by Vaughn Entwistle, Milling and Grain
The 29th International Grains Council (IGC) meeting was held on the 11th and 12th of June 2019 at Canada Centre in London.
The main purpose of the IGC Grains Conference is to highlight the key challenges facing the international grains and oilseed industry. This year, speakers attended from around the world, with a special focus placed on Africa. The meeting was chaired by Mr. Shuichi Akamatsu, Minister, Embassy of Japan.
General Trends
Overall grain production in 2019/2020 is expected to rise by 2 percent. However grain consumption is forecast to exceed supply. World production of rice has gone up over the last three years. While production of wheat has fallen slightly over the last few years, due to weather events such as the spring flooding in the American West, world wheat prices have increase. In 2018, the major reason for wheat price jumps was due to currency issues with the US dollar.
Climate change impacts
Michael Scandrell of the European Commission explained that, in general, the EU generally enjoys stable grain markets. However, there is a growing consensus from the public and regulatory agencies for greater environmental sensitivity in all forms of agriculture, as well as a focus on sustainability while reducing greenhouse gas emissions.
Trade wars and politics
Trade disputes continue to cause instability in the markets. A particular concern has been the damaging effects of politically motivated trade wars, such as the battle over soya beans currently raging between the USA and China. The full effects of the retaliatory trade ban by China on US soybeans has been somewhat lessened by the prolonged impact of African swine fever on Chinese demand.
Meanwhile, three years on, BREXIT continues to loom over the economies of the UK and the EU, with no one able to guess how a no-deal BREXIT will impact cereals trading. And, as always, the weather is a factor as continuing poor weather in the American Great Plains delayed the spring planting.
Evening Reception
After the first day's session ended, H.E. Mr Koji Tsuruoka, Ambassador of Japan to the UK, and Mr Shuichi Akamatsu, IGC Chairman, welcomed IGC Council delegates and conference participants to a reception at the Japanese embassy.
Day two
Day two of the conference featured workshops covering biodiesel trends, prospects for wheat products, pesticide MRLs and their importance for international trade of agricultural commodities, managing price risk in the rice trade and future of the grains shipping sector. The IGTC presented a panel on its work with industry and governments to achieve a market and regulatory environment supportive of trade that avoids disruptions in the international movement of grain, oilseeds, pulses and derivatives products.
Visit the IGC Conference website, HERE.
The 29th International Grains Council (IGC) meeting was held on the 11th and 12th of June 2019 at Canada Centre in London.
The main purpose of the IGC Grains Conference is to highlight the key challenges facing the international grains and oilseed industry. This year, speakers attended from around the world, with a special focus placed on Africa. The meeting was chaired by Mr. Shuichi Akamatsu, Minister, Embassy of Japan.
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| Image credit: Milling and Grain |
General Trends
Overall grain production in 2019/2020 is expected to rise by 2 percent. However grain consumption is forecast to exceed supply. World production of rice has gone up over the last three years. While production of wheat has fallen slightly over the last few years, due to weather events such as the spring flooding in the American West, world wheat prices have increase. In 2018, the major reason for wheat price jumps was due to currency issues with the US dollar.
Climate change impacts
Michael Scandrell of the European Commission explained that, in general, the EU generally enjoys stable grain markets. However, there is a growing consensus from the public and regulatory agencies for greater environmental sensitivity in all forms of agriculture, as well as a focus on sustainability while reducing greenhouse gas emissions.
Trade wars and politics
Trade disputes continue to cause instability in the markets. A particular concern has been the damaging effects of politically motivated trade wars, such as the battle over soya beans currently raging between the USA and China. The full effects of the retaliatory trade ban by China on US soybeans has been somewhat lessened by the prolonged impact of African swine fever on Chinese demand.
Meanwhile, three years on, BREXIT continues to loom over the economies of the UK and the EU, with no one able to guess how a no-deal BREXIT will impact cereals trading. And, as always, the weather is a factor as continuing poor weather in the American Great Plains delayed the spring planting.
Evening Reception
After the first day's session ended, H.E. Mr Koji Tsuruoka, Ambassador of Japan to the UK, and Mr Shuichi Akamatsu, IGC Chairman, welcomed IGC Council delegates and conference participants to a reception at the Japanese embassy.
Day two
Day two of the conference featured workshops covering biodiesel trends, prospects for wheat products, pesticide MRLs and their importance for international trade of agricultural commodities, managing price risk in the rice trade and future of the grains shipping sector. The IGTC presented a panel on its work with industry and governments to achieve a market and regulatory environment supportive of trade that avoids disruptions in the international movement of grain, oilseeds, pulses and derivatives products.
Visit the IGC Conference website, 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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