October 14, 2014

14/10/2014: Wheat a complex beast - as another big global grain crop is likely HGCA delegates told in London

Grain and Feed Milling Technology editorial executive, Olivia Holden, attended the the HGCA Grain Market Outlook Conference today which was held at the Queen Elizabeth Conference Centre in Westminster, London.

Delegates take a coffee break at the HGCA conference today

The conference theme was 'Changing perspectives: Managing through periods of sustained lower prices.' It included papers delivered by Jack Watts, Lead Analyst - cereals and oilseeds (AHDB Market Intelligence), who addressed the grain market outlook for 2014/15 and Sergey Feofilov (Director General, UK-Agro Consult) who spoke about the importance and influence of Ukraine in global grain markets.

On the whole a positive future forecast is to be expected. 

As highlighted by Jack Watts: "Another big global grain crop in 2014/15 and subsequent surplus is to be expected.

"Feed grain markets can currently take a relaxed view towards near term availability but, can't get complacent. Demand continues to grow and stock declines are only one weather event away.

"Wheat is a complex beast this season, and appreciation is needed more than ever of both feed base and premium.

"Ultimately, the individual success of the farmer, trader or processor has been largely determined by effective Price Risk Management."

In terms of the European grain market forecast the wet summer lent support to feed grain yields, however, this then created wheat quality outlook issues. Furthermore, non-EU exports are likely to be higher priority for EU producers this season.

Giving his closing address, Jonathan Tipples, who has been in attendance as HGCA chairman for 10 years, confirmed that both industry and agriculture must work together along the supply chain in order to adapt to and cope with changes in the global market place.

"For the next year to 18 months we will be dealing with low prices, but when faced with the challenge of growing food for a growing population we have a challenge," he added.

Fellow attendees included delegates from Rank Hovis, Bury Farms, Tesco, United Biscuits Ltd, Defra and W & H Marriage and Sons.

Read more HERE.

The Global Miller
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