Issuu on Google+

The journal of the cultural standards of Breakfast time ÂŤ7:00 - 12:00 amÂť

01


01

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

content # 09 report

good morning

Thinks of interest EVery city has its secrets: Barcelona

essay

Things of interest EVery city has its secrets:

This issue of crust has reminded us of the simple truth that we are Barcelona living with food, not living for food. In this context, the aim shifts from sideexploration. 13 accomplishment to a need for further Ideas and approaches to food have never seemed so evolved and exaggerated. Yet, as the focus on the meal continues to increase, we risk forgetting about all the hours of living that exist in between. Rather than only being an object of desire, food needs also to be a subject of discussion—approached not as a statement about politics, provenance or proficiency, but as an open-ended question mark. In some form or another, we hope that each page of this issue raises questions —not just about what food is, but about what it can be. After all, each meal is both an outcome and a new beginning.

Published & distributed by: Onomatopee Bleekstraat 23 / Eindhoven The Nederland Tel.: +34 93 540 42 48 Fax.: +34 93 540 42 49 E-mail: clau@onomatopee.net Web: info@onomatopee.net SBN 958-44-93303-52-8 © English edition 2011. All rights reserved. All materials contained in the magazine, including web pages and their derivatives including but not limited to its products or service, which are created ordeveloped on the basisof Onomatopee copyright, are the intellectual property of Onomatopee or its affiliated.

With suport European Union – English translation Mariona Sagués mariona@onomatopee.net – Profreading Edith Stone edithston@gmail.com – Cover Quote John Gunther,1083 – Typefaces Weiss Antigua Gill Sans Akkurat – Description Format: 297x420 mm. Nº pages: 20 Open sizes: 594x800 mm. Print: Rotation – Paper Manufacturer: Torraspapel Name: Cycrus-reciclad Color: Natural Grammage: 110 gra/m2 – Copies 6.000 –

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

01


01

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

MARKETS The bread that changed Britain

The food crisis has moved from lunch and dinner to breakfast. Tea, cocoa, sugar and coffee prices have hit multi-decade highs over the last few weeks, while the cost of orange juice has also risen sharply. Among “breakfast” commodities, only milk prices remain low. Tea is at an all-time high; cocoa has reached a 30year high; sugar, a 28½-year high, and coffee is near a 11-year high. Orange juice has risen to its highest levels in 15 months. The sharp increases in the prices of these soft commodities contrasts with relatively depressed prices for agricultural commodities including wheat, rice, soyabean and corn. “The price divergence is a good indicator that fundamentals are at play, rather than just speculative investments lifting the cost of all food commodities,” says Emmanuel Jayet, head of agricultural commodities research at Société Générale in Paris. Supply disruptions, rather than stronger demand for food, are driving the rally in soft commodities, analysts and traders say. “Soft commodities are united by the fact that their production is concentrated in developing countries,” says Nicholas Snowdon, a soft commodities analyst at Barclays Capital in London, adding that developing countries – mostly in the tropical areas of the world – are more prone to output troubles due to weather, conflicts, credit shor tages or the inability of farmers to respond to rising prices. Further, production of soft commodities is concentrated in a small group of countries, making it more likely that supply disruptions have had a larger impact on prices. Cocoa is a prime example, with the Ivory Coast and Ghana accounting for 60 per cent of the world’s output. By contrast, Mr Snowdon adds: “Agricultural commodities’ production is concentrated in developed countries, and widely spread among the US, Canada, the European Union or Australia.” In those regions, farmers respond quickly to rising prices, expanding their acreage and using more inputs. Kona Haque, a commodities strategist at Macquarie in London, cites consumption as a unifying factor. “Demand for soft commodities has not been affected by the economic crisis as much as other commodities,” she says. However, not everyone agrees that the rally has a common background. Tobin Gorey, an agricultural commodities strategist at JP Morgan in London, says the simultaneous rally is a coincidence, pointing out that tea, cocoa, sugar, coffee and orange juice have performed “differently over different times”. Whatever the drivers behind the surge in prices, investors have been attracted by the synchronised rally, bringing speculative investors to what is usually a relatively small corner of the commodities market, traditionally handled by trading houses, brokers and merchants. In tea, the bull market has its root in crop damage in the main exporting countries from simultaneous droughts. Production in Kenya, Sri Lanka and India has dropped on average by 10-20 per cent this year, sending tea prices to an all-time high.

The benchmark best-quality broken pekoe, or BP1, surged to $5.02 a kilogram in mid-October, a record and up 70 per cent from January. Unlike other soft commodities, tea does not trade in a futures exchange and the business is based on physical deals, meaning that most financial investors are not profiting from the rally. The surge in cocoa prices has a main cause: the Ivory Coast, which delivers 40 per cent of the world’s cocoa, had a poor harvest this season and, in spite of favourable weather, traders fear that the country’s ageing trees will deliver an even smaller crop in the 2009-10 crop year that started this month. Cocoa consumption has outpaced supply for the past three seasons and another bad crop in the Ivory Coast could prolong the deficit for a fourth consecutive year, the longest period of supply shortfalls since the shortages of between 1965 and 1969. Last week, New York’s cocoa prices hit $3,412 a tonne, up 28 per cent this year, and their highest level since February 1980. The sugar rally is the result of a large supply deficit due to disappointing crops in Brazil and India, the world’s top producers. In India, the world’s largest consumer of sugar, the driest monsoon since 1972 due to the El Niño weather phenomenon has damaged the cane crop. Meanwhile, El Niño has brought rains to what is normally the dry season in Brazil, which accounts for 60 per cent of the world’s sugar expor ts. Raw sugar prices in New York rose to a 28½-year high above 25 cents per pound last month and since then the cost of the sweetener has hovered around 23-25 cents. While tea, cocoa and sugar have strong fundamentals driving price rises, the supply and demand equilibrium on coffee and orange juice is somewhat more balanced. Even so, prices are on the rise. In the case of coffee, production losses in Colombia and fears of a low crop in Brazil have supported the market. New York’s arabica coffee hit 145.40 cents a pound last week, up 30 per cent so far this year.| Orange juice had been suppor ted by output losses in Brazil and Florida, the world’s top producers, due to cold weather and the spread of the so-called greening disease which forces farmers to uproot trees. “Once infected, there is no cure for a tree with citrus greening disease,” warns the US Department of Agriculture. New York’s frozen concentrated orange juice futures hit a 15-month high of $1.1820 per pound last week, up 72.4 per cent since January. — Stephe Curtis.

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

AS PARISIAN AS FRENCH BAGETTE

The slim, two-foot long baguette and its heftier cousin, pain parisian, are as much a part of Parisian identity as the Arc de Triomphe or the Eiffel Tower. In France, bread is more than a neutral vehicle to spread with butter and jam or to accompany one of this country's more than 365 types of cheese. French peasants still trace the sign of the cross on the bottom of their country loaf before cutting into it. Most basic of foodstuffs, sacred element of the eucharist, bread has religious connotations, but also political signifigance in France. What history student could forget Marie Antoinette's famous phrase, "let them eat cake." Her insouciant response to the plight of French peasants deprived of their daily bread was one of the sparks that ignited the French revolution. Despite all this, French bread has lost considerable ground over the past century, both in terms of consumption and in quality. In 1900, the daily quota of bread for every Frenchman hovered around 900 grams (about 2 lbs.) Today the average Parisian consumes a mere 160 grams (about 5 1/2 ozs.) per day. It's a feeble figure, even in comparison to some of France's neighbors. In Germany the current daily per capita bread consumption is around 200 grams and in Ireland, about 185 grams. The dip in consumption is in large part due to changes in diet and lifestyle over the past century. A distressing decline in quality has been blamed on the industrialization of breadmaking. Since the 1950's, the timehonored methods and tools for making French bread have been, in many cases, supplanted by new equipment, techniques and ingredients designed to make more bread faster and more profitably. The result is bread that looks, tastes and feels much like cotton. But luckily for lovers of real old-fashioned French bread, the pendulum seems to be swinging back toward more traditional methods. Professionals such as Lionel Poilane, France's famous baker, have devised methods of reconciling quantity and quality. To boost this trend, the French government recently introduced legislation designed to prevent any bakery from calling itself a "boulangerie" if it does not make, knead and cook entirely from scratch on the premises According to one government official's estimate, between 3,000-5,000 shops in France will be forced to remove their "boulangerie" signs in the coming years. In the meantime, here are some tips on how to judge a good, traditionally made French baguette, as well as a list of authentic Parisian "boulangeries" where you're sure to find a good loaf -- whether it's a baguette or another of the country's rich variety of traditional breads.

What to Look for in a Baguette? The first sign of quality is a hard crust of a rich, dark caramel color. A flimsy crust, a pale, straw yellow color and an underside marked by tiny dots all indicate that the bread has been cooked in an industrial oven often from frozen dough. The inside (or "mie" in French) of a good baguette should be a creamy color with large irregular air holes. The industrial loaf, on the other hand, will be cotton white, with tiny, regular air holes. The texture of a good baguette should be moist and slightly chewy with a full, almost nutty flavor. The industrial version is cottony, tasteless and dry. — Stephe Curtis.

01


01

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

01

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

Mariona Sagués

1 fig.

1 fig.

1 fig.

1 patata bullida patata bullida patata bullida patata bullida patata bullida patata bullida patata bullida patata bullida patata bullida

1 fig.

1 fig.


01

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

Mariona Sagués

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

01


01

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

BREAK MARKETS The bread that changed Britain

01


01

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

01

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

MEAT MARKETS The bread that changed Britain


01

MEAT

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

01


01

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

01

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

Crust Julien Tell us about yourself, where,

Crust

Tell us about yourself, where,

Crust

what and who?

Julien

I’m a graphic designer, and I’ve been working for 20 years in the editorial business, designing magazines. About three years ago I ended up dissapointed with the institutional environment of it. In the middle of that process of disillusi onment, and just by chance, I found a blog about food and homemade sourdough breads. With a mix of curiosity and the will to dedicate my time and passion to something different I started baking sourdough breads, as an observer at first, then as an amateur and finally as a professional. Bread has become, for me, in a way to make a living.

what and who?

How is commercial or professional baking in Spain?

Julien

Crust Julien

It is terrible. So focused in profitability and far away from quality. Luckily, that is changing, even though the attempts are, by now, quite tepid. Professional bakers are becoming aware of the poor situation of the bread here, but the step forward hasn’t quite arrived.

How do you make a formula or recipe?

Sometimes, straight from a book; sometimes looking at what I have in my flour cabinet; always translating yeast to sourdough, changing hydrations.

Crust Julien

I’m a graphic designer, and I’ve been working for 20 years in the editorial business, designing magazines. About three years ago I ended up dissapointed with the institutional environment of it. In the middle of that process of disillusi onment, and just by chance, I found a blog about food and homemade sourdough breads. With a mix of curiosity and the will to dedicate my time and passion to something different I started baking sourdough breads, as an observer at first, then as an amateur and finally as a professional. Bread has become, for me, in a way to make a living.

Crust Julien

How did you start baking?

I star ted baking at home, following the instructions and directions of that one blog. I kept documentating about the properties of sourdough and practicing a lot to get familiar with the techniques and the ingredients Then I got the chance, through the british baker Dan Lepard (whose book The Handmade Loaf was, and still is, a tremendous guide), of working as an apprentice at Daylesford Organic, in UK, during the summer of 2009, getting to know the part that. I was missing: chain production of sourdough bread, keeping the quality of artisan bread, far from industrial standards. When getting back to Spain I started working as the head baker of a new bakery.

Crust Julien

Crust Julien

What is Spanish bread?

There is a huge variety of breads in Spain, depending of the regions, being ‘pan candeal’ one of the top breads when coming to customer’s preferences. The culture of bread in Spain is totally lost, and people are not able to remember how a good bread used to taste. The culture of ‘white, crunchy and soft’ is mandatory, which couldn’t be so bad if ‘flavour’ wasn’t out of the equation. Bread here is loaded with chemicals and yeast, and people don’t seem to care.

And what are you baking lately?

White sourdough loafs, whole wheat, rye and caraway, rye with pine nuts or rye with raisins and walnuts, 3-stage Detmold process, spelt... All of them sourdoughs for the classes. Also testing soft swedish flatbreads, persian flatbreads with za’atar, grilled naan...Oh and tons of sourdough pizza(00 flour and 20% Semolina! Is there a typical bread you like in your region?

Crust Julien

I grew up in Barcelona where there is no longer a bread culture. The market is dominated by large companies of mass production of precooked bread. It’s almost impossible to find good bread. However, in the south of Spain (Andalusia) where I have spent most of my holidays there are some good types of breads. The Mollete de Antequera, an Arabic influenced bread, is one of them. Recently I got avery acceptable version,. How did you get involved with BCN?

Crust Julien

Some of us met after making a common online order of bannetons and the idea of having a blog came out. That was 3 years ago and we are still together!

I star ted baking at home, following the instructions and directions of that one blog. I kept documentating about the properties of sourdough and practicing a lot to get familiar with the techniques and the ingredients Then I got the chance, through the british baker Dan Lepard (whose book The Handmade Loaf was, and still is, a tremendous guide), of working as an apprentice at Daylesford Organic, in UK, during the summer of 2009, getting to know the part that. I was missing: chain production of sourdough bread, keeping the quality of artisan bread, far from industrial standards. When getting back to Spain I started working as the head baker of a new bakery. What is Spanish bread?

Crust Julien

There is a huge variety of breads in Spain, depending of the regions, being ‘pan candeal’ one of the top breads when coming to customer’s preferences. The culture of bread in Spain is totally lost, and people are not able to remember how a good bread used to taste. The culture of ‘white, crunchy and soft’ is mandatory, which couldn’t be so bad if ‘flavour’ wasn’t out of the equation. Bread here is loaded with chemicals and yeast, and people don’t seem to care. What and who are your references

Crust

What and who are your references for bread?

Julien

Crust Julien

Crust Julien

Iban Yar za , for his bread culture and generosity, and for getting me into the bread world; Dan Lepard, for his imagination and care, and for guiding, illustrating and advising me; my fellow partners and home bakers at the blog, for their passion and dedication; the 1.255 members of the spanish bread forum for their constant will to learn.

Can you describe the rise of home

Crust Julien

Bak, Pan Casero & Cocina, what is it?

A space that will cover everything related to ar tisan bread, from classes to debates, conferences, literature, friends, amateurs and professionals... where people can get together and share thoughts, exper iences , ideas and techniques abou t bread. Favorite type of bread, or food?

My own loaf. If I have a good pastrami, then my favourite is a rye sourdough. For a picnic with the kids, a soft white sourdough. And to keep my girl happy, a crunchy baguette with a poolish.

for bread?

baking in Spain?

It is curious and beautiful thing. Home bakers in Spain have different ages, different backgrounds and different reasons for baking bread, but the common passion is intense ending up with us together in an spontaneous, osmotic way. In a common bread recipe published by Javier Marca and I in MTM, we talked about how exciting is to put the bread in the oven and many people commented that they also loved this moment. At the end, I think that what is happening is that we simply miss the real bread.

Crust Julien

Julien

Iban Yar za , for his bread culture and generosity, and for getting me into the bread world; Dan Lepard, for his imagination and care, and for guiding, illustrating and advising me; my fellow partners and home bakers at the blog, for their passion and dedication; the 1.255 members of the spanish bread forum for their constant will to learn. Bak, Pan Casero & Cocina, what is it?

Crust Julien

Who influences you in the baking

Crust

A space that will cover everything related to ar tisan bread, from classes to debates, conferences, literature, friends, amateurs and professionals... where people can get together and share thoughts, exper iences , ideas and techniques abou t bread.

forums, books, bakers?

All of them. The work of Dan Lepard, Iban Yar za and Javier Marca is important, as without them I could not call me artisan baker. But many of my knowledge comes from American books (Reinhar t, Hamelman, Buehler), or hours and hours reading stuff in The Fresh Loaf, Wild Yeast, Ye olde bread blogger, Au Levain ...

Sometimes, straight from a book; sometimes looking at what I have in my flour cabinet; always translating yeast to sourdough, changing hydrations. And what are you baking lately?

White sourdough loafs, whole wheat, rye and caraway, rye with pine nuts or rye with raisins and walnuts, 3-stage Detmold process, spelt... All of them sourdoughs for the classes. Also testing soft swedish flatbreads, persian flatbreads with za’atar, grilled naan...Oh and tons of sourdough pizza(00 flour and 20% Semolina! Is there a typical bread you like

How did you start baking?

Crust Julien

How do you make a formula or recipe?

Favorite type of bread, or food?

Crust Julien

My own loaf. If I have a good pastrami, then my favourite is a rye sourdough. For a picnic with the kids, a soft white sourdough. And to keep my girl happy, a crunchy baguette with a poolish.

in your region?

I grew up in Barcelona where there is no longer a bread culture. The market is dominated by large companies of mass production of precooked bread. It’s almost impossible to find good bread. However, in the south of Spain (Andalusia) where I have spent most of my holidays there are some good types of breads. The Mollete de Antequera, an Arabic influenced bread, is one of them. Recently I got avery acceptable version,. How did you get involved with BCN?

Some of us met after making a common online order of bannetons and the idea of having a blog came out. That was 3 years ago and we are still together! Can you describe the rise of home

baking in Spain?

Crust Julien

It is terrible. So focused in profitability and far away from quality. Luckily, that is changing, even though the attempts are, by now, quite tepid. Professional bakers are becoming aware of the poor situation of the bread here, but the step forward hasn’t quite arrived.

Do you buy bread in bakeries or do you prefer making it yourself?

Sometimes I buy things that are sold in bakeries under the name of bread, but I’m trying to quit And do they like tasting your bread?

It is jus t a dream come tr ue. Tr anslating my favorite bread book is something I’m really grateful for. I can’t remember how it actually happened. I met Dan Lepard first back in 2005, but the idea did not fully came to life until quite recently; then Leqtor books and The Glutton Club teamed up with the British publishing house to make it happen and everything happened very quickly. In fact, a translator always complains about the lack of time, and so do I. Will you write your own book?

I don’t think so. I think there are already very good bread books. The problem in Spain is that we have very little (and mostly poor) translations. But if you take the following books, knead them well and let them rise slowly, I don’t think I could add anything. Sourdough, yeast, what makes them so different? And which is better?

Quite simply, f lavor. I’d say when you bite into a good piece of sourdough bread you can feel there is a soul inside that dough, you can feel it is alive.

baking in Spain?

It is curious and beautiful thing. Home bakers in Spain have different ages, different backgrounds and different reasons for baking bread, but the common passion is intense ending up with us together in an spontaneous, osmotic way. In a common bread recipe published by Javier Marca and I in MTM, we talked about how exciting is to put the bread in the oven and many people commented that they also loved this moment. At the end, I think that what is happening is that we simply miss the real bread.

Fermenting is sort of like a Frankenstein thing, “It’s alive!!!!” What other things do you ferment besides bread?

I love fermenting. I “milk” my kefir pot every morning, and after the Spanish Summer is gone, now is time for sauerkraut. I’ve got a big “sauerkrauttopf ” full of good bubbling stuff right now and pickled gherkins. Next thing I want to try is kvass (a beverage made of fermented rye bread). I really like to discover home brewing, but I’m a bit put off by all the equipment involved (unlike baking or pickling).

Who influences you in the baking forums, books, bakers?

All of them. The work of Dan Lepard, Iban Yar za and Javier Marca is important, as without them I could not call me artisan baker. But many of my knowledge comes from American books (Reinhar t, Hamelman, Buehler), or hours and hours reading stuff in The Fresh Loaf, Wild Yeast, Ye olde bread blogger, Au Levain ...

What is your favourite flour?

Rye. No matter whether it’s white or whole-meal. I remember a Estonian rye flour I bought in Tallinn some years ago. I will never forget the aroma I got the moment I mixed it with water. You’ve traveled a lot. Some of your flickr photos show you holding

When choosing formulas where do you find of information primarily?

Usually I bake in the weekends, and I can remember a recipe that caught my attention on a visit to a blog or a forum during the week, but sometimes the bread dough is just formed in my head, and then I go toground books to f ind conf irmation for that idea, or to tweak the hydration...

sandwiches in front of landscapes. Is it like a “gracias” to the bread gods?

Haha. When trekking I do like to make “offerings” to the places I visit. By this pagan/bread-esque offering I somehow summon all the energy of the place. Well, I said “somehow.” What is a spekulas sandwich? And what other sorts of combina-

Sourdough or commercial yeast, which do you prefer?

How is commercial or professional

I’ve learned with age to use sourdough or yeast depending on the bread that I became interested in each time “.

I think it should not be any debate about yeast or sourdough, because we talk about two entirely different things. It seems that the home baker should be a purist, and only use sourdough because yeast is a professional sin, but I think this is near-sightedness. I recently listened to Dan Lepard summarize very well this idea, saying something like, “When I was younger I was so arrogant that I thought that only sourdogh bread was good, and

tions do you like with your bread?

Ah, that’s a good one. Back in 1998 I spend some time working in a hotel in Amsterdam. The guy next door (a funny guy named Bas who played the trumpet and roller skated in the middle of the night to the hospital where he worked as an emergency anesthetist) told me about it. First I thought he was joking, but then I checked with other Dutch people to find he wasn’t kidding. I did try it and it was gorgeous. The spekulaas (spekulatius/speculoos for German/French/Belgian) is a


01

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

01


01

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

01

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

1 fig.

1 fig.


01

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

MARKETS The bread that changed Britain

01

The journal of the cultural standards of Breakfast time «7:00 - 12:00 am»

MEAT BREAD

The food crisis has moved from lunch and dinner to breakfast. Tea, cocoa, sugar and coffee prices have hit multi-decade highs over the last few weeks, while the cost of orange juice has also risen sharply. Among “breakfast” commodities, only milk prices remain low.

The food crisis has moved from lunch and dinner to breakfast. Tea, cocoa, sugar and coffee prices have hit multi-decade highs over the last few weeks, while the cost of orange juice has also risen sharply. Among “breakfast” commodities, only milk prices remain low.

The food crisis has moved from lunch and dinner to breakfast. Tea, cocoa, sugar and coffee prices have hit multi-decade highs over the last few weeks, while the cost of orange juice has also risen sharply. Among “breakfast” commodities, only milk prices remain low.

Tea is at an all-time high; cocoa has reached a 30year high; sugar, a 28½-year high, and coffee is near a 11-year high. Orange juice has risen to its highest levels in 15 months. The sharp increases in the prices of these soft commodities contrasts with relatively depressed prices for agricultural commodities including wheat, rice, soyabean and corn.

Tea is at an all-time high; cocoa has reached a 30year high; sugar, a 28½-year high, and coffee is near a 11-year high. Orange juice has risen to its highest levels in 15 months. The sharp increases in the prices of these soft commodities contrasts with relatively depressed prices for agricultural commodities including wheat, rice, soyabean and corn.

Tea is at an all-time high; cocoa has reached a 30year high; sugar, a 28½-year high, and coffee is near a 11-year high. Orange juice has risen to its highest levels in 15 months. The sharp increases in the prices of these soft commodities contrasts with relatively depressed prices for agricultural commodities including wheat, rice, soyabean and corn.

“The price divergence is a good indicator that fundamentals are at play, rather than just speculative investments lifting the cost of all food commodities,” says Emmanuel Jayet, head of agricultural commodities research at Société Générale in Paris. Supply disruptions, rather than stronger demand for food, are driving the rally in soft commodities, analysts and traders say. “Soft commodities are united by the fact that their production is concentrated in developing countries,” says Nicholas Snowdon, a soft commodities analyst at Barclays Capital in London, adding that developing countries – mostly in the tropical areas of the world – are more prone to output troubles due to weather, conflicts, credit shor tages or the inability of farmers to respond to rising prices.

“The price divergence is a good indicator that fundamentals are at play, rather than just speculative investments lifting the cost of all food commodities,” says Emmanuel Jayet, head of agricultural commodities research at Société Générale in Paris. Supply disruptions, rather than stronger demand for food, are driving the rally in soft commodities, analysts and traders say. “Soft commodities are united by the fact that their production is concentrated in developing countries,” says Nicholas Snowdon, a soft commodities analyst at Barclays Capital in London, adding that developing countries – mostly in the tropical areas of the world – are more prone to output troubles due to weather, conflicts, credit shor tages or the inability of farmers to respond to rising prices.

“The price divergence is a good indicator that fundamentals are at play, rather than just speculative investments lifting the cost of all food commodities,” says Emmanuel Jayet, head of agricultural commodities research at Société Générale in Paris. Supply disruptions, rather than stronger demand for food, are driving the rally in soft commodities, analysts and traders say. “Soft commodities are united by the fact that their production is concentrated in developing countries,” says Nicholas Snowdon, a soft commodities analyst at Barclays Capital in London, adding that developing countries – mostly in the tropical areas of the world – are more prone to output troubles due to weather, conflicts, credit shor tages or the inability of farmers to respond to rising prices.

Further, production of soft commodities is concentrated in a small group of countries, making it more likely that supply disruptions have had a larger impact on prices. Cocoa is a prime example, with the Ivory Coast and Ghana accounting for 60 per cent of the world’s output. By contrast, Mr Snowdon adds: “Agricultural commodities’ production is concentrated in developed countries, and widely spread among the US, Canada, the European Union or Australia.” In those regions, farmers respond quickly to rising prices, expanding their acreage and using more inputs. Kona Haque, a commodities strategist at Macquarie in London, cites consumption as a unifying factor. “Demand for soft commodities has not been affected by the economic crisis as much as other commodities,” she says. However, not everyone agrees that the rally has a common background. Tobin Gorey, an agricultural commodities strategist at JP Morgan in London, says the simultaneous rally is a coincidence, pointing out that tea, cocoa, sugar, coffee and orange juice have performed “differently over different times”.

Further, production of soft commodities is concentrated in a small group of countries, making it more likely that supply disruptions have had a larger impact on prices. Cocoa is a prime example, with the Ivory Coast and Ghana accounting for 60 per cent of the world’s output. By contrast, Mr Snowdon adds: “Agricultural commodities’ production is concentrated in developed countries, and widely spread among the US, Canada, the European Union or Australia.” In those regions, farmers respond quickly to rising prices, expanding their acreage and using more inputs. Kona Haque, a commodities strategist at Macquarie in London, cites consumption as a unifying factor. “Demand for soft commodities has not been affected by the economic crisis as much as other commodities,” she says. However, not everyone agrees that the rally has a common background. Tobin Gorey, an agricultural commodities strategist at JP Morgan in London, says the simultaneous rally is a coincidence, pointing out that tea, cocoa, sugar, coffee and orange juice have performed “differently over different times”.

Further, production of soft commodities is concentrated in a small group of countries, making it more likely that supply disruptions have had a larger impact on prices. Cocoa is a prime example, with the Ivory Coast and Ghana accounting for 60 per cent of the world’s output. By contrast, Mr Snowdon adds: “Agricultural commodities’ production is concentrated in developed countries, and widely spread among the US, Canada, the European Union or Australia.” In those regions, farmers respond quickly to rising prices, expanding their acreage and using more inputs. Kona Haque, a commodities strategist at Macquarie in London, cites consumption as a unifying factor. “Demand for soft commodities has not been affected by the economic crisis as much as other commodities,” she says. However, not everyone agrees that the rally has a common background. Tobin Gorey, an agricultural commodities strategist at JP Morgan in London, says the simultaneous rally is a coincidence, pointing out that tea, cocoa, sugar, coffee and orange juice have performed “differently over different times”.

Whatever the drivers behind the surge in prices, investors have been attracted by the synchronised rally, bringing speculative investors to what is usually a relatively small corner of the commodities market, traditionally handled by trading houses, brokers and merchants. In tea, the bull market has its root in crop damage in the main exporting countries from simultaneous droughts. Production in Kenya, Sri Lanka and India has dropped on average by 10-20 per cent this year, sending tea prices to an all-time high.

Whatever the drivers behind the surge in prices, investors have been attracted by the synchronised rally, bringing speculative investors to what is usually a relatively small corner of the commodities market, traditionally handled by trading houses, brokers and merchants. In tea, the bull market has its root in crop damage in the main exporting countries from simultaneous droughts. Production in Kenya, Sri Lanka and India has dropped on average by 10-20 per cent this year, sending tea prices to an all-time high.

Whatever the drivers behind the surge in prices, investors have been attracted by the synchronised rally, bringing speculative investors to what is usually a relatively small corner of the commodities market, traditionally handled by trading houses, brokers and merchants. In tea, the bull market has its root in crop damage in the main exporting countries from simultaneous droughts. Production in Kenya, Sri Lanka and India has dropped on average by 10-20 per cent this year, sending tea prices to an all-time high.

Wholemeal Roti Nan Chapati Rye bread Flatbread Oat Flatbread Pitta Baggels .... Zopf Tortilla Piadina Pando Matzo Baguette Ciabatta Beauceron gasse Bread 6 cereals Campagne Campagne walnut Ciabatta Ficelle Focaccia Fougasse .... Meule small Mixed fruits Pain nuts brie Pain de mie Poolish large Poolish small Raisin meule Seigle nature Seigle noix

()

()

CONDIMENTS

TEA

Salt Mustard Oli soy Sauce Lea & Perrins Mayonnaise Syrup Tapenadde .... () green pesto Vinaigrette Caesar Dressing Spiced Tomato Chutney Apricot Chutney TOMATO Chutney Horseradish SAUCE Tartare SAUCE Piccalilli Caramelised Red Onion Relish

Chai .... Darjeeling Earl Grey Imperial French Breakfast GREEN Marco Polo Vert Provence DARK TEA CLASSIC AFFTERNON CHOCO CHAI GINGER Chamomile & Vanilla Cherry & Cinnamon Camomile & Honey Pure Peppermint Rooibos

CHEEsE

COFFEE

Ricotta Parmesan Tupí Goat cheese Gouda .... Brie Gorgonzzolla Mascarpone Mozzarellla Feta Gorgonzola Manchego Mild Chaumes Blacksticks Blue Provolone Edam bUTTER .... Gouda Colby Emmentaler Stilton Sbrintz Sainte Maure Pecorino Gruyère Brick Creamy Cheese Margarina

Espresso Macchiato Cappuccino Café latte .... () Hot chocolate cocoa MALT

()

()

Pickles & Marinated Vegetables OLIVES CAPERBERRIES .... lEAVES WITH RICE

()

PICKLED EGGS SUN DRIED TOMATO ARTICHOKE EGGPLANTS MUSHROOMS CORNICHONS GARLIG RED CABBAGE JALAPENOS CHILLIES CUCUMBER BETROOT

()

Vegetables OLIVES ARTICHOKE EGGPLANTS .... MUSHROOMS GARLIG CABBAGE CHILLIES CUCUMBER onions

pastisserie Victoria Sponges.... () Fruity Teacakes Teacakes chocolat SAUVAGE & meat Bacon York ham .... Sobrassada Chouriço Pâtés Iberian ham Wiltshire cure Eggs Chopped Roast Beef

()

()


crust

The journal of the cultural standards of Breakfast time ÂŤ7:00 - 12:00 amÂť

/ winter 2011

All happiness depends o n 09 a leisurely breakfast #


wwwqq mmmbbb