Diluted earnings per share for the first half of fiscal 2005 were
$1.
Performance of the convenience soup platform in the quarter
was flat compared with a year earlier, with sales gains in
ready -to-serve microwaveable bowls offset by a decline in
"Campbell's Soup at Hand" sippable soup sales .

-- While the "Prego" pour-over business continued to achieve
increased volume as category trends improve, overall sales
declined in the quarter due to lower sales of "Prego" pasta
bake products. Operating earnings increased 12
percent to $47 million compared with the year-ago quarter , as the
impact of pricing and higher volume was partially offset by increased
marketing and commodity cost inflation. Top performers included "Pepperidge Farm" wheat and
grain breads, as well as "Pepperidge Farm" Carb Style breads
and rolls.

-- Sales in Asia Pacific were also up, driven by significant
volume growth in the region.

A breakdown of the change in sales follows:

-- Volume and mix added 7 percent

-- Price and sales allowances added 4 percent

-- Currency added 1 percent

Further details include the following:

-- Godiva Chocolatier sales rose on strong performance in all
channels in North America -- retail, wholesale, and direct.com and can be accessed
by clicking on the "Webcast" banner.08
============ ============

Dividends $ .34 $ .57 $ .S.13 $ 1.

The company believes that earnings per share excluding certain
restructuring related costs and certain other transactions not
considered to be part of the ongoing business are a better indicator
of the true performance of the business.

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participants
may access the call at 1-877-601-3546 and non-U. The new in-store signage will help
consumers choose the healthiest, best tasting products.
McCann noted that a diet with increased healthy whole grains is a long-
term dietary solution, not a quick diet "fix.
Sheila McCann
http://profnet.

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In January, "Campbell's Chunky" chili introduced
two varieties in microwaveable bowls. retail, "Arnott's" biscuits in Australia and Asia Pacific, and
"Arnott's" salty snacks in Australia.57
============ ============

Dividends $ .

(2) The gain relates to the settlement of a class-action lawsuit
involving ingredient suppliers .houseofbread.com. Very soon consumers will be able to obtain just about any of
our products with whole grains -- everything from our cinnamon rolls to
traditional loaves of bread. House of Bread locations can be
found in Flagstaff, AZ; Fremont, Roseville, San Luis Obispo, and Ventura, CA;
New Orleans, LA; Plymouth, MI; Reno, NV; Salt Lake City, UT and Mill Creek,
WA.

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Highlights of this segment's other businesses include:

-- After a successful introduction in the first quarter ,
"Campbell's Chunky" chili continues to perform well in the
marketplace.

For the first half of fiscal 2005, sales increased 8 percent to
$882 million.

Reporting Segments

Beginning in fiscal year 2005, Campbell Soup Company earnings
results are reported for the following segments:

U.

House of Bread Challenges Consumers to Ultimate Taste Test

About House of Bread
Sheila McCann opened the first House of Bread in San Luis Obispo, Calif.

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S. "Goldfish" snack cracker sales also increased.

-- Away From Home sales grew significantly due to the strong
performance of refrigerated soups.

For the first half of fiscal 2005, sales increased 12 percent to
$564 million.S. A recording of the call will be
available approximately two hours after it is completed through
midnight February 25, 2005 at 1-866-393-0852 or 1-203-369-0428.

Forward-Looking Statements

This release contains "forward-looking statements" which reflect
the company's current expectations about its future plans and
performance, including statements concerning the impact of marketing
investments and strategies, new product introductions, cost-saving
initiatives and quality improvement on sales , earnings and margins.S. Soup, Sauces and
Beverages $ 1,950 $ 1,850 5%
Baking and Snacking 882 813 8%
International Soup and Sauces 918 843 9%
Other 564 503 12%
-------- --------
Total sales $ 4,314 $ 4,009 8%
======== ========

Earnings
--------
Contributions:
U.
"I have to admit, it's gratifying to see the government finally recognize
and recommend that consumers' diets include significant portions of whole
grains," said McCann, referring to the 2005 Dietary Guidelines for Americans
recently announced by the U.D. The new food pyramid recommends that 45 to 65 percent of the daily
calories come from whole grain sources, including whole wheat.
Now I just wish people would try whole grain products produced with freshly
milled flour and then they will be more likely to modify their diets," McCann
said.

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Douglas R.0 billion.

A breakdown of the change in sales follows:

-- Volume and mix added 4 percent

-- Increased promotional spending subtracted 1 percent

-- Currency added 7 percent

Further details of sales results include the following:

-- Sales were up in Europe, primarily due to currency.13 $ 1.02)
Gain on sale of property (3) (0.com.

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Operating earnings of $72 million were up 14
percent versus the prior year, primarily due to the strong sales
growth.campbellsoupcompany.57 $ . This commitment to quality has enabled the bakery chain to created
healthy, natural whole grain baked goods that taste better and are more
nutritious.prnewswire.com/ud_public.

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-- Increased marketing for three new varieties of "Pepperidge
Farm" premium pot pies drove outstanding sales growth in the
frozen segment.S., "All whole-wheat bread is
NOT created equal!"
That's the mantra of Sheila McCann, founder and president of House of
Bread Franchising, with 10 micro-bakeries in six states that focus entirely on
healthy, tasty whole-grain bakery products.

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J. Soup profit margins , our recently announced price
increase, effective at the end of February, will help to improve the
profitability of U. Pepperidge Farm continued to successfully expand
distribution of its lines of bagels and English muffins. Strong promotional
activity and new product introductions also contributed to
growth.com

Conference Call

The company will host a conference call to discuss these results
on February 18 at 10:00 a.

Baking and Snacking, which includes the following businesses:
"Pepperidge Farm" cookies, crackers, breads and frozen products in
U. Soup, Sauces and
Beverages $ 956 $ 950 1%
Baking and Snacking 433 397 9%
International Soup and Sauces 502 457 10%
Other 332 296 12%
-------- --------
Total sales $ 2,223 $ 2,100 6%
======== ========

Earnings
--------
Contributions:
U.

"But the message is only partially
complete.

"
In response to the USDA's new Dietary Guidelines for Americans, House of
Bread Franchising is piggy backing on the "new" nutrition awareness campaign
by launching its own campaign to help consumers understand that whole grain
bread has improved over the years and that not all wheat bread is created
equal.

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57, even with the year-ago
quarter.08 a year ago. Soup, Sauces and Beverages were $956 million, a 1
percent increase compared with a year ago.

Baking and Snacking

Sales for Baking and Snacking were $433 million, a 9 percent
increase compared with a year ago .

Other

The balance of the portfolio includes the Godiva Chocolatier
business worldwide and the Away From Home business in the U. The company disclaims any obligation or intent to
update the forward-looking statements in order to reflect events or
circumstances after the date of this release.

Other, which includes the Godiva Chocolatier business worldwide
and the Away From Home business in the U.
In addition to the education materials, each bakery location is launching
a tasty campaign to show consumers just how good a whole grain baked product
can be. "Most
people are still taste-driven when it comes to food choices, we're hoping to
help the consumer see just how wonderful a whole-grain product can be.,
in 1996.

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Campbell Reports Second Quarter Earnings Per Share of $.57 Even With Year Ago Net Sales Increase 6 Percent; U.S. Condensed Soup Sales Rise 4 Percent

Business Editors/Food/Beverage Writers

CAMDEN, N.3 billion for the first half of fiscal 2005, an
increase of 8 percent compared with the year-ago period, reflecting
the following factors:

-- Volume and mix added 6 percent

-- Price and sales allowances added 1 percent

-- Increased promotional spending subtracted 1 percent

-- Currency added 2 percent

For the first half of fiscal 2005, the company reported net
earnings of $465 million versus $446 million a year earlier, an
increase of 4 percent. Particularly noteworthy have
been the outstanding top and bottom line performances of Pepperidge
Farm and Away From Home in the U.

Summary of Fiscal 2005 Second Quarter Results By Segment

U.

-- "Campbell's SpaghettiOs" pasta sales increased significantly
as the business continues to benefit from the conversion to
the "Campbell's" brand supported by increased advertising. In
addition, businesses in the U. Operating earnings increased 11 percent to $94 million,
consistent with strong sales growth.S.02)
----------------

Earnings per share, excluding restructuring
related costs and one-time items $ 1."
The new USDA guidelines recommend a combination of lower calorie
consumption and increased activity to help control the spiraling obesity that
plagues many Americans.

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2 billion,
reflecting the following factors:

Volume and mix added 4 percent

Price and sales allowances added 1 percent

Increased promotional spending subtracted 1 percent

Currency added 2 percent

Net earnings for the second quarter of fiscal 2005 were $235
million, even with a year earlier. We are especially
pleased with the strong sales growth in condensed soup, which is up 7
percent for the first half, the best performance in many years.

S."
The company confirmed its fiscal 2005 guidance for earnings per
share to increase between 5 and 7 percent, excluding restructuring
charges, from the adjusted fiscal year 2004 base of $1. Eating soup achieved solid sales growth in part due
to the combination of successful merchandising and kids
promotional marketing programs, as well as increased
advertising.

-- "Pepperidge Farm " cookie sales rose on the strength of a
successful holiday season, and the introduction of a new line
of sugar-free cookies and four new varieties of soft-baked
cookies.

International Soup and Sauces

Sales for International Soup and Sauces were $502 million, a 10
percent increase compared with the second quarter of fiscal 2004. Consequently, the company
believes that investors may be able to better understand earnings if
these transactions are excluded from the results. (714 ) 426-0444;
Emily@hkamarcom.

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13, up 5 percent versus $1.
Net sales were $4. Soup , Sauces and Beverages

Sales for U.S. and Canada.57
Add: Restructuring related costs (1) 0.
To promote the whole grain products, House of Bread Franchising is
producing a series of educational materials for each location, including
posters and informational handouts , as well as documents posted on the
corporate web site, http://www.
Not only will the posters and handouts explain the new USDA
recommendations, they will display the new food pyramid and provide advice on
reading labels and comparing ingredients. In 1999, she began a national franchise program that expanded into
11 states by the end of 2004.

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For the first half,
sales of ready-to-serve soups have increased 3 percent.

For the first half of fiscal 2005, sales increased 5 percent to
$2., France and Belgium delivered
growth from volume and mix improvement.

For the first half of fiscal 2005, sales increased 9 percent to
$918 million. Last year's operating earnings included a gain of $4 million
from an insurance settlement to cover the loss of two Godiva stores
destroyed during the events of September 11, 2001. Eastern Standard Time.S. Actual results could vary materially from those
anticipated or expressed in any forward-looking statement made by the
company.57 $ .S.08 5%
======== ========


CAMPBELL SOUP COMPANY CONSOLIDATED
BALANCE SHEETS (unaudited )
(millions)


January February
30, 2005 1, 2004
---------- ----------

Current assets $ 1,674 $ 1,541

Plant assets, net 1,917 1,871

Intangible assets, net 3,156 3,081

Other assets 327 303
---------- ----------
Total assets $ 7,074 $ 6,796
========== ==========


Current liabilities $ 2,219 $ 2,502

Long-term debt 2,552 2,566

Nonpension postretirement benefits 292 301

Other liabilities 672 559

Shareowners' equity 1,339 868
---------- ----------

Total liabilities and shareowners ' equity $ 7,074 $ 6,796
========== ==========


Total debt $ 3,128 $ 3,474
========== ==========

Cash and cash equivalents $ 51 $ 41
========== ==========

Reconciliation of GAAP and Non-GAAP Financial Measures

Campbell Soup Company uses certain "non-GAAP" financial measures
as defined by the Securities and Exchange Commission in certain
communications .
"We have added several new items to our bread menu, and have adapted some
of our recipes . The previous guidelines, in use for many years, used
a higher calorie count that was not beneficial for those wishing to lose
weight. The healthiest
diets will include whole grains at every meal .

Media contact: Emily Carlton, HKA, Inc.

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"Campbell's" condensed
cooking and eating soups continue to benefit from the
installation of gravity-feed shelving systems, which are now
in more than 11,000 stores. participants at
1-210-234-0002.315
============ ============

Weighted average shares outstanding - basic 409 411
============ ============


Per share - assuming dilution
Net earnings $ 1.58
================

(1) The costs relate to the worldwide cost savings initiatives and
Australian distribution and logistics realignment announced on
June 24 , 2004.

(3) The gain relates to the sale of an idle facility in California. Future locations include Arroyo Grande, Long Beach, Walnut Creek, Yuba
City and Pleasant Hill, CA; and North Olmsted , OH.

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Conant, Campbell's President and Chief Executive
Officer, said, "At the halfway mark in the year, we are pleased with
our overall company performance.S. Operating earnings increased 11 percent to $93 million,
driven by pricing and higher volume, partially offset by higher
materials costs . Operating earnings increased 6 percent to $125 million,
primarily due to the favorable impact of currency.
Same-store sales were up double digits in North America, as
the implementation of stronger merchandising, increased
advertising and promotional activity, and new product
introductions drove increased traffic to Godiva stores.

About Campbell Soup Company

Campbell Soup Company is a global manufacturer and marketer of
high quality soup, sauce, beverage, baking, biscuit, confectionery and
prepared food products. The items include the following:

-- Earnings per share (EPS) , excluding restructuring related
costs and one-time items

The table below reconciles earnings per share, presented in
accordance with GAAP, to earnings per share excluding restructuring
related costs and other one-time items.

Fiscal Year Ended
-----------------
August
1, 2004
-----------------

As reported earnings per share $ 1.

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"
Conant continued, "The balance of our portfolio has delivered
excellent performance for the first half.

Further details of sales results include the following:

-- Both condensed eating and cooking soup sales rose in the
quarter.

-- Sales of ready-to-serve soups were adversely impacted in part
by a shift between first and second quarter promotional
spending and marketing programs, as well as the comparison to
a very strong sales quarter a year ago. Please refer to the company's most recent Form 10-K and
subsequent filings for a further discussion of these risks and
uncertainties. Soup, Sauces and Beverages, which includes the following
retail businesses: "Campbell's" brand condensed and ready-to-serve
soups, "Swanson" broth and canned poultry businesses , "Prego" pasta
sauce, "Pace" Mexican sauce, "Campbell's Chunky" chili, "Campbell's"
canned pasta , gravies and beans, "Campbell's Supper Bakes" meal kits,
"V8" vegetable juices, "V8 Splash" juice beverages, and "Campbell's"
tomato juice. For more information on the company, visit Campbell's website
on the Internet at www.57 0%
======== ========


CAMPBELL SOUP COMPANY CONSOLIDATED
SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share amounts)


SIX MONTHS ENDED
-----------------
January February Percent
Sales 30, 2005 1, 2004 Change
----- -------- -------- -------
Contributions:
U.A.
According to McCann, heavily processed wheat, like that used in
mass-produced breads, develops an unpleasant aftertaste, so House of Bread
mills its wheat each day, ensuring that the flour is used quickly, before
souring."
While consumers have always had plenty of healthy options at House of
Bread locations, McCann has announced that she is adding to these options,
given the increasing interest in whole grains .

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While the cost of these investments and materials inflation has
impacted our U.

-- Sales of fresh bread and bakery products were up double
digits. U.campbellsoupcompany.com

CAMPBELL SOUP COMPANY CONSOLIDATED
STATEMENTS OF EARNINGS (unaudited )
(millions, except per share amounts)


THREE MONTHS ENDED
-------------- ------------
January February
30, 2005 1, 2004
------------ ------------

Net sales $ 2,223 $ 2,100
------------ ------------

Costs and expenses
Cost of products sold 1,321 1,212
Marketing and selling expenses 362 340
Administrative expenses 129 136
Research and development expenses 24 21
Other (income) / expenses (2) 2
------------ ------------
Total costs and expenses 1,834 1,711
------------ ------------

Earnings before interest and taxes 389 389
Interest, net 45 42
------------ ----------- -
Earnings before taxes 344 347

Taxes on earnings 109 112
- ----------- ------------
Net earnings $ 235 $ 235
============ ============

Per share - basic
Net earnings $ .S.

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For the second quarter, net sales rose 6 percent to $2. Soup business increased
sales 6 percent for the first half of fiscal 2005, with condensed ,
ready-to-serve, and broth all experiencing growth.S.S.campbellsoupcompany.m. The call will also be broadcast live
over the Internet at www.

International Soup and Sauces, which includes the soup, sauce and
beverage businesses outside of the United States, including Canada,
Europe , Mexico, Latin America, and the Asia Pacific region.New Dietary Guidelines Result in New Recipes and Unique Sampling Opportunities

SAN LUIS OBISPO, Calif. For example,
consumers will learn how freshly milled flour, without preservatives, compares
to ingredients of mass-produced grocery store breads.

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From an overall financial
perspective, we continue to strengthen our balance sheet with the
reduction of our debt, leveraging our strong cash flow generation.58.S. Operating earnings of $216
million were down 12 percent compared with the year-ago quarter, due
to increased trade promotion and advertising and higher materials
costs, partially offset by productivity savings and lower
administrative expenses.

Non-GAAP Financial Information

A reconciliation of the adjusted fiscal year 2004 earnings per
share to the reported earnings per share is attached to this release
and can also be found on the company's website at
www. The passcode is "Campbell Soup " and the
conference leader is Len Griehs.1575
============ ============

Weighted average shares outstanding - basic 409 411
============ ============


Per share - assuming dilution
Net earnings $ .14 $ 1. "We are recommending that the franchisees offer customers a sample of
a whole-grain, low-fat cinnamon roll while shopping," said McCann.jsp?userid=501117

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S.08
============ ============

Weighted average shares outstanding
- assuming dilution 413 412
============ ============


CAMPBELL SOUP COMPANY CONSOLIDATED
SUPPLEMENTAL SCHEDULE OF SALES AND EARNINGS (unaudited)
(millions, except per share amounts)


THREE MONTHS ENDED
------------------
January February Percent
Sales 30, 2005 1, 2004 Change
----- -------- -------- -------
Contributions:
U. The "non-GAAP" financial measures are measures of
performance not defined by accounting principles generally accepted in
the United States and should be considered in addition to, not in lieu
of, GAAP reported measures." "We survived the wild ride of
the low-carb movement, when people were giving up all carbs -- good carbs and
bad carbs.houseofbread.

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Our U. Operating earnings decreased 4 percent to $491 million,
as the benefit of higher sales and productivity gains were more than
offset by increased trade promotion and advertising , and higher
materials costs. and
Canada.
Sales grew 12 percent to $332 million compared with the same
period a year ago.S. Soup, Sauces and
Beverages $ 491 $ 511 -4%
Baking and Snacking 93 84 11%
International Soup and Sauces 125 118 6%
Other 94 85 11%
------- - --------
Total operating earnings 803 798 1%
Unallocated corporate expenses (33) (55)
-------- - -------

Earnings before interest and
taxes 770 743 4%
Interest, net (89) (85)
Taxes on earnings (216) (212)
------ -- --------
Net earnings $ 465 $ 446 4%
======== ========

Net earnings per share
- assuming dilution $ 1.

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A breakdown of the change in sales follows:

-- Volume and mix added 3 percent

-- Increased promotional spending subtracted 2 percent

Soup sales for the quarter declined 1 percent, with condensed soup
sales up 4 percent, ready-to-serve soup sales down 9 percent, and
broth sales up 15 percent.

-- Arnott's sales rose, driven by currency , as well as volume and
pricing gains in biscuits and salty snacks.17 $ . Soup, Sauces and
Beverages $ 216 $ 246 -12%
Baking and Snacking 47 42 12%
International Soup and Sauces 70 65 8%
Other 72 63 14%
-------- --------
Total operating earnings 405 416 -3%
Unallocated corporate expenses (16) (27)
-------- --------

Earnings before interest and
taxes 389 389 0%
Interest, net (45) (42)
Taxes on earnings (109) (112)
-------- --------
Net earnings $ 235 $ 235 0%
======== ========

Net earnings per share -
assuming dilution $ .05
Deduct: Gain on litigation settlement (2) (0. Whole grains are not only essential to our diet, but when prepared
properly, they taste much better than mass-produced baked goods. I am very glad to see that many people today are realizing the
importance of healthy carbs -- high fiber, whole grains -- in their diets. All House of Bread recipes rely on fresh,
high-quality ingredients, such as the high-protein wheat berries from Montana
that are ground into flour daily at each House of Bread location . For more
information, go to http://www.

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Soup. Condensed cooking soup sales grew behind strong
holiday promotion performance and the introduction of three
new Southwestern-style cooking soups.

-- Sales of "Pace" Mexican sauces increased in the quarter.

-- "V8" vegetable juice and "Campbell 's" tomato juice sales
increased in the quarter, while sales of "V8 Splash" juice
beverage declined .

-- In Canada, sales increased due to the favorable impact of
currency. Participants should call at least five minutes prior
to the starting time.com

Available Topic Expert(s): For information on the listed expert(s), click
appropriate link.

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----Campbell Soup
Company (NYSE:CPB) today reported diluted earnings per share for the
second quarter ended January 30, 2005 of $. Our
continuing investment in product quality, new products and packaging,
improved marketing, and retail execution is driving this performance.

A breakdown of the change in sales follows:

-- Volume and mix added 5 percent

-- Price and sales allowances added 4 percent

-- Increased promotional spending subtracted 1 percent

-- Currency added 1 percent

Further details of sales results include the following:

-- Pepperidge Farm experienced strong sales across all three of
its business segments: bakery, cookies and crackers, and
frozen.
Operating earnings increased 8 percent to $70 million, primarily due
to the favorable impact of currency.K.
These forward-looking statements rely on a number of assumptions and
estimates which could be inaccurate and which are subject to risks and
uncertainties. The Company is 135 years old, with over $7
billion in annual sales and a portfolio of more than 20 market-leading
brands.57
============ ============

Weighted average shares outstanding
- assuming dilution 414 412
============ ============


CAMPBELL SOUP COMPANY CONSOLIDATED
STATEMENTS OF EARNINGS (unaudited)
(millions, except per share amounts)


SIX MONTHS ENDED
--------------------------
January February
30, 2005 1, 2004
------------ ------------

Net sales $ 4,314 $ 4,009
------------ ------- -----

Costs and expenses
Cost of products sold 2,566 2 ,320
Marketing and selling expenses 676 633
Administrative expenses 258 259
Research and development expenses 44 42
Other expenses - 12
------------ ------------
Total costs and expenses 3,544 3,266
------------ ---- --------

Earnings before interest and taxes 770 743
Interest, net 89 85
------------ ------------
Earnings before taxes 681 658

Taxes on earnings 216 212
------------ ------------
Net earnings $ 465 $ 446
============ ============

Per share - basic
Net earnings $ 1. The materials will focus on what to
look for in a tasty and nutritious whole grain product.

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---

- - kjjkjk

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