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Digital Re-print -

May | June 2014


Global Feed Markets: May - June 2014
www.gfmt.co.uk
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
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Copyright 2014 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
Innovations for a better world.
Leave nothing to chance.
With ProPlant, the Service Management System of Bhler, you will put your maintenance work in order. The system, which
is customized by Bhler to precisely fit the specific needs of your production system, takes charge of the entire planning
and administration of all your maintenance jobs. This ensures efficient processes and maximum plant uptime.
www.buhlergroup.com
ProPlant Service
Management System
Unrivaled Efciency.
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Prefabricated job cards are based
on service hours or calendar intervals
as well as individual job planning.
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Efcient processes and customer-
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all plants.
Always up to the minute
Automatic online updates and data
backup.
All in one system
Extensive documentation, among
other things for certications
(e.g. International Food Standard).
ProPlant_2014_de_en_fr_es_it.indd 1 23.05.2014 13:57:17
GFMTs market analyst
John Buckley reviews world
trading conditions which are
impacting the full range of
commodities used in food
and feed production. His
observations will inf luence
your decision-making.
The USDA expects world
barley output to drop
by about 12.6m tonnes
in 2014/15, offset only
partially by higher starting
stocks (up by about 3.6m
tonnes). Main declines
are seen within the EU
(minus 4m tonens), where
less spring barley will
be sown, reversing last
years trend when a lot of
spare land was left over
from failed winter wheat
plantings.
W
here will wheat prices be in six months time? Will the bellwether CBOT
market be lingering in its recent range of $6.50/7.00/bushel - or down to
the mid $5s as some investment bank analysts have recently suggested? Will
European milling wheat prices stick with the E200/205/tonne indicated by
Paris futures or reflect the US trend with a 20% decline by end-year?
Much depends on the fruition of recent favourable outlooks for the next world crop. The
USDAs first take on this is for 697m tonnes 17m less than last years, yet still just over estimated
consumption (seen down by 6.6m tonnes). FAO/AMIS meanwhile suggests something in the
order of 700m-plus while others are even prepared to countenance the possibility of crop
close to last years record 714m.
Its early days yet to be too complacent about crops that, apart from Indias, are not yet
ripe, let alone in the bins. Comfortingly for consumers, though, we might remember that last
years first forecast from the USDA was about 701m tonnes 13m lower than it turned out.
The International Grains Council was initially even more pessimistic about 2013 prospects,
looking for 680/682 in its early forecasts.
The biggest surprise last year was probably the extent of Canadas crop increase as amazing
yields delivered a record 37.5m tonnes over 10m more than the previous year. Canada will
also be the main component in this years anticipated decline. Though much of its predominantly
spring-planted crop isnt even sown yet due to wet, cold weather, the USDA is looking for
a drop in production back to the 28.5m tonnes level accounting for more than half the
anticipated decline in the world crop. Lower crops are also expected in Turkey (-3m), Ukraine
(-2.3m) and Australia (-1.5m) and smaller producers (a combined 4.5m tonnes). Outside of
Canada, though, the biggest fall is in the USA where drought is expected to slash production
of its most important export class, hard red winter wheat, and total wheat production is seen
dropping by 4.5m tonnes to a ten-year low of just 53.4m.. The US, long the worlds leading
wheat exporter (but probably ceding that place to the EU this season), also starts with its
Season of plenty beckons
GRAIN
&
FEED MILLING TECHNOLOGY
52 | COMMODITIES
Innovations for a better world.
Leave nothing to chance.
With ProPlant, the Service Management System of Bhler, you will put your maintenance work in order. The system, which
is customized by Bhler to precisely fit the specific needs of your production system, takes charge of the entire planning
and administration of all your maintenance jobs. This ensures efficient processes and maximum plant uptime.
www.buhlergroup.com
ProPlant Service
Management System
Unrivaled Efciency.
Maximum uptime
Prefabricated job cards are based
on service hours or calendar intervals
as well as individual job planning.
Plug & Play
Efcient processes and customer-
specically programmed software for
all plants.
Always up to the minute
Automatic online updates and data
backup.
All in one system
Extensive documentation, among
other things for certications
(e.g. International Food Standard).
ProPlant_2014_de_en_fr_es_it.indd 1 23.05.2014 13:57:17
lowest carryover stocks in many years about 12m less than it began
with at the start of this decade.
On the plus side, Argentina one one of the top 5 exporters - is
expected to produce 2m more this year and, provided the government
doesnt interfere too much with export policy, could ship 6.5m tonnes
after managing only 1.8m this past season. Apart from Australia (+1m)
and Russia (+800,000 tonnes), most of the other year-on-year changes
to prospective export market shares are on the debit side. However,
against that, import demand will not reach last years record 158.4m
tonnes (plus 12m on the previous year) and may instead retreat by
about 7m, largely due to smaller requirements from China, Iran and
Brazil. Also, we should not forget Indias potential to export an awful
lot of low/middling quality wheat. It has probably produced a record/
near record crop for the third year running about ten million tonnes
more than usual, holds enormous stocks and needs only a moderate
rise in world prices (and a bit more pro-active approach from the
Indian government) to start pouring this into export channels.
The markets have had a fairly volatile two months since our last
review. A fairly strong supportive undercurrent has emanated largely
from two factors the poor state of the US hard winter wheat crop
and fears that a political meltdown in Ukraine will spark a Russian
invasion, disrupt shipping schedules and amid western sanctions and
Russian retaliations, create a hole in the assumed supply of wheat
and maize exports from this region.
As pointed out in our last review, markets have probably been
over-reacting somewhat to this issue. Russia and Ukraine have set a
low benchmark for world wheat and maize export prices over recent
seasons, diverted much demand away from traditional exporters,
especially from the more contested markets of the MENA (middle
east/North Africa) region and effectively allowed the EU to have its
cake and eat it i.e. to export record amounts of milling wheat while
keeping its own feed consumers satisfied with cheap maize and, to
a lesser extent, feed wheat imports. But CIS export campaigns for
this season are already on the home stretch and, so far, both have
continued to ship out huge amounts of both wheat and maize without
disruption (even from the key Ukrainian export port of Odessa when
hostilities recently flared there).
While business as usual has continued from the two main CIS
suppliers, Europe has also sold off its wheat surpluses freely, benefitting
from the relatively firmer wheat prices that have ensued on US and
global markets. Canada, as mentioned above, still has a lot of its
record crop to sell with March stocks about double last years levels
with a heavy emphasis of these being held on-farm, rather than in
commercial hands.
So far most of the pointers towards 2014 world wheat production
are fairly favourable. Even if yields dont quite match last years levels,
Russia and Ukraine combined may come close to last years bumper
74.4m tonne crop. EU output is expected to rise by at least 1.5m
though, with an early start, plenty of rain and a decent summer, it
could gain even more.
Late planting of the US and Canadian spring wheat crops key
components of the global top-quality hard bread wheat supply does
not seem to be over-exercising the trade at the moment. The current
view is that most of this grain will get sown to plan while Canada has
still has those large stocks from last years crop. Australias wheat
crop, another key quality contributor, is being sown under mostly
normal conditions and could be another large one.
Wheat prices as we go to press are at similar levels to this time
last year in Chicago and Europe, whereas maize is about 20% cheaper
than it was then. Does that mean wheat is over-valued, in feed
markets at least, by 20% (as the bank forecasts above seem to imply?).
Perhaps the fact that banks, who have pulled a lot of money out of
commodities, especially the agrics over the past year are talking
grain prices down rather than up as they so often have in recent
years is an encouraging sign for consumers.
MAIZE surplus on the way
It has been a choppy couple of months for maize prices on the
leading US market, driven by unhelpful US planting weather and fears
that political meltdown in Ukraine might disrupt export shipments
from what has recently been the worlds fastest-growing corn supplier.
Yet the US crop is now going in according to plan and the Ukrainian
situation while apparently far from resolution has not had any
significant impact on trade - just as we expected in our last issue.
Further forward, of course, the possibility of political issues turning
to military conflict has not gone away. And there remains the nagging
question of how a collapsing Ukrainian currency and other factors
reducing its use of expensive, largely imported, yield-boosting agro-
chemicals may deplete yields. Yet sowing of Ukraines 2014 crop
(and Russias) has been going at a rapid clip, much earlier than last
years crops, which were delayed by a late spring. Planted area will
probably be close to last years in both countries (maybe even up a
bit in Russia, where some spare land was available after wet weather
delayed and downsized its winter wheat plantings). The generally
favourable outlook was underlined by the first global crop estimates
for the coming season from the USDA, suggesting Ukraine at 26m
and Russia at 12.5m tonnes. Thats a drop of 4.9m for Ukraine from
last years record harvest but still far more than it normally produces
(10-20m) and it also has an unusually large carryover stock of 3.4m
May - June 2014 | 53 GRAIN
&
FEED MILLING TECHNOLOGY
lowest carryover stocks in many years about 12m less than it began
with at the start of this decade.
On the plus side, Argentina one one of the top 5 exporters - is
expected to produce 2m more this year and, provided the government
doesnt interfere too much with export policy, could ship 6.5m tonnes
after managing only 1.8m this past season. Apart from Australia (+1m)
and Russia (+800,000 tonnes), most of the other year-on-year changes
to prospective export market shares are on the debit side. However,
against that, import demand will not reach last years record 158.4m
tonnes (plus 12m on the previous year) and may instead retreat by
about 7m, largely due to smaller requirements from China, Iran and
Brazil. Also, we should not forget Indias potential to export an awful
lot of low/middling quality wheat. It has probably produced a record/
near record crop for the third year running about ten million tonnes
more than usual, holds enormous stocks and needs only a moderate
rise in world prices (and a bit more pro-active approach from the
Indian government) to start pouring this into export channels.
The markets have had a fairly volatile two months since our last
review. A fairly strong supportive undercurrent has emanated largely
from two factors the poor state of the US hard winter wheat crop
and fears that a political meltdown in Ukraine will spark a Russian
invasion, disrupt shipping schedules and amid western sanctions and
Russian retaliations, create a hole in the assumed supply of wheat
and maize exports from this region.
As pointed out in our last review, markets have probably been
over-reacting somewhat to this issue. Russia and Ukraine have set a
low benchmark for world wheat and maize export prices over recent
seasons, diverted much demand away from traditional exporters,
especially from the more contested markets of the MENA (middle
east/North Africa) region and effectively allowed the EU to have its
cake and eat it i.e. to export record amounts of milling wheat while
keeping its own feed consumers satisfied with cheap maize and, to
a lesser extent, feed wheat imports. But CIS export campaigns for
this season are already on the home stretch and, so far, both have
continued to ship out huge amounts of both wheat and maize without
disruption (even from the key Ukrainian export port of Odessa when
hostilities recently flared there).
While business as usual has continued from the two main CIS
suppliers, Europe has also sold off its wheat surpluses freely, benefitting
from the relatively firmer wheat prices that have ensued on US and
global markets. Canada, as mentioned above, still has a lot of its
record crop to sell with March stocks about double last years levels
with a heavy emphasis of these being held on-farm, rather than in
commercial hands.
So far most of the pointers towards 2014 world wheat production
are fairly favourable. Even if yields dont quite match last years levels,
Russia and Ukraine combined may come close to last years bumper
74.4m tonne crop. EU output is expected to rise by at least 1.5m
though, with an early start, plenty of rain and a decent summer, it
could gain even more.
Late planting of the US and Canadian spring wheat crops key
components of the global top-quality hard bread wheat supply does
not seem to be over-exercising the trade at the moment. The current
view is that most of this grain will get sown to plan while Canada has
still has those large stocks from last years crop. Australias wheat
crop, another key quality contributor, is being sown under mostly
normal conditions and could be another large one.
Wheat prices as we go to press are at similar levels to this time
last year in Chicago and Europe, whereas maize is about 20% cheaper
than it was then. Does that mean wheat is over-valued, in feed
markets at least, by 20% (as the bank forecasts above seem to imply?).
Perhaps the fact that banks, who have pulled a lot of money out of
commodities, especially the agrics over the past year are talking
grain prices down rather than up as they so often have in recent
years is an encouraging sign for consumers.
MAIZE surplus on the way
It has been a choppy couple of months for maize prices on the
leading US market, driven by unhelpful US planting weather and fears
that political meltdown in Ukraine might disrupt export shipments
from what has recently been the worlds fastest-growing corn supplier.
Yet the US crop is now going in according to plan and the Ukrainian
situation while apparently far from resolution has not had any
significant impact on trade - just as we expected in our last issue.
Further forward, of course, the possibility of political issues turning
to military conflict has not gone away. And there remains the nagging
question of how a collapsing Ukrainian currency and other factors
reducing its use of expensive, largely imported, yield-boosting agro-
chemicals may deplete yields. Yet sowing of Ukraines 2014 crop
(and Russias) has been going at a rapid clip, much earlier than last
years crops, which were delayed by a late spring. Planted area will
probably be close to last years in both countries (maybe even up a
bit in Russia, where some spare land was available after wet weather
delayed and downsized its winter wheat plantings). The generally
favourable outlook was underlined by the first global crop estimates
for the coming season from the USDA, suggesting Ukraine at 26m
and Russia at 12.5m tonnes. Thats a drop of 4.9m for Ukraine from
last years record harvest but still far more than it normally produces
(10-20m) and it also has an unusually large carryover stock of 3.4m
May - June 2014 | 53 GRAIN
&
FEED MILLING TECHNOLOGY
tonnes to supplement its exportable supplies. Russias crop forecast,
meanwhile, is almost 1m tonnes bigger than last years. USDA has the
two countries combined export potential at 19.5m tonnes only 3m
less than last years peak and compared with only 6-10m normally.
It could even go higher if yields have been under-estimated which
they may be, given the favourable weather both are currently enjoying.
Overall the USDAs first take on the 2014/15 season for maize
(starting September 1) promises abundant global supplies, well in
excess of demand, leading to steep growth in global and, especially
US, carryout stocks by September 2015.
The all-important US crop is currently forecast almost unchanged
from last years at around 354m tonnes. That figure could go higher
still if the US plants more than the 91.7m acres that USDA forecasts
(down from 2013s 95.4m due to lower prices) which some think
possible given the amount of land that went unsown after a wet spring.
The rationale is that the US actually has far more acres to divide up
this year, allowing it to expand soyabeans, as it plans, without taking so
much away from maize, their main rival for land. The main obstacle to
maize sowing has been wet, cold weather which has been overcome
in the main Corn Belt but left some northern states lagging. Farmers
running up against last planting dates for crop insurance may turn to
soyabeans, which can be sown later but our sources suggest that, at
most that would affect about 1m acres. As we went to press, though
about 88% of the crop was in the ground and amid plentiful moisture
and rapidly warming weather, has a good shot at achieving the USDAs
fairly high trendline yield forecast of 165.3bu/acre.
The past seasons demand for US maize, export and domestic, is
estimated to finish at 346m tonnes while next seasons total offtake is
forecast at 340m. That should allow carryover stocks (at September
2015) to rise from an already comfortable 29m to 44m tonnes or
more. Other main crop changes for maize (versus last seasons) include
2m more for Argentina offset by 1m less for Brazil. Both will carry in
large stocks so their exports are actually seen higher at a combined
38.5m tonnes versus last years 31m. That would significantly outweigh
the expected smaller Ukrainian crop.
The worlds second largest maize producer and consumer, China,
is also expected to make its usual annual increment to production,
though, so far, this is estimated at only about 2.3m tonnes versus
the 12-14m jumps that characterized the past few years. Overall,
world output like the USAs is seen identical to the past seasons
979m tonnes.
A forecast rise of 17m tonnes in maize consumption is spread
over a large number of nations on the basis that corn - which is still
20% cheaper than it was this time last year will continue to expand
custom at the expensive of relatively less attractively-priced feed
wheat. The outstanding growth factor, though is China, seen boosting
its consumption by 10m tonnes to a new record 222m. Thats broadly
in line with Chinas average annual growth trends over the past few
years but importantly, most of this is coming out of Chinas own
domestic crop. Moreover, China will continue to hold massive reserve
stocks of corn USDA sees these around 79m tonnes slightly
larger than this years carry-in stocks, 11m more than in 2012/13 and
a staggering 27m more than it was estimated to hold five years ago.
China is currently auctioning these off which seems to put the lid on
last years theories that China would provide a bonanza 10m tonnes
or more of import custom for US and other exporters. In fact, the
USDA sees Chinas imports from all sources dropping to 3m tonnes
and has also revised down this seasons total to 4.5m.
The other key factor for maize is Europes own import demand,
revised up this season to a record 13m tonnes and seen repeating
that in 2014/15. Its interesting to note that, at the star t of this
season, EU maize impor ts were expected to drop from 2011/12s
11.4m to just 7m tonnes. Overall, though, global corn impor t
trade is seen slightly lower next season, another restraint on
prices.
Despite China using more, foreseen global consumption of corn at
966m tonnes still lags forecast total fresh supplies, leading to stocks
rising by over 13m tonnes globally and by almost 15m in the US. These
figures will also work against higher corn prices and if the wheat market
starts to lose its current large price premium to maize, that could put
the latter grain under further downward pressure. The current futures
market projection for corn a year hence is similar to spot prices just
under $5/bu or about $185-190/tonne. With recent new crop offers
by the CIS countries and by Brazil and Argentina undercutting the
US, corn could get cheaper than this before 2014 is over.
Other feedgrains
The USDA expects world barley output to drop by about 12.6m
tonnes in 2014/15, offset only partially by higher starting stocks
(up by about 3.6m tonnes). Main declines are seen within the EU
(minus 4m tonens), where less spring barley will be sown, reversing
last years trend when a lot of spare land was left over from failed
winter wheat plantings. Among the other big traditional suppliers
of barley, lower plantings and a retreat from last years above trend
yields are also expected to reduce Canadas crop by 3m tonnes
and Australias by 1m although Russias crop is seen about 700,000
tonnes higher.
Barley consumption is expected top drop by about 3m tonnes,
two-thirds of that fall within the EU, where it loses out to plentiful
maize and feed wheat, the rest mainly in Canada and Australia. Given
the much smaller crop, that will not prevent stocks declining by about
6m tonnes to their lowest for some years. Whether that will generate
any independent strength in barley prices is uncertain as the main
consumption outlet in the livestock sector remains vulnerable to
competition from other, probably cheaper feed grains. Also global
barley import trade is seen remaining flat at around 20m tonnes.
Sorghum area is seen similar to last years but yields could improve
with better weather in several regions, adding about 2m tonnes to the
world total. Demand is expected to grow to absorb that, especially
in China, where it has been replacing US GM maize but not much
change is expected in world carryover stocks and the price outlook,
tied to cheaper corn is seen lower overall.
GRAIN
&
FEED MILLING TECHNOLOGY
54 | COMMODITIES
Oilmeal outlook
Oilmeal/protein supplies are looking fantastic for the year ahead
as the top soyabean producers again head for record crops (chart).
Overall world production is seen advancing by about 16m tonnes to
nudge 300m for the first time ever, largely due to the US (+9.4m)
and Brazil (+3.5m). Together with Argentina, these countries will
have expanded their contribution by a staggering 30m tonnes over
just two years.
Global crush on the other hand is only expected to advance by
about 9.5m tonnes for the second year running, resulting in carryout
stocks piling up for a third year to a new record 82m tonnes by
September 2015. The lions share of stock accumulation will be in the
USA, in sharp contrast to the past two years of extremely tight end-
season stocks after heavy export campaigns. The carryover should
provide a formidable anchor on CBOT soyabean futures prices and
the world market. So should the record crops in South America as
it undercuts US prices. Most of the demand growth is again in China
(crush +4.1m tonnes).
With Canadian rapeseed, Ukrainian sunflowerseed and the global
cottonseed crop expected to contract slightly, soya will effectively
enlarge its share of the world oilmeal market to about 68%, allowing
it exert its downward price pressures across the board. Thats already
reflected in forward soya meal prices that are already quoted nearly
20% cheaper than spot. Of course, we still have to see what the
northern hemisphere summer and Latin Americas later planting
weather brings before counting these crops in the silos. But it is
certainly an encouraging start.
KEY FACTORS AHEAD - WHEAT
World wheat stocks will grow, despite a lower crop as consumption
falls too
World wheat trade is seen declining from this seasons record high
India may step up its exports it certainly has plenty of wheat to spare
Canada has large unsold, old crop stocks
Wheat feeding levels and wheat value will be under further pressure
from new crop maize, especially within the EU.
Political instability in Ukraine might yet affect its new crop marketing
Will an El Nino bring dry weather to Australia?
COARSE GRAINS
The maize market expects another season of plenty, led by stock
growth within the USA still far and away the worlds largest
supplier of this grain
Large Brazilian and CIS crops for a third year running will make
for continuing brisk export competition, keeping prices under
downward pressure
The EU will probably see its third season of massive maize imports,
weighing on internal feedgrain prices not least feed wheat
China as warned in our last issue is releasing some of its own
huge stocks, cutting its import needs.
OILMEALS/PROTEINS
Big US and LatAm crop surpluses will continue to set the backdrop
for cheapening meal supplies even as production of competing
oilseeds retreats slightly
May - June 2014 | 55 GRAIN
&
FEED MILLING TECHNOLOGY
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drawings to delivery and assembly, you can trust our dedicated
team of engineers, designers and logistics experts to craft your
perfect storage solution. Together we can build your legacy.
Visit Westeel.com to begin your journey.
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info@westeel.com
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The color blue, when used in connection with elevator buckets, is a U.S. registered trademark owned by Tapco Inc. 2014 Tapco Inc. All rights reserved.
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BentENG_GFMT_April2014_Layout 1 4/17/14 10:35 PM Page 1
Oilmeal outlook
Oilmeal/protein supplies are looking fantastic for the year ahead
as the top soyabean producers again head for record crops (chart).
Overall world production is seen advancing by about 16m tonnes to
nudge 300m for the first time ever, largely due to the US (+9.4m)
and Brazil (+3.5m). Together with Argentina, these countries will
have expanded their contribution by a staggering 30m tonnes over
just two years.
Global crush on the other hand is only expected to advance by
about 9.5m tonnes for the second year running, resulting in carryout
stocks piling up for a third year to a new record 82m tonnes by
September 2015. The lions share of stock accumulation will be in the
USA, in sharp contrast to the past two years of extremely tight end-
season stocks after heavy export campaigns. The carryover should
provide a formidable anchor on CBOT soyabean futures prices and
the world market. So should the record crops in South America as
it undercuts US prices. Most of the demand growth is again in China
(crush +4.1m tonnes).
With Canadian rapeseed, Ukrainian sunflowerseed and the global
cottonseed crop expected to contract slightly, soya will effectively
enlarge its share of the world oilmeal market to about 68%, allowing
it exert its downward price pressures across the board. Thats already
reflected in forward soya meal prices that are already quoted nearly
20% cheaper than spot. Of course, we still have to see what the
northern hemisphere summer and Latin Americas later planting
weather brings before counting these crops in the silos. But it is
certainly an encouraging start.
KEY FACTORS AHEAD - WHEAT
World wheat stocks will grow, despite a lower crop as consumption
falls too
World wheat trade is seen declining from this seasons record high
India may step up its exports it certainly has plenty of wheat to spare
Canada has large unsold, old crop stocks
Wheat feeding levels and wheat value will be under further pressure
from new crop maize, especially within the EU.
Political instability in Ukraine might yet affect its new crop marketing
Will an El Nino bring dry weather to Australia?
COARSE GRAINS
The maize market expects another season of plenty, led by stock
growth within the USA still far and away the worlds largest
supplier of this grain
Large Brazilian and CIS crops for a third year running will make
for continuing brisk export competition, keeping prices under
downward pressure
The EU will probably see its third season of massive maize imports,
weighing on internal feedgrain prices not least feed wheat
China as warned in our last issue is releasing some of its own
huge stocks, cutting its import needs.
OILMEALS/PROTEINS
Big US and LatAm crop surpluses will continue to set the backdrop
for cheapening meal supplies even as production of competing
oilseeds retreats slightly
May - June 2014 | 55 GRAIN
&
FEED MILLING TECHNOLOGY
BUILD YOUR LEGACY.
Protecting your hard work and investment is critical. From initial
drawings to delivery and assembly, you can trust our dedicated
team of engineers, designers and logistics experts to craft your
perfect storage solution. Together we can build your legacy.
Visit Westeel.com to begin your journey.
STORAGE SYSTEMS FOR THE WORLDS
MOST VALUABLE RESOURCES
North America 888-WESTEEL (937-8335)
info@westeel.com
Madrid +34 91 216 14 97
India +91 96 1922 1123
ELEVATOR BUCKETS - ELEVATOR BOLTS
The color blue, when used in connection with elevator buckets, is a U.S. registered trademark owned by Tapco Inc. 2014 Tapco Inc. All rights reserved.
Tel.: +1 314 739 9191 Fax: +1 314 739 5880 Email: info@tapcoinc.com www.tapcoinc.com
For over 40 years, and in more than
50 countries, Tapco has been solving the
problem of bent & torn steel buckets.
STYLE CC-HD (HEAVY DUTY)
Polyethylene Elevator Bucket
Also available in Polyurethane & Nylon

T
apco nonmetallic buckets have the ability to absorb impact in the
elevator leg and give or yield to bypass an obstruction then
return to their original shape and keep on working for you.
Tapco buckets weigh less than their pressed steel counterparts, lack sharp edges
and therefore are far safer and easier to handle when fitting an elevator.
With 900,000 buckets in 93 sizes stocked throughout the world,
Tapco has what you want, when you need it! Tapco also maintains
over 15 million elevator bolts in imperial and metric threads in six
styles. Tapco fanged elevator bolts have been specifically designed
to work with nonmetallic buckets.
Contact Tapco or visit www.tapcoinc.com today.
Replace your steel buckets with Tapco the buckets
with the memory.
FANGED HEAD
Elevator Bolt
Have You Experienced
This In Your Elevator?
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A subscription magazine for the global flour & feed milling industries - first published in 1891
INCORPORATING PORTS, DISTRIBUTION AND FORMULATION
In this issue:
Role of
extruders
in Halal food
production
Fortification
Fortification in
rice and flour
IAOM
118th Annual
Conference &
Expo
M
a
y
- Ju
n
e
2
0
1
4
GM soybeans
The on-farm facts
Harvest
conditions:
wheat quality
and addressing
issues
The Mills Archive
GFMT becomes a
patron
first published in 1891
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