World Grain - November 2011 - 42

FEATURE

Global grain
trade review

by Chris Lyddon

Photo by Parker Montgomery

V

olatility has become the norm in the grain market in recent years, but what drives that volatility seems to change year to year. This year Russia is back as a big exporter, having shocked the market with an export ban last season. China is still a massive driver of demand for meat, with price volatility spilling into pork, and therefore feed. But it is maize stocks in the U.S. that are driving thinking and keeping markets nervous this year. Price declines since early September have also reminded everyone involved in the grain supply chain that volatility can head both ways, while a background of economic woes in some countries, though not all, has added to a messy cocktail of factors which can result in the unexpected.
42

“After a period of sustained market strength in July and August, grain prices reversed direction in early September, even though there was little change in global supply fundamentals,” the International Grains Council (IGC) said. “IGC’s daily Grains & Oilseeds Index (GOI) retreated by 9% from an end-August peak, to 274, its lowest since July 4.” “Markets were mostly responding to global financial developments, including the U.S. dollar’s renewed strength, especially against the euro,” it said. “Some underlying seasonal patterns were also discernible, while sizeable grain shipments from Russia and other Black Sea origins further contributed to the bearish tone.” The FAO has predicted tight markets. In its quarterly
November 2011 / World Grain / www.World-Grain.com


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World Grain - November 2011

Table of Contents for the Digital Edition of World Grain - November 2011

World Grain - November, 2011
Contents
from the editor-in-chief - Feed demand shifts underscore food stability
Calendar of Events
News review - Canada reorganizing wheat, barley marketing
News review - CWB directors launch lawsuit to ‘defend farmers’ rights’
News review - Viterra ‘encouraged’ by coming changes to Canadian grain
News review - Gavilon opens grain office in Ukraine
News review - Toyota partnering in flour mill alliance in Indonesia
News review - Russia’s grain exports to top 45 million tonnes by 2020
News review - U.S. ag groups, industry pleased with FTAs
News review - Corn Products reports strong third-quarter earnings
News review - The Andersons completes updates at five facilities
News review - E.U. agricultural commodity outlook published
News review - Cargill reports first-quarter earnings drop
News review - Cargill opens grain silo in Drobeta Turnu Severin
News review - CBH Grain strengthens Japan connection
News review - Gavilon completes acquisition of Millard Grain
News review - FEFAC says new CAP should stimulate agriculture
News review - WEA accredits Viterra to export wheat for three years
News review - IGC raises world wheat ending stocks forecast
News review - ADM orders three new oceangoing vessels
News review - Bunge’s third-quarter profit falls 32%
Grain Market Review - Oilseeds
Country Focus - Focus on Germany
Feature - Viterra's global plan
Feature - Investing in Russian agriculture
Feature - Global grain trade review
Feature - Global flour output analysis
Feature - Injunction against Bunge denied
Feature - Black Sea has answer to future grain needs
Grain Operations - More than just a protective cover
Feature - Gathering by the sea
Rice Quarterly - Steady growth in grain processing
Rice News Roundup - Thai floods threaten rice exports
Rice News Roundup - India targets new markets for Basmati rice
Rice News Roundup - South Korea to reduce rice planting area
Rice News Roundup - Radioactivity a concern in Japanese rice
Feature - Future of Flour
Supplier News - Cimbria supplies Bunge’s Port of Swinoujscie
Supplier News - AGCO to acquire GSI
Supplier News - Sweet adds new international sales engineer
Supplier News - Korea purchases 60 FOSS instruments
Supplier News - Ag Growth acquires Airlanco
Supplier News - Ocrim hosts event at its headquarters
Advertiser Index
World Grain - November 2011 - World Grain - November, 2011
World Grain - November 2011 - 2
World Grain - November 2011 - 3
World Grain - November 2011 - 4
World Grain - November 2011 - Contents
World Grain - November 2011 - from the editor-in-chief - Feed demand shifts underscore food stability
World Grain - November 2011 - 7
World Grain - November 2011 - Calendar of Events
World Grain - November 2011 - 9
World Grain - November 2011 - News review - CWB directors launch lawsuit to ‘defend farmers’ rights’
World Grain - November 2011 - 11
World Grain - November 2011 - News review - Gavilon opens grain office in Ukraine
World Grain - November 2011 - News review - Russia’s grain exports to top 45 million tonnes by 2020
World Grain - November 2011 - News review - Corn Products reports strong third-quarter earnings
World Grain - November 2011 - News review - E.U. agricultural commodity outlook published
World Grain - November 2011 - News review - Cargill reports first-quarter earnings drop
World Grain - November 2011 - News review - Gavilon completes acquisition of Millard Grain
World Grain - November 2011 - News review - WEA accredits Viterra to export wheat for three years
World Grain - November 2011 - News review - IGC raises world wheat ending stocks forecast
World Grain - November 2011 - News review - Bunge’s third-quarter profit falls 32%
World Grain - November 2011 - 21
World Grain - November 2011 - Grain Market Review - Oilseeds
World Grain - November 2011 - 23
World Grain - November 2011 - Country Focus - Focus on Germany
World Grain - November 2011 - 25
World Grain - November 2011 - 26
World Grain - November 2011 - 27
World Grain - November 2011 - 28
World Grain - November 2011 - 29
World Grain - November 2011 - Feature - Viterra's global plan
World Grain - November 2011 - 31
World Grain - November 2011 - 32
World Grain - November 2011 - 33
World Grain - November 2011 - 34
World Grain - November 2011 - 35
World Grain - November 2011 - Feature - Investing in Russian agriculture
World Grain - November 2011 - 37
World Grain - November 2011 - 38
World Grain - November 2011 - 39
World Grain - November 2011 - 40
World Grain - November 2011 - 41
World Grain - November 2011 - Feature - Global grain trade review
World Grain - November 2011 - 43
World Grain - November 2011 - 44
World Grain - November 2011 - 45
World Grain - November 2011 - 46
World Grain - November 2011 - 47
World Grain - November 2011 - 48
World Grain - November 2011 - 49
World Grain - November 2011 - 50
World Grain - November 2011 - 51
World Grain - November 2011 - 52
World Grain - November 2011 - 53
World Grain - November 2011 - Feature - Global flour output analysis
World Grain - November 2011 - 55
World Grain - November 2011 - 56
World Grain - November 2011 - 57
World Grain - November 2011 - Feature - Injunction against Bunge denied
World Grain - November 2011 - 59
World Grain - November 2011 - Feature - Black Sea has answer to future grain needs
World Grain - November 2011 - 61
World Grain - November 2011 - 62
World Grain - November 2011 - 63
World Grain - November 2011 - 64
World Grain - November 2011 - 65
World Grain - November 2011 - Grain Operations - More than just a protective cover
World Grain - November 2011 - 67
World Grain - November 2011 - 68
World Grain - November 2011 - 69
World Grain - November 2011 - 70
World Grain - November 2011 - 71
World Grain - November 2011 - Feature - Gathering by the sea
World Grain - November 2011 - 73
World Grain - November 2011 - 74
World Grain - November 2011 - 75
World Grain - November 2011 - 76
World Grain - November 2011 - 77
World Grain - November 2011 - Rice Quarterly - Steady growth in grain processing
World Grain - November 2011 - 79
World Grain - November 2011 - 80
World Grain - November 2011 - 81
World Grain - November 2011 - Rice News Roundup - India targets new markets for Basmati rice
World Grain - November 2011 - 83
World Grain - November 2011 - Rice News Roundup - Radioactivity a concern in Japanese rice
World Grain - November 2011 - 85
World Grain - November 2011 - Feature - Future of Flour
World Grain - November 2011 - 87
World Grain - November 2011 - 88
World Grain - November 2011 - 89
World Grain - November 2011 - Supplier News - AGCO to acquire GSI
World Grain - November 2011 - Supplier News - Sweet adds new international sales engineer
World Grain - November 2011 - Supplier News - Ocrim hosts event at its headquarters
World Grain - November 2011 - 93
World Grain - November 2011 - Advertiser Index
World Grain - November 2011 - 95
World Grain - November 2011 - 96
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