you’re ing customers solve problems estimates for 2010, cutting production for maize blame on speculators – “weather has been the big specifying, purchasing Which is why on opportuni- and capitalize we never from milling to feed and soyabeans and lowering US stocks for the trigger,” it says, although adding that speculators or installing. FEEDERS ties faced by their businesses. underestimate the importance SEPARATORS major grains and oilseeds. might be a factor in sustaining these prices. Yet of how it is handled. were not what the Just for good measure, bio-fuel looks likely to anyone following the day-to-day market reports Seventy-five years ago, a key markets wanted to compete harder still for food raw material supplies amid rising crude oil prices and the New Year from Chicago and European traders cannot be unaware of the huge influence the ‘outside’ March 9 - 11, 2011 If you need a molasses with the answer was a partner mixer. expertise, technology and Today, the solutions tend to Bangkok passage of US legislation renewing/extending investment community has – and will continue to CONVEYORS manufacturing methods to be more technologically com- hear in the wake of subsidies for maize ethanol and soyabean bio-diesel. have in the months ahead – on commodity prices. ensurebut our founding plex – that your storage plant If all that were not enough to get the bulls Traditional fund speculators may not have piled into Make sure it’s a… pledge remains unchanged. is second-to-none in terms of earlier crop quality excited, strong demand for downstream grain the wheat market but they have huge ‘long’ positions MOGENSEN quality and processes, then and oilseed products seems to be undeterred in maize and soyabean futures, whose strength spills Now distributing At Wenger, we innovate to problems caused over into wheat. Also, the The first name in ViMarot rotary.viv sit www .n trust look no further.challenges. solve customer e can t SPREADERS so-called index traders processing & recycling cleaners and You then we do itin Chief. by wet harvests – institutional investors Mogensen www.viv.net for more infor And again. in Canada and looking for alternatives to volatile stocks and A Division of Grantham Engineering Ltd spares mation! shares – have recently Harlaxton Road, Grantham, Germany built record positions in Lincolnshire NG31 7SF, UK SCREENS Chicago futures. These Tel +44 (0)1476 566301 participants are not (yet) Bangkok, Thailand the new original since 1935. Inventing BITEC +44 (0)1476 590145 Fax Presenting worldwide innovations and Tolleshunt Major Beckingham Business Park, labelled speculators by the exchange authorities E-mail sales@mogensen.co.uk numerous technical best Maldon, Essex CM9 8LZ, UK practices Tel +44 (0)1621 868944 www.mogensen.co.uk SABETHA, KANSAS USACOMPACTORS 785-284-2133 INFO@WENGER.COM WWW.WENGER.COM (which would make them Fax +44 (0)1621 868955 USA BELGIUM TAIWAN BRASIL CHINA TURKEY sales@chief.co.uk E-mail www.chief.co.uk adv viv asia 210x147_aV2.indd 1 17-09-10 15:39 30 | January - february 2011 Grain &feed millinG technoloGy & & Grain feed millinG technoloGy Grain feed millinG technoloGy Grain feed millinG technoloGy January - february 2011 | 5 January - february 2011 || 23 January - february 2011 31
  • 3. I Precise Discharge I Tough & Flexible subject to speculative limit regulations) but unusually large, at 197m tonnes when the possibly US) 2011 production. The main events Consistent profile shape assures uniform discharge Injection molded polyethylene “gives” or “yields” to their impact is often more profound, using their season started and equal to about 29% of influencing the supply outlook are listed in % huge financial muscle to buy and hold paper demand. These are still seen at a comfortable the commodity sections below. Probably the 75 ED characteristics over the entire bucket range. K bypass obstructions in your elevator, allowing the stocks of grains and oilseeds for the long haul, with potential to squeeze physical deliveries. 27.5% by the close of this season in mid-2011. So, even after Russia’s much-publicised crop most important factors to watch, (assuming Latin American crops don’t get hammered I B OO Fit Perfect bucket to return to its original shape. As we have recently seen in the cocoa market, losses from drought and all the other world by drought), will be spring and early summer Direct replacement of existing steel and plastic I Unequaled Strength when a speculative player obtains too large a weather problems since, there is no outright weather for northern hemisphere wheat share of supply, prices can far exceed levels shor tage of wheat. Nonetheless, millers crops and the progress of US spring planting buckets. No modifications to your elevator Thick walls and prime virgin engineered that would be reasonably justified by supply/ around the globe are getting edgy about campaigns for soya and maize. A lot of extra are needed. resins provide exceptional strength. demand fundamentals – though what goes availability of quality food wheat, especially of US acres will undoubtedly come into play at up, eventuallycomes down (as cocoa has since hard bread-wheats in the months ahead, after these high prices for all crops, maybe more shown). So, while grain supply fundamentals wet harvest problems in Europe, Canada – and than the 10m or so touted recently by many I Profitable, I I Accurate & Reliable now Australia too. economists. Extra spring acres may also be Wheat pr ices drawn in for Canada, Europe and the former High-Speed Capacity Ratings have continued Soviet Union for wheat, maize, barley and, in Handling Equal or greater to r ise in recent some cases, oilseeds. World wheat output Tested and proven carrying months (see char ts will likely recover somewhat in 2011/12 but capacity of below), led by the maybe not by enough to relax prices back designs allow a bellwether Chicago to pre-2010 levels – perhaps not such a bad direct, compact equivalent futures market which thing if that assures farmers an income level discharge path for size steel recently tested the that will keep adequate crops coming in the improved, high-speed buckets. two-year highs of last following year. Coarse grain and oilseed output performance. Rounded summer (when Russia will almost certainly rally too but however front lip aids announced its grain well these crops perform there will be a need in filling of expor t ban). Some to start replenishing extremely low maize analysts – again mainly stocks – or risk another speculative feeding I Increased Safety bucket. ® are certainly firm this season, it seems likely that from the investment community, rather than frenzy in 2011/12. Certainly the grain and feed C Non-metallic materials eliminate some of the recent strength in prices has been commercial grain firms – think wheat prices consuming world cannot afford any more the possibility of explosion-causing exaggerated by over-exuberant bets from could even return to the 2008 highs when major problems on the weather front this M sparking from bent and torn I Cost Efficient both of the above groups of ‘non-commercial Chicago briefly nudged 13c/bu compared year. steel buckets. Prime virgin resins give unsurpassed bucket life Y traders’ (or by their computer proxies which with around $8 as we go to press. When Main commodity highlights since our last are programmed to buy and sell electronically speculators get involved and markets start review CM for maximum return on investment. when prices trigger so called price ‘stops.’) to panic, anything is possible. However, this Ease of Installation MY Wheat quality concerns build I ‘Outside’ investors have also been treating scenario would probably require more unlucky CY the markets to a whole raft of predictions weather in first half 2011. Lighter weight aids in mounting buckets and for 2011 and beyond, most of them bullish For maize the reduction in crop prospects A wet harvest in Eastern Australia reignited CMY reduces load on belt and running components. I Ordered Today, Shipped Today (surprise, surprise!). One again, economists in recent months has been less severe, from bullish sentiment as 2010 drew to a close and K Nonmetallic materials eliminate hazardous sharp 900,000 buckets in stock worldwide in more than are talking of food commodity prices moving 835m expected mid-2010 to about 816m has remained a supportive factor in January. onto a permanently higher plain that reflects this month – but again 20m tonnes below Early forecasts that 40/60% of the (eastern, edges of steel buckets. 64 sizes, 12 styles & 6 materials for fast delivery. the realities of the modern world – record estimated demand. Maize has less carry-in not total) crop might be downgraded from populations, record living standards, finite land stock than wheat to supplement a short crop milling to feed were not what the markets resources and production potential etc etc. with a global stock/use ratio expected to drop wanted to hear in the wake of earlier crop These forecasts, many of them from relatively from 18% at the start of this season to 15.2% quality problems caused by wet harvests in STYLE SUPER EUROBUCKET ™ and STYLE CC-HD Polyethylene Elevator Buckets (pictured) newer players in the commodity markets, by the close (in September). In the US, the Canada and Germany. Price strength was seem to pay scant regard to the over-riding impact of one year’s exceptionally poor world’s largest maize supplier, that ratio is far tighter. also encouraged by ongoing dryness in the US winter wheat belt, mainly affecting the How Tapco Buckets Make a World of Difference in Your Elevator Facility weather – a phenomenon that has occurred To these headline figures one must add Central/Southern Plains hard red winter in previous decades when funds were less other coarse grains, led by barley, for which wheat area. US crop condition ratings are active in these markets. production is down from 150m tonnes in low, indicating some loss of yield potential. A sense of proportion might be helped by 2009 to 125m – also about 15m tonnes below Although there is still time for spring rains to Only from Tapco, the two most popular 25% more capacity than the 8" buckets at a Tapco elevator bolts have been specifically recollecting where grain and oilseed markets consumption – suggesting a like drawdown in salvage a reasonable crop, there has been a lot very cost effective price. designed to work with nonmetallic buckets. bucket designs in the world! were before the past year’s weather problems barley stocks during 2010/11. of talk about farmers ploughing up poor stands Wear and tear is a fact of life in many To achieve the most secure assembly, use struck. Earlier in 2010, world wheat production Finally to soyabeans which, on paper at to plant more lucrative corn and soyabean For North American style elevators: the elevators. Tapco urethane buckets are known Tapco fanged elevator bolts and self-locking was expected to reach 672m tonnes for the least, had earlier looked classic CC-HD design. For European style 2010/11 season – well ahead of demand for likely to be in relatively for their exceptional wear characteristics. nuts. Tapco stocks over 14 million bolts elevators: the Super EuroBucket. the third year running. Amid massive surplus good supply af ter Our nylon buckets are extremely strong, in six styles. If you would Do you need more capacity? Consider the like to improve your stocks, all the talk in the early months of 2010 bigger crops across the yet lightweight. If you are not using Tapco was of where all this grain would go, how it Americas. Strength in Tapco 8" and 9" CC-HD Super Capacity elevator performance, buckets, you are not getting the most out of FLAT was depressing wheat prices below the cost of this sector also persists buckets. Our 9" projection cups provide contact Tapco or visit COUNTERSUNK your elevator! HEAD production for many countries and threatening due to the r apid www.tapcoinc.com. FANGED HEAD Elevator Bolt a contraction in future supply. depletion of US stocks Elevator Bolt A run of crop weather problems around (thank s to record the globe has since reduced the crop to about Chinese demand) and 645m – about 20m below consumption needs. uncer t ainties over ELEVATOR BUCKETS - ELEVATOR BOLTS Yet carryover stocks from past years are still Latin American (and Please ContactLouis, Missouri U.S.A. St. Us Today For More Information!! Tel.: +1 314 739 9191 • +1 800 AT-TAPCO (PT. Napindo Media Ashatama +1 800 288 2726) • Fax: +1 314 739 5880 • www.tapcoinc.com Jl. Kelapa Sawit XIV Blok M1 No 10 Kompleks Billy & Moon, Pondok Kelapa Jakarta 13450, Indonesia The color blue, when used in connection with elevator buckets, is a U.S.62-21 8650962, 8644756/85, Fax: 62-21 8650963, E-mail:Tapco Inc. © 2010 Tapco Inc.® All rights reserved. Phone: registered trademark owned by Tapco Inc. Super EuroBucket ™ is a registered trademark of info@indolivestock.com 32 | January - february 2011 Grain &feed millinG technoloGy
  • 4. Innovative extrusion processes without limits. Buhler is the global technology partner for companies producing breakfast cereals, snack foods, or food ingre- crops. The US needs a decent HRW crop to somewhat by upward revisions to Argentina’s be needed from now on though and, even if keep up with world demand which has risen crop, now seen around 15m tonnes by local that transpires, prices at the close of 2011 will dients on a commercial scale. With its extensive extrusion know-how and its strongly for this variety in first half 2010/11 season on the back of shortages and higher analysts compared with 11m last year. Larger export supplies from this source have been probably manage to get only halfway back to their 2010 lows at best. passion for customized solutions, Buhler is always in a position to generate prices for other hard bread wheats. On figuring in a number of recent import tenders. added value and success for any product idea. Buhler offers an integral range the plus side the US has sown almost 10% Australia crop estimates have also risen KEY WHEAT FACTORS IN THE more winter wheat in total this year than last since latter 2010 with the popular figure of products and services for all process stages – from correct raw material (although less HRW than expected earlier). around 25m tonnes – one of its largest crops MONTHS AHEAD HRW export prices have recently reflected ever. If, as some observers think, some of handling, cooking and shaping through extrusion to drying of the extruded these events, rising to a new 2½-year peak of the downgraded milling wheat may yet be fit • Spring/summer weather for winter-sown $327 at US Gulf ports, exactly double what for blending in food rather than feed outlets, crops in the EU, N America, former Soviet products. And this for all market segments – from breakfast cereals and snack importers could have bought it for in mid-2010. Australia may be far from written off as a force Union US hard red spring bread wheat prices have in the global milling wheat export markets (It • Spring wheat planting results in the above foods to modified flours and starches, texturised proteins, or vitaminised rice. too has been quite prominent • Level of increased wheat feeding globally to in recent big tenders, keeping make up for tighter maize and barley In short: extrusion processes without limits. other suppliers from hoisting • Speculative activity in wheat futures linked prices too quickly). to the $ exchange rate, macro economic Russia, as expected has pointers, media spotlight on world food/ Bühler AG, Pasta & Extruded Products, CH-9240 Uzwil, Switzerland, T +41 71 955 11 11, F +41 71 955 35 82 stayed out of the market and inflation issues extrusion@buhlergroup.com, www.buhlergroup.com/extrusion made various noises about • Importers’ willingness to ‘de-stock’ and hold keeping its options open for out for possibly cheaper new crop wheat a more prolonged absence depending on this year’s crop weather. It will also plant more Screws tighten further on maize spring wheat, which yields US maize prices jumped to 30-month highs less but can be higher quality. in January after the USDA reduced its final US also jumped to a new high of $423/tonne – a Ukraine has planted more winter wheat. The 2010 crop estimate from 318.5m to 316.2m 54% increase from last year’s lows with similar other big regional exporter Kazakshstan is an tonnes – still the third largest harvest ever grade Canadian CWRS prices advancing at a unknown quantity at this stage but, along with but well short of this season’s combined US similar pace. the region as a whole, might be expected to domestic and export needs for 342m. The Despite Russia’s shortfall, ordinary soft produce a much better crop in 2011 if the resultant cut in forecast US ending stocks – milling wheats are not in bad supply and prices weather normalizes. The success or otherwise to 18.9m tonnes puts them at just 5.5% of of these have risen more slowly than those of of former Soviet Union crops will, as always, consumption – less than three week’s supply the hard wheats. However, this largest sector be key to where the world wheat price sets and the lowest level since the record-small of the market is still being pulled up from above its floor next season. (5%) ratio of 1995/96. The USDA also cut by consumers seeking alternatives to tight, Finally to the EU, which, apart from rain its Argentine crop estimate by 1.5m to 23.5m more expensive quality wheat supplies and, plagued Germany, survived last year’s weather tonnes, reducing world total maize output pushed from below by increased substitution challenges with a far better overall crop than from December’s forecast 820.7m to 816m of wheat for short coarse supplies by the anyone imagined in the drought-ridden tonnes. animal feed sector. summer. Plantings are up but not to the same Although USDA also trimmed world maize The latest snapshot of world wheat extent as in the USA. Crops have survived a consumption and imports slightly, this still production from the USDA was seen mildly harsh winter well so far and harvests should knocks another 3m tonnes off this season’s increase next summer. The big carry-out stocks at 127m tonnes – about 20m issue at this stage, however, is less than last year’s. the hectic pace of exports to Questions dominating US – and global – capitalize on these high world maize market in the New Year all revolve prices, especially from France around cost. Has the price risen far enough and the UK, where supplies yet to reflect these fundamentals, to ration risk running very low before demand at a sustainable level, and to ‘buy’ the next harvest. This may lead the necessary acres to grow an adequate crop to some late season price blips in 2011? and more intra-EU trade to fill The answer to the first question depends gaps, or even more imports on the other two. Certainly import demand from non-EU countries. Along for US maize has drifted down after prices bullish by the markets as the Department with the chronic weakness of the Euro and almost doubled in second half 2011 although lowered its US wheat stocks estimate to the constant bursts of strength in Chicago the seasonal forecast for US exports remains reflect a further shift in world import demand futures markets, this has recently pushed EU close to 2009/10’s 50m tonnes. US demand to the top supplier. However, US stocks by the wheat futures prices to their highest levels on the other hand is still forecast 10m tonnes next harvest (starting in May in the southern since March 2008. higher this season than last, mostly due to states) will still be huge at over 22m tonnes. For ward Chicago futures suggest an higher ethanol usage and a smaller gain in feed. So, even if the US crop is a little mediocre, it eventual 10 % premium on new crop World maize demand in total is forecast 23.5m should still have one of its largest total supplies wheat but with decent weather, such ‘price tonnes higher. Like the US, China is expected of recent years. revelation’ predictions could be swept away to use about 10m tonnes more, the rest of Markets have also been comfor ted – as they were in 2008. Good weather will the gain demand spread among many smaller The solution behind the solution. 34 | January - february 2011 Grain &feed millinG technoloGy
  • 5. News January - February 2011 News January - February 2011 NEWS NEWS 4B Braime Elevator Hubbard Feeds Named 2010 Feed Mill of the Year Components opens H much the US sows before drought reducing prospects for a much- ubbard Feeds of Bismarck, North efficiently manage Cargill’s 34 production backing these bullish speculative needed bumper harvest in Argentina. Early Dakota, is the 2010 Feed Mill employees. Safety, customer service and scenarios with higher prices. forecasts of a possible 54/56m tonne crop – of the Year, according to the equipment improvement are among the While the biggest exporter of maize, the US is not the only factor. Argentina’s crop new subsidiary in in line with last year’s record – have given way to a much lower range of 42/50m recently. Some timely rains might yet make all the American Feed Industry Association and Feedstuffs, the sponsors of the annual contest. The runner-up is Cargill’s animal qualities ranking Cargill near the top. Cargill Animal Nutrition supplies feed products throughout the region, with Australia is suffering drought and difference but as we go to press the possibility nutrition facility in Giddings, Texas. a 300-mile marketing radius in South heatwaves that could trim has to be penciled in that Argentina’s domestic Central Texas and Mexico. The plant output well below the most and export customers will see anything up The Peavy Company built the winning produces beef feed products, horse recent USDA forecast of to 8m tonnes less in meal equivalent than plant in 1977. In 1983, it was purchased products, poultry products, deer and 23.5m tonnes, perhaps to budgeted for earlier. Soya prices have also by Northwestern Supply and renamed other game products. The product mix is under 20m or about 5m less reacted to the dwindling supply in the USA Heartland, Inc Hubbard Feeds entered 70 percent bagged products and includes than expected two months - even after last year’s near record 90.6m into a joint venture in 1993, before pellets, meal, minerals, textured feeds, ago. The world market needed tonne harvest there. Traders blame a massive purchasing the plant in 2003. processed grains and pressed blocks. that supply and may have to expansion in Chinese demand, accelerating in AFIA’s Safe Feed/Safe Food Certification The annual Feed Mill of the Year award buy more from the US instead. the last few months as Argentina’s weather Program and the Hazard Analysis and recognizes overall excellence in feed On the other hand, Brazil, problems raised the possibility of a smaller Critical Control Points system certify manufacturing operations. Increased another leading expor ter, than expected global supply. At the last Hubbard Feeds. safety, quality, regulatory compliance, has a good crop – probably count, China was expected to import 57m Randy Amelsberg has managed the plant operating efficiencies and overall industry 2m more than USDA’s tonnes of whole soyabeans from all sources for the last seven of his 30 years at this awareness of food safety are among the forecast 51m tonnes – plus in 2010/11 against last year’s 50.3m and a location. Among the employees keeping criteria reviewed for each applicant. comfortable stocks which it mere 28m just four years ago. Demanding the running at maximum efficiency, “The quality of this year’s candidates was might be tempted to sell some restraint from soya suppliers, however, include seven production employees, quite impressive as was their dedication abroad at these prices (bearing second largest supplier Brazil still expects a truck driver, t wo super visor y to quality control and safety standards,” 4 in mind too that Brazil’s own another mammoth crop, probably close to B Braime, leading supplier employees, one plant superintendent, said Keith Epperson, vice president of consumption is expanding – last year’sof elevator and conveyor should record 69m tonnes, and a grain merchandiser and three clerical manufacturing and training for AFIA. He said up 7m tonnes in the last four manage large exports has both soyabeans components, of created employees. The mill had no lost time and this year’s winning mill stood out because years alone). and a newUS soyabean prices have risen by meal. operation especially for zero accidents since 2006. there is a “clear commitment from every Traders are also anxiously about 12% since ourmarket. The about the Australian last review and Hubbard Feeds manufactures employee to produce a safe, quality product watching China where the state 40%new subsidiary, 4B Australia, from last summer’s lows. European approximately 24,100 tons of feed, for the customers of Hubbard Mills.” continues to auction off maize prices have in Brisbane, was officially located had a bigger boost because of annually. The plant has a total of 103 Over 75 feed facilities competed for this reserves to keep feed costs and incorporated on the US dollar. Australia, 4B Braime is aiming feed bins, with approximately the weak euro versus1st December Other grain and year’s award. “The number of facilities inflation under control. There 2010 and crops fully operational, to provide a first class technical total bushel storage. Feed meal-bearing is now – about from groundnut 400,000 increased again this year,” said Epperson. is widespread skepticism over and cottonseed meals – of Managing support and after sales serviceis tested twice a year and scales under the leadership failed to grow their volume “I believe this is due in part to the fact users. If price-rationing is taking place, then, it China’s own buoyant crop estimates and with supplies last year, putting most of the to its local customerare calibrated once a year. Director Paul Dennis, former onus base, a that each facility that applies receives is slowing rather than stopping demand growth feed consumption growing fast there too, the on soyabeans to meet expanding woirld which 4B feelThevital, produces 90 percent of pellets, Product Development Manager service is plant important feedback in the way of bench- (2009/10 saw world consumption expand by possibility that it will need to buy millions of demand (a lot Dunlop cotton/groundnut at Fenner of the Conveyor particularly for its electronics with textured and meal comprising the marking information. Comparing their 30m tonnes). tonnes from the US this year remains a real one mealServices. is consumed in country of origin).range. The last 10 percent. The majority of feed is own mill to others in the industry gives This year’s US maize plantings are expected for 2011. bulk, representing 78 percent of capacity, 2010/11 oilseed marketing season did at4B Australia’s mother company, least managers a way to focus on the areas by some private analysts to increase by about In Europe itself, last year’s smaller maize crop start4B Australia has been created oilseeds with large carryover stocks of 4B Braime, celebrated its while bagged feed totals 22 percent. The where they may have scored low so they 5m acres, maybe more which, with perfect undershot demand by about 3.4m tonnes but – about 14m more than the year before. anniversary in 2008 owing to the importance of 120th largest volumes produced are for beef, can make improvements.” weather, could deliver, say, 340/350m tonnes this has been offset by raising imports and These will only be drawncompany’s and has been a pioneer of the wild bird. Hubbard serves 94 the region in the down by about 5% dairy and Selection of the top plant starts with an – enough to expand domestic and export cutting exports. Even so, European maize prices, growth plans. 4B Braime has material handling industry, of dealers and six percent of by the end of the marketing year. However, percent online application process and concludes demand by 25m to 30m tonnes without taking as measured on the Paris futures exchange, have any surpluses may be in keen demand introducing the first seamless been serving customers in if the retailers. with personal visits to the top sites by stocks lower still. However, there are wild been even firmer than those of wheat, reaching Argentine crop deteriorates further steel elevator bucketSafety in important to Hubbard Feeds. the area for many years, and and/ back is an inspection team from AFIA and cards. Maize is under fierce competition for three-year highs in mid-January. or the US fails to sow enough soyabeans With the world’s largesthas a safety committee, a written 4B components have become 1909. The mill Feedstuffs. Final selection is based on a land from soyabeans which have risen just this an integral is also of many range of elevator and conveyor spring. There par t some uncertainty safety program that includes self-inspection combined scoring of the application and as sharply in value over the past few months and require less fertilizer (costs of which are MAIZE FACTORS TO WATCH about rapeseed output, which could components, 4B Braime’s compliance, and mandatory processing facilities. have for OSHA From elevator buckets and material handling division has safety training meetings. been expanded for 2011/12 but has faced stiff employee personal visit. Additional details on the 2010 Feed Mill rising). The extension of ethanol blending • US spring planted area & weather competition from expensive winter wheat. field in elevator bucket Feeds is also active in the bolts through to complete led the Hubbard of the Year and the runner-up will be in credits in the US and the highest crude oil • Competition from feed wheat, especially Forward futures prices suggest soyabeans and manufacture by hazard monitoring systems design community, sponsoring and donating to a future issue of Feedstuffs. Visit www. prices for two years have also firmed ethanol from Australia’s weather damaged crop several causes. – and thus other oilseed – costs will supplying the highest of quality for elevators and conveyors, ease feedstuffs.com to learn more. prices and could stimulate greater use than • Will China grow enough maize to meet its such into latter 2011 but Elite components. 4B Braime’sanimal nutrition mill in Giddings, somewhatas 4B’s Watchdogonly if a decent Cargill’s The winner of the 2009 contest was a the markets have budgeted for. US livestock own demand – or have to import? system, 4B components are electronic division specializes in the runner-up of the 2010 world crop comes through. More should be Texas, is Southern States feed mill in Cleveland, prices are also strong, supporting higher feed • How quickly will the global economy/world known on the outlook for soya,many level controls, electricFeed Mill of the Year contest. The mill the preferred choice of rapeseed and sensors North Carolina. The runner-up mill in costs and – especially if the US/global economy livestock feed demand recover? sunflower meal supplies by our next issue. safety control systems that won the award in 1991 and equipment manufacturers, and previously last year’s contest was Cargill’s Value does improve this year – possibly pointing to • How will US ethanol demand evolve? p l a n t e n g i n e e r s a n d prevent costly downtime and it was named runner-up in 2006, and Added Meats turkey production plant in a greater expansion in feed use next season. Some analysts think these factors could push • Speculative activity in futures, as with wheat above OILMEAL FACTORS TO WATCH contractors. 1989. reduce the risks of explosions With its range of components, in hazardous areas. Cargill’s Giddings mill is certified by both Harrisonburg, VA. maize prices up from the present $6/6.50 per • Argentine soyaacrop weather of 4B serves large range the Hazard Analysis and Critical Control More inforMation: bushel towards $8 – a rise that would certainly impact on corn, other feed grain and wheat Oilmeal costs rise with soyabeans • USn d u s t r i intentions i(Apr/May) i planting e s r a n g n g f r o m for More inforMation: • Nor thern Hemisphere rapeseed Paul Dennis agricultur al to industrial and Points system and AFIA’s Safe Feed/Safe Food Certification Program. Leslie Malone AFIA values in the world at large, including Europe. The highest soyabean prices since early sunflower cropmining and heavy 4B Australia through to outlooks Cargill Animal Nutrition Plant Manager 2101 Wilson Blvd, Suite 916, Arlington However, markets must wait and see just how 2008 have followed news of a prolonged • Chinese demand duty industries. Byron Sommerlatte, who has managed the Email: pdennis@go4b.com VA 22201, USA With its local presence in Website: www.go4b.com Giddings facility since 1988, taps his more Tel: +1 703 5240810 than 30 years of industry experience to Email: lmalone@afia.org & Grain feed millinG technoloGy January - february 2011 | 11 36 | January - february 2011 & Grain feed millinG technoloGy Grain &feed millinG technoloGy January - february 2011 | 17 Belting Half Page FLT.indd 1 20/01/2011 13:18:54
  • 6. LINKS This digital Re-print is part of the January| February 2011 edition of Grain & Feed Milling Technology magazine. Content from the magazine is available to view free-of-charge, both as a full online magazine on our website, and as an archive of individual features on the docstoc website. Please click here to view our other publications on www.docstoc.com. January 2011 • See the full issue • The impact of feed enzymes on diet digestibility and animal profitability • Visit the GFMT website In this issue: • Contact the GFMT Team • Rospen • How to Industries’ range select the of continuous proper weighing plastic resin equipment replacement elevator bucket • Going the • Subscribe to GFMT distance: • Using paddy - Training the Milling husk as the Workforce in the replacement Twenty-first Century of gas & fuel for drying grains A subscription magazine for the global flour & feed milling industries - first published in 1891 To purchase a paper copy of the magazine, or to subscribe to the paper edition please contact our Circulation and Subscriptions Manager on the link adove. INFORMATION FOR ADVERTISERS - CLICK HERE Article reprints All Grain & Feed Milling Tecchnology feature articles can be re-printed as a 4 or 8 page booklets (these have been used as point of sale materials, promotional materials for shows and exhibitions etc). If you are interested in getting this article re-printed please contact the GFMT team for more information on - Tel: +44 1242 267707 - Email: jamest@gfmt.co.uk or visit www.gfmt.co.uk/reprints www.gfmt.co.uk PREVIOUS PAGE