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By R W Gallant

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By R W Gallant

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Rates of Return in Corn Refining Because most firms in the corn wet-milling industry are diversified, their reported measures of profitability, which are for the firms' entire operations, may obscure earnings in their corn refining activities. However, because of the leading position of CPC International (formerly Corn Products Refining Company) and the fact that this firm's business remains heavily oriented toward corn refining, the firm's reported data may give a general indication of earnings in corn refining.

6 0 0 2 Source: References 17 and 18. relatively small during the 1950s and 1960s. 32 cents per pound. 22 cents per pound in 1960. 58 cents per pound. 38 cents in 1967, where it remained until 1970. 6 cents per pound in mid-1979. Selective allowances were made from quoted prices principally during the latter part of the 1960s, but allowances apparently were discontinued in the 1970s. Because corn is a major cost component, amounting to 76% of the cost of materials consumed by the industry in 1977, and because the price of corn is much more variable than the price of starch, changes in corn prices tend to be related inversely to changes in earnings of corn refining companies.

GENETICS AND PHYSIOLOGY OF STARCH DEVELOPMENT 27 No chapter can adequately cover all aspects of starch development, biosynthesis, and genetics. Readers wishing more detailed information should consult the books by Badenhuizen (7), Radley (2), and Banks and Greenwood (3)\ and review papers by Creech (4), Nelson (5), Preiss and Levi (6), Juliano (7), Marshall (8), Preiss (285), Preiss and Levi (286), and Banks and Muir (287). II. OCCURRENCE 1. General Distribution Starch can be found in all organs of most higher plants (7,9).

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