It’s the period between the crop harvests of the Northern Hemisphere and the Southern Hemisphere when the grain trading community likes to gather, to step-back from the daily buzz, to reflect on past issues and to discuss the challenges that lie ahead.
London, for many years now, has provided the platform and the ambiance for the agribusiness to do exactly that.
This year, on June 9th, the International Grains Council (IGC) holds its annual grain conference at the Grosvenor House Hotel at Park Lane. In the evening, the Grain and Feed Trade Association (Gafta) invites its participants to dine in its Banqueting Hall.
Amongst other timely topics on the agenda are energy prices, foreign exchange rates, governmental market interventions, climate change, water scarcity, and all of these factors' impact on supply/demand and prices.
The roots of IGC date back to the 1930s and the International Wheat Agreements that were negotiated between major exporting and importing countries of that time. Today’s IGC came to being in 1995 with a new Grains Trade Convention coming into force. The IGC focuses on promoting collaboration in the international trade of grains, oilseeds and rice; on fostering a stable market environment; and on contributing to global food security.
Gafta’s origins go back to 1878 and the creation of the London Corn Trade Association. In its present form, Gafta has been around since 1971. Gafta promotes the international trade of agricultural commodities. It provides standard contract forms, arbitration services, and training and education for members and market participants. Gafta has offices in London, Beijing, Kiev and Geneva.
Sources:
IGC Conference web link
IGC's history, corporate website
Gafta London Dinner web link
Gafta's history, corporate website
Photo credit: fotofan1 on Pixabay, CC0 Public Domain License
