April 24, 2017

25/04/2017: Marketing professionals learn grain purchasing concepts

Participants gain knowledge of grain purchasing and apply information first-hand at an exporting facility

Effectively buying US food and feed grains can benefit those individuals in private companies who are new to US and international marketing, as well as to those with a moderate understanding of marketing.
Participants tour the Cargill Westwego export facility
in New Orleans, Louisiana.

Industry professionals were able to experience this firsthand during the two-week IGP–KSU Grain Purchasing course held April 3-14, 2017.

This course was offered at the IGP Institute Conference Centre and included a visit to the Cargill Westwego export facility on the Mississippi River in New Orleans, Louisiana.

Participants in this course learned how grain is traded and exported during the first week. This included USDA grading standards and how they are implemented, how to read USDA reports, how to establish a proper contract to get what you desire, international grain trade rules and international contracts and arbitration systems.

“With the interaction of the personnel from IGP and our teammates, I really think that we’ve not only built a strong relationship between all of us, but we’ve learned a lot from each other and each other’s experiences,” says Kamal Dieck, commercial director of Beneficio Dieck.

“Since it’s such a diverse group, you have wheat millers and managers, executives and people from both trading and purchasing departments. It really gives you a lot of great and useful knowledge of different aspects of the business.”

Participants in the course were primarily from Central and South America, the US and India. The participants from India were most interested in learning how to import high quality US hard red winter wheat.

The group also traveled to New Orleans to tour an export facility along the Mississippi River and apply their classroom knowledge to real-life operations. During the second week of the course, the group focused on commodity price risk management.

Topics in this section included the workings of commodity exchanges, futures and options trading, hedging and price risk management, discussions on forward contracting and options and over-the-counter (OTC) contracts and how they are applied to a risk management strategy.

The IGP Institute offers several other training courses in addition to grain marketing and risk management. The institute holds trainings in flour milling and grain processing, and feed manufacturing and grain quality management. 

Read more HERE.

The Global Miller
This blog is maintained by The Global Miller staff and is supported by the magazine Milling and Grain
which is published by Perendale Publishers Limited.

For additional daily news from milling around the world: global-milling.com

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