London, United Kingdom
June 11, 2014
Members of the International Grains Council met on 9 June under the Chairmanship of Mr Eugene Philhower, Agricultural Counselor at the US Embassy in London. The Council reviewed the latest supply and demand outlook and market developments for the global grains and oilseeds markets, recent changes in national policies and various administrative matters.
The Council’s latest forecasts for total grains in 2014/15, as detailed in the latest Grain Market Report (GMR444, 28 May 2014) suggest a 2% decline in world production from the previous year’s record level, and a small increase in end-season stocks. Preliminary 2014/15 projections for soyabeans, presented for the first time at the meeting, suggest another record global crop and a significant rise in closing inventories, particularly in the US. Global trade in grains, oilseeds and rice is expected to retreat from the all-time highs forecast for the current 2013/14 season, but remain at a high level. The IGC Grains and Oilseeds Index (GOI) is down 9% y/y on the outlook for generally adequate supplies.
The Council considered various administrative matters, including an update from the Secretariat on progress with the economic work programme, of which the most notable developments were the launch of a daily price sheet for members and enhancements to the GOI, including a new barley sub-Index. For 2014/15, the Council would continue to focus on its core analytical activities, while enhancing collaboration with other international organisations, particularly through the AMIS initiative.
The Council considered various administrative matters, including an update from the Secretariat on progress with the economic work programme, of which the most notable developments were the launch of a daily price sheet for members and enhancements to the GOI, including a new barley sub-Index. For 2014/15, the Council would continue to focus on its core analytical activities, while enhancing collaboration with other international organisations, particularly through the AMIS initiative.
The Council took note of statements by observers from the FAO and OECD. It also welcomed the participation of observers from several non-member countries: Bolivia, Brazil, Ethiopia, Taipei (Chinese) Separate Customs Territory, and Tanzania.
On 11 June, members of the Council were joined by representatives from industry and other organisations for the 23rd IGC Grains Conference, with the theme “Shifting Horizons for Global Trade.” The Conference featured three sessions focused on the market outlook, perspectives on trade and prospects for Latin American suppliers, with speakers from Argentina, Brazil, China, Libya, Russia, the UAE and the US.* In particular, Dr Joseph Glauber, Chief Economist at the US Department of Agriculture, gave a keynote speech on the outlook for grains and oilseeds and Dr Mark Rosegrant, Director of the Environment and Production Technology Division at IFPRI, gave a special presentation on climate change and global food security.
The conference also featured a workshop on pesticide maximum residue limits (MRLs) and the impact of varied standards and policies on international trade in grains.
*See IGC website for conference programme: www.igc.int
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