A magnetic centerguide for a grid structured for travel along the path of a conveyor. The grid defines a support surface that supports a pan. The guide generally comprises a magnet-carrying guide member mounted to the grid, normally but not necessarily on the grid centerline, and adjustable in a vertical direction relative to the support surface. The guide functions with numerous types of pans having different configurations of dough-carrying pockets and inter-pocket gaps. The guide member automatically adjusts its vertical position to contact the underside of the pan under a pocket or in an inter-pocket gap.