My take on packaged goods struggling is two fold.
First, the rise of Paleo, Keto and Mediterranean diets which want us to eat little processed food. Also these diets wan t us to stay away from higher density carbohydrate foods, grains, potatoes and beans. I feel this trend has peaked as well as in the Andrew Hecht article I posted, 3rd world countries are getting richer and that is now a plus for processed foods.
Canada is coming out with new food "Guiding Principles" in 2018. In it grains are in, meat is- "eat less of it" and sugar is out. I would not be surprised to see the US come out with similar guidelines in support of grains and less sugar.
https://www.foodguideconsultation.ca/guiding-...s-detailed
Second, big food processors rejected "Organic" food until relatively recently. I can guess this is mainly a result of the status quo. My example there is Genera Mills Cheerios. They were the first to have a major organic product and it was easy because all Oats are non GMO. They just had to change the additives. So, I go into Target to buy some and Target does not have a prominent display and on the box I had to search for the non GMO info. My thought was they wanted it to fail. Now most are getting into organic. MKC you will find a big display of "Organic" spices in all major grocery stores. Their stock is doing well.
So, both of those negatives are being neutralized. And a falling dollar will help exports for some packaged goods companies and well as grain exports.
As for RJA, I have seen so many negative wheat stories and now soy as South America has a drought is returning to the central part. Plus drought to south Europe, Ukraine, and Western Australia. Plus worker shortages, higher minimum wages and Diacambia damage. I really don't buy the world grain forecasts. If I am right, which may not be the case, lol, I look for a spike up when the fall actual harvest come in. If I'm wrong, I don't see much downside here.
I add, one negative is technology in farming. I feel that is minor from here, but might explain some of the fall to here, and will be of set by the above.
https://gis.ncdc.noaa.gov/maps/ncei/drought/global
https://www.accuweather.com/en/weather-news/2...a/70002570
https://www.ecowatch.com/monsanto-dicamba-2468298141.html
http://news.sky.com/story/lucifer-heatwave-po...e-10974804
http://www.foodnavigator.com/Policy/Brexit-Fo...-shortages
http://www.mercurynews.com/2017/08/23/first-e...-clean-up/
http://www.latimes.com/politics/la-pol-sac-fa...story.html