Cocoa prices have proved resilient in the economic downturn, even as other commodity prices have slumped, and confectionery manufacturers are concerned that tight supply will keep prices high for some time yet.
Bakers will welcome fresh figures from Austrian sugar, starch and fruit preparation supplier Agrana that reports a lift in autumn harvest figures for commodity-derived ingredients, an encouraging sign that supplies for formulators may ease into 2009.
Premier Foods, the maker of Hovis bread, reports 'good progress' in
recovering commodity inflation as price increases passed onto
retailers offset high ingredient costs.
UK-based Premier Foods today confirmed it will cut its annual
shareholder payout in half, as the rising price of wheat and other
commodities continue to dog the bakery firm.
The independent research organisation Chatham House has launched a
project to examine how the UK can best secure its food supply in
the face of global food production shortages.
UK-based Northern Foods yesterday reported a Q3 3.5 per cent
revenue increase, avoiding the current commodity squeeze by passing
costs on to customers.
US wheat stocks will fall to their lowest level in 60 years, which
will contribute to a sharp rise in prices, according to US
Department of Agriculture projections.
Global food manufacturer Northern Foods this week warned that it
faces price rises of up to ten per cent because of steep commodity
price increases in the UK.
Food processors can expect no relief in the near future from the
sharp surge in commodity prices, pushed upward by supply shortfalls
and higher global demand.
Bakers are again warning that the soaring price of flour is set to
drive up bread prices as costs are pushed further down the supply
chain to consumers.
There are signs that rising commodity costs are pinching the length
of the food chain with US cereal product maker General Mills
warning that, despite strong fourth quarter figures, the soaring
costs will have an impact in the near...
