The International Grain Trade

Michael Atkin
96 Pages
Grain has an importance shared by few other commodities. With the continuing presence of malnutrition and starvation, in contrast with huge agricultural surpluses in richer areas, it comes as no surprise that grain figures highly in both human welfare and global trading issues.

In this new second edition, Michael Atkin examines the political and economic dynamics of the international grain trade, explaining how the industry works, as well as its many ironies.

A number of recent developments that have affected, or promise to affect, the grain trade, such as the collapse of the U.S.S.R., and the completion of the Uruguay Round of Gatt are also taken into account.

The history of the trade is discussed and brought up to date with a thorough, analytical examination of patterns of production, consumption, trade and prices. Further chapters deal with the marketing chain, the role of the multinational grain trading companies, future markets, and future needs.

For Traders, students and investors alike, this book provides a comprehensive, up-to-date analytical and definitive perspective on the industry.

Table of Contents

Chapter 1: Grain

Grains and their role

Proteins and carbohydrates
The uses of grain
The origins of grain

Chapter 2: A Brief History of the Grain Trade

The 1930s

The 1950s
The 1970s
Soviet-American relations
Developing Countries
The US and the European Community

Chapter 3: Grain Production

Grain and its climatic requirements

Production patterns - a long term view
Production of wheat
Production of coarse grains
Policies and their impact on production
Agricultural policy in the European Community
Agricultural policy in the US
Grain policy - some summary observations

Chapter 4: Consumption

The consumption of wheat
The consumption of coarse grains
Grain Consumption - some summary observations

Chapter 5: Exports and Imports

The Soviet Union and its successor states

The People's Republic of China
The European Community
Exporters' responses

Chapter 6: Prices

Long term price trends
Recent price developments
Interrelationships among wheat prices
Interrelationships among coarse grain prices
The determinants of prices

Chapter 7: From Farmer to Consumer: the Marketing Chain

Key problems in marketing grain
Grain marketing in the US
Grain marketing by public bodies
The international marketing of grain
The grain freight market
Grain marketing - some summary observations

Chapter 8: Grain Trade: the Key Players

The grain trading companies
Does the company's size matter?
Grain trading companies - some conclusions

Chapter 9: Grain futures markets

The emergence and workings of futures markets
The role of futures markets in grain
The use of futures and options markets by hedgers and speculators
Techniques of price forecasting
The regulation of futures trading

Chapter 10: Market Trends for the Next Decade

The impact of the Uruguay Round
Reforms in the European Community
The former Soviet Union and China
The role of developing countries
Implications for production, consumption and trade
A world food crisis ahead?

About the Author

Michael Atkin has spent many years working as an economist within the agriculture trade. He has previously written on agricultural commodity markets and futures trading. He spent six years as an economist at Landell Mills Commodities in London and two years as a senior analyst at LHW Futures. He is currently working in Washington D.C., where he is director of the Latin America Department at the Institute of International Finance.