Global Feed Markets: March-April 2014

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JUST two months on from our last review, the mood in cereal markets has shifted markedly from bear to bull – for the short term at least. The over-riding influence has been events in the former Soviet Union, where the risk of political upheaval turning to military conflict cast a shadow over grain exports from this important supplying region.

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Global Feed Markets: March-April 2014

  1. 1. Digital Re-print - March | April 2014 Global Feed Markets: March-April 2014 www.gfmt.co.uk Grain & Feed MillingTechnology 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 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
  2. 2. 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 will influence your decision-making. A much bigger jump has been seen in world wheat trade, up 11m tonnes or almost 8% to a new record 158.5m. Much of that increase is down to China (+5.5m) and Egypt (+2m, catching up from a difficult financing period after the ‘Arab Spring’). However, wheat trade has quietened down considerably in recent weeks, probably due to the unexpected price rises. Ukraine impact on cereal trade probably exaggerated J UST two months on from our last review, the mood in cereal markets has shifted markedly from bear to bull – for the short term at least. The over-riding influence has been events in the former Soviet Union, where the risk of political upheaval turning to military conflict cast a shadow over grain exports from this important supplying region. Russia is the world’s fifth largest wheat exporter, Ukraine sixth. Combined they account for about 17.5% of world trade in this grain. Ukraine’s importance in the maize market is even more pivotal – third largest exporter. Along with Russia (number five for this grain) it accounts for 19% of world exports. In the barley market too, these two countries are key players, jostling for joint number three place on the export list accounting for almost a quarter of world trade. Neither must we forget the region’s increasing importance in the oilseed market. FSU sunflowerseed output, dominated by these two countries, accounts for well over half the world supply. Even in the rapeseed market they supply over 6% of world output and play a much larger role in supplying their near neighbours in the EU. Concerns about the impact of the Russian intervention in Crimea have focused on three main issues – 1) the risk – if hostilities escalated into outright military conflict (perhaps lower now as we go to press) of disruption to shipping; 2) conflict interfering with spring planting of Ukraine’s maize and oilseed crops, 3) the collapsing Ukrainian currency raising the cost and reducing the use of imported agro-chemical inputs, implying lower yields. Peripheral to some of these issues are the risks that western sanctions might also interfere with FSU cereal export trade (seen unlikely at this stage) and/or that this whole tangle of factors will be detrimental to the FSU’s long-cherished plans to expand grain exports – not only to its traditional big customer base in the Middle-east North Africa (MENA) area but to other regions like southeast Asia. As far as issue No 1) goes, there has been no discernible impact on export shipments to date, albeit a tendency for some importers to start looking cautiously elsewhere for their supplies. In the season to date, Ukraine has just reported total grain exports of 26.7m tonnes – up 37.5% on last year’s including a record 15.84m tonnes of corn and 7.44m wheat. As recently as mid-March, they were still exporting as much as 760,000 tonnes of grain, largely corn, a week. Russian exports have also remained well ahead of last year’s at 19.36m to date including 14.29m wheat, 2.78m tonnes of corn and 2.05m tonnes of barley. Even in the period of recent greatest tension (March 1-12) they actually shipped 263,000 of corn and 212,000 tonnes of wheat – so no slowdown yet. Given full season projections for Russia to export 17.5m tonnes of wheat and 3m corn, Ukraine 10m wheat and 18.5m corn, it can also be seen that both countries have already gone well past their peak marketing period and, for wheat especially, are now on the home run – hostilities notwithstanding. GRAIN&FEED MILLING TECHNOLOGY38 | COMMODITIES
  3. 3. FSU planting of spring grains and oilseeds (issue No 2) is meanwhile proceeding normally in both the affected countries and, according to recent reports, Ukraine has not yet had problems acquiring adequate seed or agrochemicals (issue no 3). It’s also interesting to note that despite a lot of reports about drought in parts of Ukraine and Russia (the ‘European’ Black Sea Basin has seen 50% of normal winter rain), both countries agriculture ministries are reporting crops in better condition than last year. Some local observers suggest that the potential yield bonus might even make up for the fact that both sowed less winter wheat than intended (and less than last year) due to heavy rains last autumn. While the bottom line to all this, at this stage at least, is FSU grain export ‘business as usual,’ markets are understandably jittery about where the politics could lead and what effects there might be down the road. Nobody knows but ‘nature abhors a vacuum’ as they say and the funds and other speculative interests have been only too keen to step into it and invest in higher wheat and maize prices – helping to bring about a self-fulfilling prophecy. On the bellwether Chicago futures exchange, funds recently raised their long bets (on prices rising) to 209,600 contracts for maize – equivalent to 26.6m tonnes. They even went long on wheat to the tune of 10,500 lots after months of selling it short (gambling on price falls). What impact has this had on cereal prices? On the CBOT wheat market, it has, perhaps surprisingly (given the lower level of fund buying and the fact that wheat shipments are far less at risk than those of maize) had a far greater firming effect than for maize. The front month for wheat in Chicago, for example has risen by over 30% or the equivalent of more than $60 per tonne from its late January March - April 2014 | 39GRAIN&FEED MILLING TECHNOLOGY years had to pass for him to discover such things. In other words, everything started 14 to 15,000 years ago when humans, first having lived as a wanderer, eventually set- tled down and started agriculture. This new beginning is called the Neolithic Revolution by archeologists and historians. Southeastern Anatolia All of these have been proven to be true by the archeologists excavating in Southeastern Anatolia Region within the body of GAP (Southeastern Anatolia Project). The excavations in Hallan Çemi, Çayönü, Göbekli Tepe, Nevali Çori, Körtiktepe, Mezra Teleilat, Gürcütepe and Diyarbakır Çayönü give us some information including another meaning to the term ‘neolithic’. These exca- vations also claim that farmers first began to emerge gradually about 14,000 years ago. Mehmet Özdoğan, an expert of this field, suggests that: “Briefly, the Neolithic period reflects the period of reformation in the areas such as nutrition, technology and lifestyle. “In the basis of these reforms, this period was a kind of revolution lasting from 12,000 to 6000 BC. The beginning of this period was mainly associated with the disappear- ance of what Last Ice Age caused and the appearance of today’s climates. Throughout the world, people tried to adapt themselves to these changing climatic conditions with the help of technology and their social habits. “However, this revolution was a different one in some regions of the Near East when compared to the rest of the world. Thus, a new lifestyle came into being affecting the entire world.” March - April 2014 | 11GRAIN&FEED MILLING TECHNOLOGY Corporate Banner (190x132mm)(outlines)_Layout 1 23/12/2013 08:54 Page 1 F
  4. 4. lows, reaching its highest level since April last year. The wheat contract has also had some support from the poor condition of the US winter wheat crops after another dry winter in the Southern Plains (main source of hard red bread wheat) and some extremely harsh weather across the Midwest, including damp and cold in the soft red winter belt. Crops are not as bad as last year’s but they are worse than expected earlier. Wheat does have a legendary capacity to recover when the weather improves and hopefully some of that loss of yield potential will be made up by a larger sown area. US spring wheat area is also expected to rise quite sharply (by about 16%, according to one recent private estimate), which is promising for quality wheat buyers. The EU wheat market has also risen sharply in response to the Ukrainian crisis, speculative buying and the knock-on effect of price rises across the Atlantic. Here the increase is closer to 12% from the January lows although that was still enough to put Paris milling wheat futures at their own 11-month high. European wheat market sentiment has been responsive to the Black Sea situation because of the dependence on maize imports from this region to supplement grain supply in the feed sector, allowing Europe to continue exporting record amounts of wheat. The last figures we have for this trade show total EU wheat export licences issued this season recently reached 21.3m tonnes – a staggering 50% increase on this time last year (14.2m). That’s well ahead of forecasts from bodies like the USDA for an increase of less than 22%. EU maize import licenses have meanwhile soared 13% on the year to 9.3m tonnes, already in sight of realising the USDA’s full season forecasts of 10.5m tonnes (which would actually be 7.5% down from last season.) Will wheat prices continue to rise? Certainly the funds have the muscle, if supply fundamentals look encouraging enough, to help push the market higher. However, there seems little justification for that at this stage, especially with another big crop on the way. The respected US analysts AgResource recently estimated this at almost 714m tonnes, just over last year’s. Given some dry weather issues in East/ Central Europe, the FSU, the US and West Australia, that may look a bit optimistic. However, we might remember that last year’s world wheat crop was initially seen rising to only 680m tonnes (International Grains Council) yet ended up between 708/713m. Looking across the main producing countries, Europe itself has just been predicted by French analysts Strategie Grains, to raise its soft wheat crop by 2% this year to 137.7m tonnes. The US expects to grow 3.4% more at 60m tonnes (government body FAPRI). As a big Kazakh crop offsets some trimming of Russian and Ukrainian production, total FSU output should not be far off last year’s large total of around 104m tones. India is heading for a record crop of perhaps 95m. China has no serious problems and may cap several years of record output (122m last year) with another big crop. Canada may sow less after producing rather too much last year but will carry in very large stocks. Overall, world wheat stocks carried in from this season will be up by about 8m tonnes although the US and Europe will be relatively low stocked compared with recent years, so favourable weather for their crops in the rest of the growing season will be important. Wheat prices might also be reined in by demand slowing in the face of larger maize supplies and feed consumers’ response to relatively far higher wheat prices. Since March 2013, maize prices have collapsed by a third whereas the recent strength in the wheat market puts it on a par to slightly dearer than this time last year. Still, the USDA estimates that world wheat consumption will finish up 4.5% higher this season despite a near 24m hike in use of maize with the latter’s recovering crop. A much bigger jump has been seen in world wheat trade, up 11m tonnes or almost 8% to a new record 158.5m. Much of that increase is down to China (+5.5m) and Egypt (+2m, catching up from a difficult financing period after the ‘Arab Spring’). However, wheat trade has quietened down considerably in recent weeks, probably due to the unexpected price rises. CBOT futures markets suggest soft wheat will still be relatively dear in first quarter 2015, around $7.35/bu or about $270/tonne although FAPRI recently was far more bearish on the outlook, forecasting a seasonal average for 2014/15 of just $5.55/bu (under $205/t). Maize supply prospects also good Although cheaper than a year ago, maize prices have risen by about 13% since our last review on speculative buying linked to the Ukrainian situation and in recognition of a stronger than expected pace of US export trade (probably at least partially linked to the latter). The global suypply outlook for maize remains fairly promising. Drought and heatwaves in Brazil do not seem to have affected the world’s second largest exporter as much as earlier feared and while less has been sown regionally this year, the crop now starting harvest should be around 94m for Brazil and Argentina combined. That’s down 13.5m from last year but still larger than the long-term average for the third year in a row. Russia and Ukraine should again produce larger than normal crops to maintain a wider choice of suppliers on the world market, keeping US exporters on their mettle. In the US itself, GRAIN&FEED MILLING TECHNOLOGY40 | COMMODITIES Special theme Join us at VIV India 2014 for the CropTech- FeedTech Conferences. Digital engineering in feed industry & Nutrition including presentations, debates and international keynote presentations. April 23 - 25, 2014 | Bangalore, India MORE INFORMATION visit our website www.viv.net VIV India2014 n e y - d e G s t s e – g o d o r n d h h d. e I • Roller flour mills • Disused roller flour mills including those converted to other uses 03 An illustrated Report on the flour mills recorded in 01 and 02 in the context of the Roller Milling Flour Revolution from the 1890s to the present. The Project Team is now exploring the possibility of extending the researching and recording of roller flour mills over the whole of the UK and Eire plus a little European and USA input to give context to the Roller Flour Milling Revolution in the UK. I hope you have read thus far and, just to whet your appetite for more, I plan to tell an illustrated history of roller flour milling in future issues of GFMT and answer the questions: • Why was Hungary mentioned at the beginning of this piece? • What was the origin of HOVIS as a trade name for flour and bread? To complete this article with a picture may help to answer the first question: Figure2 Figure4 Figure3 March - April 2014 | 15 www.oj-hojtryk.dk Die and roll re-working machines O&J Højtryk A/S Ørnevej 1, DK-6705 Esbjerg Ø CVR.: 73 66 86 11 Phone: +45 75 14 22 55 Fax: +45 82 28 91 41 mail: info@oj-hojtryk.dk F
  5. 5. the first planting estimates for 2014 are just being released, ranging around 91-92m acres which, with normal harvest ratios and yields close to last year’s would imply a crop of around 330/335m tonnes, maybe a bit more. That could imply modest stock drawdown if demand stayed at this season’s level but the impact is cushioned by this season’s huge crop leaving carryover stocks about 16m tonnes higher. For Europe, Strategie Grains is forecasting a possible corn crop of 65.2m tonnes which would be very close to last year’s. If the EU wants to go on using larger quantities of corn in feeds (up 4m this season at a record 73.5m tonnes, it will need to continue making large imports from Ukraine and other suppliers. The first world crop estimates are also starting to appear with AgResource estimating an 11m tonne increase from this season’s 967.5m. Based on another year of big supplies and big demand, CBOT maize prices are pointing to similar levels in early 2015 to those ruling now (around $4.90/bu, $193/t). FAPRI is againmore bearish looking for a seasonal average of $4.17 ex-farm for 2014/15 and a round $4 ($157/t) for 2015/16. Oilmeal price rises should deflate SOYA and other oilmeal costs have risen since our last review despite the overall outlook for abundant supplies and global buildip of oil-bearing raw materials. Several factors lay behind the price increases, including smaller than expected Brazilian soyabean output, strong Chinese demand for soyabeans, a drought threat to palm oil supplies and fears that the Ukrainian crisis might disrupt sunflower and rapeseed product exports from these two important sources. However, cheaper prices are indicated on the forward futures markets as well as by the FAPRI report mentioned above. The latest USDA forecasts suggest soyabean output alone will still rise this season by 15m to 18m tonnes, depending whether Brazil gets 85m or 88m (versus last year’s previous record 82m). Although Brazil and Paraguay endured some drought/heat damage at the tail end of the growing season, Argentina has escaped largely uscathed, leaving regional output huge. Regional stocks carried in from last year will also be unusually large after Argentine farmers hoarded crops as a hedge against their declining currency while Brazilian shipping problems kept a big chunk of supply moving to export. Even without the forecast record US soyabean area this spring, raw material supplies are huge and the increase in crush foreseen by the USDA (+10m to 239m) looks a bit conservative. It assumes 13m tonnes of beans will be added to world stocks, pushing them up to a near record 70.6m tonnes – a surplus that can be drawn on the moment product prices/crush margins start to rise. US soyabean plantings are meanwhile expected to jump this year to around 81.5m acres which with a normal 99% harvest ratio and a repeat of last year’s average yields, could produce 95/97m tonnes, allowing substantial recovery in US carryover stocks from their unusually low levels of the last year or two. If top user China’s demand for soyabeans/ meal is slowing down with their economy, as many analysts think, and/or Latam crops keep increasing, the soya market could be looking slack in a few months’ time. The USDA’s recent Outlook Forum recently took this potential on board, projecting an average US ex-farm price forecast for soyabeans in 2014/15 of $9.65/bu versus this season’s $12.45 (CBOT futures are still predicting January 2015 in the $11.50’s). World rapeseed supply has turned out about 5m tonnes bigger than expected this season, thanks to big crops in Europe, the FSU and, above all Canada where a record 18m tonnes has been prevented from moving quickly to crush and export by rail transport snarl-ups. As well as the large GRAIN&FEED MILLING TECHNOLOGY42 | COMMODITIES RICE UPDATE PRODUCTION In terms of expanding cultivation, rice has been one of the success stories of the past few years. World rough rice production growth has accelerated in the last decade, expanding by 21% compared with an 11% gain in the 10-years to 2003/14. This reflected a rise in the harvested area of 7.6% in the last ten years (previous decade 2.7%) but, eve more so, yields rising by 13% (8.3%). By 2013/14 world area had reached an all-time record 160.6m ha and while this season’s yields stabilised at last year’s peak level of 4.4 tonnes/ha, the resultant rough rice crop still grew to 708m tonnes - in milled terms about 475m tonnes. Stabilising yields will see world rice production grow more slowly this season – by 3.3m tonnes or 0.7% compared with just over 1% last season, 3.7% in 2011/12 and 2% in 2010/11. Flattening trends are most evident among the big producers, China, India and Vietnam with most of this season’s output gains spread among moderate-sized players like Brazil, Burma, Egypt and Pakistan. CONSUMPTION World rice consumption on the other hand, has grown at a similar pace during the last decade to the previous ten years, by about 14-15%. Although growth in demand actually exceeded crop expansion in the last two years (a reverse of the previous two) overall consumption continued to lag production. This year’s global consumption growth of 7m tonnes (about 1.5%) has been mainly down to China and India (+2m each), with smaller gains spread across countries including Bangladesh, Indonesia, Nigeria, Burma, Cambodia and Egypt. Although still lagging pro- duction, consumption will grow faster than supply this season, moderating the rise in world carryover stocks somewhat. STOCKS This has led to regular global surpluses and constant (seven successive years) of increases in the global rice stock carried from one season to the next. At the start of the current 2013/14 season, the total had reached an 11-year high of 111m tonnes and is currently seen edging up yet again, albeit more slowly than in recent years, as the market enters 2014/15. The largest stockholder has long been China (46m tonnes this season or about 41% of the world total). But as these are considered ‘off-market’ in strategic reserves, the more impor- tant bellwether followed by the mar- ket is the combined stock in India, Thailand, and Vietnam – the world’s top three suppliers. This figure will hit a record 41m tonnes in 2013/14, almost doubling over the last ten years. Most of this year’s increase will be down to Thailand (about 2m tonnes), driven by the country’s farmer support programme. A recent USDA report indicated these high exporter stocks could point to further downward pressure on forward prices. In fact, the popular rice benchmark price - for Thai 100% B grade (fob Bangkok) – has already dropped to around $420 per tonne, 27.5% below prices ruling in March 2013. TRADE World rice trade continues to reach new record levels too, expanding from 38.7m tonnes last season to a forecast 41m for 2013/14. Trade has grown almost fourfold over the last 30 years and by over 50% in the last decade. The largest importing bloc is sub- Saharan Africa which takes about 12.5m tonnes a year or almost one third of the world total followed by the Middle East (6.5m) with East and southeast Asian regions in joint third place at about 5.1m tonnes each. Most of the import trade growth in recent years has also been in Sub- Saharan Africa (about 4m tonnes) and in China. Despite being the world’s largest rice producing country – and usually man- aging some sort of annual increment to its own crop base, China’s deficit has increased roughly ten-fold in the last four years to about 3.4m tonnes, making it the largest single country importer. African import growth is led by Nigeria, now importing 3m tonnes a year - a third more than four years ago and putting it in second place behind China among the leading importers. Other key import players include Ivory Coast, Ghana, Indonesia, Iran and Iraq. OUTLOOK A possible El Nino year could bring unwelcome dryness to Southeast & East Asia, possibly impacting yields in 2014/15 although at this stage, it is too early to make any firm predictions. Even if production does slow, car- ryover stocks are large enough to sup- plement a lean season or two. Along with ongoing competition among well- stocked leading suppliers, this suggests limited leeway for a revival in rice prices in the near future.
  6. 6. stocks this will leave for carry into next season, some analysts are still looking for another large Canadian sown area this spring, setting the stage for another huge crop. European and CIS rapeseed crop weather has been large favourable, winterkill low, also pointing to adequate supplies for 2014/15. Sunflowerseed output jumped almost 19% this season on large European and CIS crops, reaching 43.3m tonnes against 36.4m the previous year, raising sunmeal output potential at competitive prices. Although the Ukrainian issue has made customers nervous, shipments so far seem not to have been interrupted, Both the CIS countries might also sow more this spring on land that went unplanted to winter cereals because of bad weather. Overall, both stocks and prospective supplies of oilseeds remain large and promising for price-restraint, if not cheaper supplies of oilmeal in the season ahead. KEY FACTORS AHEAD • Will the US crop emerge from drought and ‘winterkill’ threats with a respectable result - probably greater than last year’s, if offset by lower carry-in stocks? • What impact will the Ukrainian crisis have on its 2014/15 crops of wheat and maize, on its ability to trade freely (trade finance, currency issues and, not least, shipping through sea lanes, some of which are now controlled by Russia)? • How much will Canada sow? • Will those parts of Central/Eeastern Europe, CIS and Australia that have been too dry get adequate spring and summer rains? • Will India step up its exports? • Will wheat consumption hold up in the feed and global import sectors in the face of higher prices? • Will 2014 maize crops expand as some think, keeping downward pressure on wheat prices in the feed sector? • Can speculators continue to find enough justification in this basket of factors for investing in wheat futures? COARSE GRAINS • How much will the US sow/grow this year? • Will US feed, ethanol and exports hold up in latter half 2014? • How will CIS plantings, crop development proceed? • … and CIS export trade amid political turmoil? • How will LatAm crop competition shape up? • Will the EU see a third season of massive maize imports to feed record wheat exports? • Ukraine and Russia have unplanted winter wheat land that will go to spring planted crops – oilseeds and maize. They are expected to remain key players in the global maize export market with huge influence on European feed values. • China may release more of its huge stocks, cutting its import needs. • World barley & sorghum output OILMEALS/PROTEINS • Big LatAm & prospective US crops signal huge soya supplies, stock buildup • China may use/import less soyabeans as its economy slows • How much rapeseed (Canada/EU/CIS) and sunflowers (EU/CIS) will be grown this year? March - April 2014 | 43GRAIN&FEED MILLING TECHNOLOGY Please use the code 4047 for a free online registration to the trade shows at www.easyfairs.com/schuettgut-de Premium Partner: In parallel with: Join usin Dortmund!Free registration for Grain & Feed Milling Technology readersFree ticketworth 25 € world like a packet referred to as Neolithic Pack by archeologists. If we take the holy scriptures into consid- eration, since they are the products of human- ity, the saying, “You shall eat weed; until you become earth, you shall eat bread by the sweat of your brow…”1 has come true. Human landing on Earth from heaven has lived his own heaven and hell on Earth. • References & Footnotes 1 A.Uhri, “Ekmek ve Uygarlık”, Metro-Gastro/42, Metro Kültür Yay., İstanbul-2007, s.121. 2 M.Özdoğan, “Neolitik Dönem: Günümüz Uygarlığının Temel Taşları”, 12.000 Yıl Önce “Uygarlığın Anadolu’dan Avrupa’ya Yolculuğunun Başlangıcı” Neolitik Dönem, (edt.)N.Başgelen, YKY Yay., İstanbul-2007, 9-20. 3 G.Willcox-M.Savard, “Güneydoğu Anadolu’da Tarımın Benimsenmesine İlişkin Botanik Veriler”, Anadolu’da Uygarlığın Doğuşu ve Avrupa’ya Yayılımı-Türkiye’de Neolitik Dönem-Yeni Kazılar, Yeni Bulgular, (edt.) M.Özdoğan-N.Başgelen, Arkeoloji ve Sanat Yay., İstanbul-2007, s.427-440. 4 K.Schmidt, “Göbekli Tepe” 12.000 Yıl Önce “Uygarlığın Anadolu’dan Avrupa’ya Yolculuğunun Başlangıcı” Neolitik Dönem, (edt.)N.Başgelen, YKY Yay., İstanbul-2007, s.93-95. 5 P.Dolukhanov, Eski Ortadoğu’da Çevre ve Etnik Yapı, Çev.S.Aydın, İmge Yay., Ankara-1998, 200-202 ve M.N.Cohen, The Food Crisis in Prehistory, Yale Unv. Press., USA-1977, s.135. 6 M.Roaf, Mezopotamya ve Eski Yakındoğu, Çev.Z.Kılıç, İletişim yay., İstanbul-1996, s.27. 7 C.K.Maisels, Uygarlığın Doğuşu, Çev.A.Şenel, İmge Ktbv. Yay., Ankara-1999, s.145. 8 Roaf 1996, s.29. 9 A.Ünal, Etiler ve Hititler, Etibank Yay., İstanbul-1999, s.221. 10 Dolukhanov 1998, s.204 Roaf 1996, s.29, ve Maisels 1999, s.123 ayrıca Cohen 1977, s.135. 11 S.H.Hook, Ortadoğu Mitolojisi, Çev.A.Şenel, İmge Ktbv., Ankara-1993, s.36-37. 12 A.Ünal, Etiler ve Hititler, Etibank Yay., İstanbul-1999, 215 13 Ünal 1999, 215-217. 14 Tekvin, 3: 18-19. Kitabı Mukaddes, Kitabı Mukaddes Şirketi, İstanbul-1993. March - April 2014 | 13GRAIN&FEED MILLING TECHNOLOGY A/S F
  7. 7. www.gfmt.co.uk LINKS • See the full issue • Visit the GFMT website • Contact the GFMT Team • Subscribe to GFMT A subscription magazine for the global flour & feed milling industries - first published in 1891 INCORPORATING PORTS, DISTRIBUTION AND FORMULATION In this issue: • Researching and reporting: the roller flour milling revolution • What is Fumigation? A technique of pest control using a toxic gas • VIV Europe preview Our pull out centre section March-April2014 • Bread is the foundation of civilization • Conserving grains: through drying • Flour miller values weighbridge technology on the island of Zanzibar first published in 1891 This digital Re-print is part of the March | April 2014 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. To purchase a paper copy of the magazine, or to subscribe to the paper edi- tion 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 informa- tion on - Tel: +44 1242 267707 - Email: jamest@gfmt.co.uk or visit www.gfmt.co.uk/reprints

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