DOCSLIB.ORG

Five Common Mistakes in Grain Marketing

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Five Common Mistakes in Grain Marketing Five Common Mistakes in Grain Marketing 2020 Minnesota Crop Insurance Conference Edward Usset, Grain Marketing Economist University of Minnesota Columnist, Corn & Soybean Digest & Farm Futures [email protected] www.cffm.umn.edu Grain Marketing is Simple Behold a seasonal price pattern that has held true for decades! Copyright © 2019 Center for Farm Financial Management, University of Minnesota. All Rights Reserved. Cash corn prices are, on average, lowest at harvest and highest in the spring. based on MN corn prices received by farmers Copyright © 2019 Center for Farm Financial Management, University of Minnesota. All Rights Reserved. Cash soybean prices are, on average, lowest at harvest and highest in the spring. based on MN soybeans prices received by farmers Copyright © 2019 Center for Farm Financial Management, University of Minnesota. All Rights Reserved. About the data… Monthly prices: USDA/NASS Futures prices: CME Group closing prices Cash prices: Corn and soybeans: Pipestone MN Average Iowa prices, 1990-2019 Spring wheat: Red River Valley, 1990-2019 N = 30 and No replication crisis Copyright © 2019 Center for Farm Financial Management, University of Minnesota. All Rights Reserved. A Different Approach to Marketing What is a Marketing Plan? A marketing plan is a proactive strategy to price your grain that considers your financial goals, cash flow needs, price objectives, storage capacity, crop insurance coverage, anticipated production, and appetite for risk Proactive, not reactive, not overactive Copyright © 2019 Center for Farm Financial Management, University of Minnesota. All Rights Reserved. …and not inactive Barney Binless Barney has no marketing plan, no storage and no interest in early pricing. He is our benchmark - his price is the harvest price each year. Copyright © 2019 Center for Farm Financial Management, University of Minnesota. All Rights Reserved. Five Common Mistakes in Grain Marketing 1. The reluctance towards pre-harvest pricing 2. Failure to understand and track your basis 3. Lack of an exit strategy 4. Holding grain in storage too long 5. Thinking you avoid storage costs when you sell grain and buy a call Copyright © 2019 Center for Farm Financial Management, University of Minnesota. All Rights Reserved. Mistake #1 The reluctance towards pre‐harvest pricing (featuring Terry Timer) Are there any seasonal tendencies in futures prices that would favor pre-harvest pricing? Copyright © 2019 Center for Farm Financial Management, University of Minnesota. All Rights Reserved. Terry Timer Terry pays attention to the seasonal highs in new crop futures prices by pricing 25% increments in March, April and May. In 2021, she won’t sell Dec corn <$4.25, Nov soybeans <$9.75. Copyright © 2019 Center for Farm Financial Management, University of Minnesota. All Rights Reserved. Year 1-May 1-Oct Change 2000 2.62 1.99 (0.63) 2001 2.27 2.11 (0.16) 2002 2.20 2.56 0.36 CBOT December Corn 2003 2.33 2.20 (0.13) 2004 3.17 2.06 (1.11) Futures, 2000-2020 2005 2.27 2.06 (0.21) 2006 2.72 2.68 (0.04) 15 years (75%) the market 2007 3.79 3.69 (0.10) declined 2008 6.32 4.84 (1.48) 2009 4.33 3.41 (0.93) 5 years (25%) the market 2010 3.92 4.66 0.74 improved 2011 6.61 5.93 (0.69) 2012 5.39 7.57 2.18 2013 5.51 4.39 (1.12) 2014 5.00 3.21 (1.78) 2015 3.80 3.89 0.09 2016 3.97 3.37 (0.60) 2017 3.95 3.52 (0.43) 2018 4.20 3.66 (0.54) 2019 3.86 3.93 0.06 2020 3.37 Average 3.91 3.58 (0.33) Don’t forget to sell something! but remember your minimum price... Copyright © 2017 Center for Farm Financial Management, University of Minnesota. All Rights Reserved. Year 1-May 1-Oct Change 2000 5.80 4.90 (0.90) 2001 4.34 4.52 0.18 2002 4.56 5.42 0.86 CBOT November Soybean 2003 5.53 6.87 1.34 2004 7.45 5.35 (2.10) Futures, 2000-2020 2005 6.22 5.73 (0.49) 2006 6.26 5.45 (0.81) 12 years (60%) the market 2007 7.84 9.92 2.08 declined 2008 11.93 10.53 (1.40) 2009 9.71 9.18 (0.53) 8 years (40%) the market 2010 9.76 10.57 0.81 2011 13.74 11.79 (1.95) improved 2012 13.93 15.60 1.68 2013 12.09 12.68 0.59 2014 12.26 9.17 (3.09) 2015 9.41 8.77 (0.64) 2016 10.18 9.54 (0.64) 2017 9.65 9.57 (0.07) 2018 10.51 8.58 (1.93) 2019 8.73 9.20 0.47 2020 8.55 Average 8.99 8.67 (0.33) Copyright © 2017 Center for Farm Financial Management, University of Minnesota. All Rights Reserved. Year 1-May 1-Oct Change 2000 5.80 4.90 (0.90) 2001 4.34 4.52 0.18 2002 4.56 5.42 0.86 CBOT November Soybean 2003 5.53 6.87 1.34 2004 7.45 5.35 (2.10) Futures, 2000-2020 2005 6.22 5.73 (0.49) 2006 6.26 5.45 (0.81) 12 years (60%) the market 2007 7.84 9.92 2.08 declined 2008 11.93 10.53 (1.40) 2009 9.71 9.18 (0.53) 8 years (40%) the market 2010 9.76 10.57 0.81 2011 13.74 11.79 (1.95) improved 2012 13.93 15.60 1.68 2013 12.09 12.68 0.59 2014 12.26 9.17 (3.09) Soybeans show the need 2015 9.41 8.77 (0.64) 2016 10.18 9.54 (0.64) for a minimum price! 2017 9.65 9.57 (0.07) 2018 10.51 8.58 (1.93) 2019 8.73 9.20 0.47 2020 8.55 Average 8.99 8.67 (0.33) Year 1-May 1-Oct Change 2000 5.80 4.90 (0.90) 2001 4.34 4.52 0.18 2002 4.56 5.42 0.86 CBOT November Soybean 2003 5.53 6.87 1.34 2004 7.45 5.35 (2.10) Futures, 2000-2020 2005 6.22 5.73 (0.49) 2006 6.26 5.45 (0.81) 12 years (71%) the market 2007 7.84 9.92 2.08 declined 2008 11.93 10.53 (1.40) 2009 9.71 9.18 (0.53) 8 5 years (29%) the 2010 9.76 10.57 0.81 2011 13.74 11.79 (1.95) market improved 2012 13.93 15.60 1.68 2013 12.09 12.68 0.59 2014 12.26 9.17 (3.09) Remove years when Nov 2015 9.41 8.77 (0.64) 2016 10.18 9.54 (0.64) beans were clearly below 2017 9.65 9.57 (0.07) production costs on May 1 2018 10.51 8.58 (1.93) 2019 8.73 9.20 0.47 2020 8.55 Average 9.54 9.07 (0.47) Year 1-May 1-Aug Change 2000 3.35 2.97 (0.38) 2001 3.47 3.16 (0.31) 2002 3.01 3.80 0.80 2003 3.39 3.70 0.32 MGEX September Spring 2004 4.24 3.53 (0.71) Wheat, 2000-2020 2005 3.46 3.50 0.04 2006 4.28 4.69 0.40 12 years (60%) the market 2007 5.24 6.32 1.08 2008 8.77 8.74 (0.03) declined 2009 6.77 6.05 (0.72) 2010 5.49 7.13 1.64 8 years (40%) the market 2011 9.34 8.34 (1.00) improved 2012 7.75 9.38 1.63 2013 8.19 7.42 (0.77) 2014 7.72 6.16 (1.56) 2015 5.45 5.17 (0.28) 2016 5.57 4.85 (0.73) 2017 5.68 7.18 1.51 2018 6.29 6.08 (0.21) 2019 5.21 5.19 (0.03) 2020 5.18 Average 5.63 5.67 0.03 Year 1-May 1-Aug Change Wheat also shows the 2000 3.35 2.97 (0.38) need for a minimum price! 2001 3.47 3.16 (0.31) 2002 3.01 3.80 0.80 2003 3.39 3.70 0.32 MGEX September Spring 2004 4.24 3.53 (0.71) Wheat, 2000-2020 2005 3.46 3.50 0.04 2006 4.28 4.69 0.40 2007 5.24 6.32 1.08 2008 8.77 8.74 (0.03) 2009 6.77 6.05 (0.72) Let’s exclude 11 years 2010 5.49 7.13 1.64 2011 9.34 8.34 (1.00) when the selling price 2012 7.75 9.38 1.63 on May 1 was less than 2013 8.19 7.42 (0.77) 2014 7.72 6.16 (1.56) production costs. 2015 5.45 5.17 (0.28) 2016 5.57 4.85 (0.73) 2017 5.68 7.18 1.51 2018 6.29 6.08 (0.21) 2019 5.21 5.19 (0.03) 2020 5.18 Average 5.63 5.67 0.03 Year 1-May 1-Aug Change MGEX September Spring 2004 4.24 3.53 (0.71) Wheat, 2000-2020 2006 4.28 4.69 0.40 2007 5.24 6.32 1.08 7 years (70%) the market 2008 8.77 8.74 (0.03) 2009 6.77 6.05 (0.72) declined 2011 9.34 8.34 (1.00) 2012 7.75 9.38 1.63 3 years (30%) the market 2013 8.19 7.42 (0.77) improved 2014 7.72 6.16 (1.56) 2018 6.29 6.08 (0.21) Average 6.86 6.67 (0.19) September MGEX Spring Wheat Futures, 1990-2019 107 Don’t forget to sell something! 106 105 104 1-Jun 1-May 103 1-Mar 1-Apr 102 1-Feb Index (January 1 = 100) Index 101 1-Jul 100 Years when May 1 price is higher than production 99 1-Jan costs (excludes 91,93,94,99‐2003,05,10,15‐17,19) 1-Aug 1-Sep 98 approximate dates Copyright © 2019 Center for Farm Financial Management, University of Minnesota.
Load more

Recommended publications
  • Grain, Flour and Ships – the Wheat Trade in Portland, Oregon
    Grain, Flour and Ships The Wheat Trade in Portland, Oregon Postcard Views of the Oregon Grain Industry, c1900 Prepared for Prosper Portland In Partial Fulfillment of the Centennial Mills Removal Project Under Agreement with the Oregon SHPO and the USACE George Kramer, M.S., HP Sr. Historic Preservation Specialist Heritage Research Associates, Inc. Eugene, Oregon April 2019 GRAIN, FLOUR AND SHIPS: THE WHEAT TRADE IN PORTLAND, OREGON By George Kramer Prepared for Prosper Portland 222 NW Fifth Avenue Portland, OR 97209 Heritage Research Associates, Inc. 1997 Garden Avenue Eugene, Oregon 97403 April 2019 HERITAGE RESEARCH ASSOCIATES REPORT NO. 448 TABLE OF CONTENTS Page List of Figures ......................................................................................................................... iv List of Tables ........................................................................................................................... v 1. Introduction ........................................................................................................................ 1 2. Historic Overview – Grain and Flour in Portland .............................................................. 4 Growing and Harvesting 4 Transporting Grain to Portland ................................................................................... 6 Exporting from Portland ............................................................................................. 8 Flour Mills .................................................................................................................
    [Show full text]
  • Enhancing the Quality of US Grain for International
    Chapter 5 The Changing Role of . Contents Page Quality in the Market Place . 89 Changing Nature of Markets–A Case Study in Wheat. 91 Background 91 Product Consumption and Wheat Importation . 91 The Dynamics of the Wheat Market. 93 Analysis Results . 93 Case Study Summary . 98 Chapter 5 References . 99 Tables Table Page 5-1. Export Classes of Wheat Categorized by Characteristics and Country of Origin ● . .... ... ● . ..,..0.. 92 5-2. Required Protein Levels for Wheat-Based End Products and Protein Content of U.S. Wheat Classes. 92 5-3, Regional Tastes, Preferences, and the Requirements for Wheat-Based End Products . 93 5-4, Wheat Consumption in Selected Countries, 1984/85 . 94 5-5. Market Shares of Imported Wheat Classes, 1984/85. 95 5-6. Correlation of Imported Wheat Class Market Shares, Income, and Domestic Wheat Production, 1984/85 . 96 5-7. Average Growth Rates of Wheat Class imports by Country, Region, and World, 1961/62-84/85 ● ****.. .**.*.** ● **..*.. ● ******. ● *,.,..* * 97 5-8. Simulated Changes in Wheat Class Market Shares, 1985/95 . 98 Chapter 5 The quality concerns of each industry using The varying quality requirements exhibited wheat, corn, and soybeans are identified in by these industries, especially for wheat, high- chapter 4. Wheat, by its very nature, is the most light the need for the United States to become complex of the three grains in terms of defin- more aware of individual industry require- ing quality because of the vast array of prod- ments if the goal is to produce and deliver high- ucts and processing technologies involved. quality grain, The Nation has developed the Quality requirements differ not only by type reputation as a consistent supplier for any type and individual product, but between mills using and quality of grain desired; to become a sup- the same type wheat to produce flour for the plier of high-quality grains, it must become same type of product.
    [Show full text]
  • The International Footprint of Teff: Resurgence of an Ancient Ethiopian Grain by Annette R
    Washington University in St. Louis Washington University Open Scholarship Arts & Sciences Electronic Theses and Dissertations Arts & Sciences Spring 5-15-2015 The nI ternational Footprint of Teff: Resurgence of an Ancient Ethiopian Grain Annette R. Crymes Washington University in St. Louis Follow this and additional works at: https://openscholarship.wustl.edu/art_sci_etds Part of the Food Security Commons Recommended Citation Crymes, Annette R., "The nI ternational Footprint of Teff: Resurgence of an Ancient Ethiopian Grain" (2015). Arts & Sciences Electronic Theses and Dissertations. 394. https://openscholarship.wustl.edu/art_sci_etds/394 This Thesis is brought to you for free and open access by the Arts & Sciences at Washington University Open Scholarship. It has been accepted for inclusion in Arts & Sciences Electronic Theses and Dissertations by an authorized administrator of Washington University Open Scholarship. For more information, please contact [email protected]. WASHINGTON UNIVERSITY IN ST. LOUIS University College International Affairs The International Footprint of Teff: Resurgence of an Ancient Ethiopian Grain by Annette R. Crymes A thesis presented to the Graduate School of Arts and Sciences of Washington University in partial fulfillment of the requirements for the degree of Master of Arts May 2015 St. Louis, Missouri © 2015, Annette R. Crymes Table of Contents List of Figures ................................................................................................................................ iv List
    [Show full text]
  • Grain Growers Limited Policy Position Genetic Modification (GM)
    Grain Growers Limited Policy Position Genetic Modification (GM) Key Issue In the next decade Australia is poised to capitalise on Genetically Modified (GM) wheat varieties, currently under development, which may help to significantly increase productivity and profitability for grain growers. The current international market reflects a situation where 80% of Australia’s major trading partners do not currently accept GM produce and remain cautious about the presence of GM crops in its imports. Australia must remain adaptive and alert to this international market concern. Background Future research and development into biotechnological improvement of grains and GM crops is essential to the sustainability of the industry particularly with increasing challenges around natural resource management and changing climate conditions. GrainGrowers recognise agricultural biotechnologies, and transgenic crops, have potential to boost on-farm productivity and profitability by offering higher incomes for farmers and lower-priced and better quality food for consumers. GM wheat is in trial stage in Australia. The Office of the Gene Technology Regulator reports there have been 11 GM wheat products brought to field trial stage since 2005. In the current market agricultural use of genetically modified (GM) crops has been a subject of disagreement and debate in international markets. The global concerns around GM crops result in the need for Australia to develop a code of practice for GM segregated product flows in Australian grains handling. GM varieties are currently managed in contained, trial environments, outside of the commercial bulk handling system. The majority of our non- GM grain, which is moving through the bulk handling system in Australia, has minimal risk of comingling with GM crops.
    [Show full text]
  • (202) 463-0999 Fax: (703) 524-4399 Wheat Letter January
    3103 10th Street, North ● Suite 300 ● Arlington, VA 22201 Tel: (202) 463-0999 ● Fax: (703) 524-4399 Wheat Letter January 23, 2014 U.S. Wheat Associates (USW) is the industry’s market development organization working in more than 100 countries. Its mission is to “develop, maintain, and expand international markets to enhance the profitability of U.S. wheat producers and their customers.” The activities of USW are made possible by producer checkoff dollars managed by 19 state wheat commissions and through cost-share funding provided by USDA’s Foreign Agricultural Service. For more information, visit www.uswheat.org or contact your state wheat commission. Original articles from Wheat Letter may be reprinted without permission; source attribution is requested. Click here to subscribe or unsubscribe to Wheat Letter. In This Issue: 1. GASC Tenders Reflect U.S. Wheat Buying Opportunity 2. Too Much of a Good Thing 3. India’s Massive Crop Grown from Poor Government Policies 4. Wheat Growers Welcome Introduction of Trade Promotion Authority Legislation 5. Practical Voices in the GMO Food Discussion 6. Wheat Industry News Online Edition: Wheat Letter – January 23, 2014 (http://bit.ly/19QTrHW) PDF Edition: USW Price Report: www.uswheat.org/prices 1. GASC Tenders Reflect U.S. Wheat Buying Opportunity By Casey Chumrau, USW Market Analyst This month, Egypt’s General Authority for Supply Commodities (GASC) accepted its first and second bids for U.S. wheat in marketing year 2013/14 (June to May). Considering the significant freight advantage enjoyed by Black Sea and European suppliers, the latest GASC tender results indicate that U.S.
    [Show full text]
  • IMPROVING BAKING QUALITY and LOCAL MARKETS for WHEAT GROWN in WESTERN WASHINGTON by KAREN M. HILLS a Dissertation Submitted In
    IMPROVING BAKING QUALITY AND LOCAL MARKETS FOR WHEAT GROWN IN WESTERN WASHINGTON By KAREN M. HILLS A dissertation submitted in partial fulfillment of the requirements for the degree of DOCTOR OF PHILOSOPHY WASHINGTON STATE UNIVERSITY Department of Crop and Soil Sciences DECEMBER 2012 © Copyright by KAREN M. HILLS, 2012 All Rights Reserved © Copyright by KAREN M. HILLS, 2012 All Rights Reserved To the Faculty of Washington State University: The members of the Committee appointed to examine the dissertation of KAREN M. HILLS find it satisfactory and recommend that it be accepted. ______________________________________ Stephen S. Jones, Ph.D., Chair ______________________________________ Jessica R. Goldberger, Ph.D. ______________________________________ Carol A. Miles, Ph.D. ______________________________________ Andrew T. Corbin, Ph.D. ii ACKNOWLEDGEMENTS The writing of this dissertation would not have been possible without the help of many people. First and foremost, I’d like to thank my advisor, Dr. Stephen Jones, for seeing promise in me and guiding me toward what has been an interesting subject matter. During the three years I have spent at WSU Mount Vernon, he has not only been a great mentor, but has given me plenty of opportunities to build my strengths in public speaking, event organizing and leadership, and has encouraged me to take on projects that helped me to develop professionally. I would also like to offer heartfelt appreciation to my committee members: Dr. Jessica Goldberger, for her willingness to mentor me in the implementation and interpretation of my survey of commercial bakers, Dr. Andrew Corbin, for his career and research advice, and Dr. Carol Miles, for always challenging me to be a better researcher.
    [Show full text]
  • Investigations of Gluten Proteins from Functional and Historical Perspectives
    AN ABSTRACT OF THE THESIS OF Ying Zhang for the degree of Master of Science in Food Science and Technology presented on February 17, 2015. Title: Investigations of Gluten Proteins from Functional and Historical Perspectives Abstract approved: _____________________________________________________ Andrew S. Ross Wheat (Triticum aestivum) is one of the world’s major staple food crops, with flour produced from starchy endosperm being used for breads, cakes, noodles and various other wheat-based foods. The unique bread making properties of wheat are primarily attributed to its gluten-forming storage proteins: gliadins and glutenins. This study investigated the gluten proteins from functional and historical perspectives. The first study examined primarily the functional role of gluten proteins in the outcomes of the standard Falling Number (FN) test. The FN test is used in the grain trade to screen delivered wheat for the presence of pre-harvest sprouting by indirectly measuring α- amylase through it effects on the physical consistency of a cooked flour-water suspension. Grain protein content (GPC) has been implicated as a potential modifier of FN independent of α-amylase or sprout status. In the gluten functionality study, we proposed a protein unfolding and crosslinking model, and hypothesized that gluten proteins with higher molecular weight distributions (MWD) would heatset faster, tightly cover starch granules, restrict water entry, and slow their disintegration. In contrast to our hypothesis, our results showed that samples with lower MWD had faster heatset times than samples with higher MWD according to a controlled heating test. We also hypothesize that increased granularity of hard wheat flour reduces the surface area to volume ratio so the starch granules embedded in the particles need more time to hydrate or swell.
    [Show full text]
  • Wheat Disputes Under Nafta
    WHEAT DISPUTES UNDER NAFTA Julian M. Alston, Richard Gray, and Daniel A. Sumner INTRODUCTION U.S. imports of Canadian wheat grew as tariffs were lowered, follow- ing the implementation of the Canada-U.S. Trade Agreement (CUSTA) in 1989. The subsequent implementation of the North American Free Trade Agreement (NAFTA) changed nothing-by the time it came into effect, tariff barriers on wheat had been eliminated. While trade flows waxed and waned, any growth in trade was accompanied by an outbreak of tension between the two nations, and threats of trade disputes. A U.S. International Trade Commission (ITC) inquiry was initiated formally in January 1994. Following conflicting testimony from various sources, the ITC forwarded three separate reports, reflecting a three-way split decision, to the President on July 15, 1994. Before the President took any action, how- ever, in a negotiated settlement, the government of Canada agreed to limit its wheat exports and the U.S. government agreed to cease to pursue the issue under GATT. The agreement lasted for 12 months ending in September 1995. Sub- sequently, tensions continued, with threats from U.S. wheat interests whenever 144 NAFTA - Report Card on Agriculture wheat prices fell or the quantity of imports rose. However, since 1994 there have been no further legal challenges. Trade rules have remained virtually the same, with minor changes in the use of end-use certificates. Wheat trade, par- ticularly the Canadian Wheat Board (CWB) has remained a concern of U.S. producers, but overall the trade agreements appear to have resulted in a more integrated North American wheat industry.
    [Show full text]
  • Asset Prices in the Industrial Revolution: Evidence from the Grain Market
    Asset Prices in the Industrial Revolution: Evidence from the Grain Market. Liam Brunt1 & Edmund Cannon2 Abstract.3 From 1770 to 1914 the British Government closely monitored the domestic grain trade. It collected weekly price and quantity data for all types of grain for a large number of market towns and published these so-called Corn Returns in the London Gazette. We have computerised all of the published data between 1770 and 1864, totalling around 6 million data points. In this paper we describe the precise nature of data; we discuss why, when and how it was collected; we consider the accuracy and biases of the data; and we describe how we computerised the original returns. This gives a firm foundation to our own analysis of the data, and introduces the data to other potential users. 1 McIntire School of Commerce, University of Virginia. [email protected] 2 Department of Economics, University of Bristol. [email protected] 3 This project was funded by the Economic and Social Research Council under Research Grant No. R000223071. We also thank the Royal Economic Society for a Small Grant. For able research assistance we would like to thank Rob Brewer, Anna Chernova, Saranna Fordyce, Becca Fell, Ludivine Jeandupeux, Dave Lyne, Olivia Milburn, Hannah Shaw, Derick Shore, Liz Washbrook and Alun Williams. Thanks are also due to Colin Knowles for computer support and Bristol Library for exceptional service. For helpful comments and discussion we would like to thank Julia Cerutti and Lucy White. Any remaining errors are our own responsibility. 1 1.
    [Show full text]
  • Enhancing the Quality of U.S. Grain for International Trade
    Enhancing the Quality of U.S. Grain for International Trade February 1989 NTIS order #PB89-187199 ——— Recommended Citation: U.S. Congress, Office of Technology Assessment, Enhancing the Quality of U.S. Grain for International Trade, OTA-F-399 (Washington, DC: U.S. Government Printing Office, February 1989). Library of Congress Catalog Card Number 88-600592 For sale by the Superintendent of Documents U.S. Government Printing Office, Washington, DC 20402-9325 (order form can be found in the back of this report) American agriculture, long the sector of the economy considered the most productive and competitive in the world, began to show signs of declining interna- tional competitiveness in the early 1980s. Many reasons have been given for this, including the problems of the quality of U.S. grain. The quality issue is receiving renewed attention in the current world buyers’ market for grain, Some are con- cerned that as the influence of important economic variables such as the strength of the dollar and the extent of agricultural price support cause U.S. exports to be- come more price-competitive, opportunities to increase exports may be hampered by buyers’ qualms about U.S. grain quality. Complaints of overseas buyers about low-quality U.S. grain receive widespread attention. Buyers protest that they receive dirty, molded, or infested grain, or that characteristics contracted for, such as a certain protein level, were not met. Ex- porters argue that foreign buyers are using quality complaints to bargain for lower prices. Farmers and many Members of Congress point to loss of market share to prove the importance of quality.
    [Show full text]
  • State Intervention in the Grain Trade of Malta (16 -20 Century)*
    View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by OAR@UM | MEDITERRANEAN REVIEW | Vol. 6, No. 2 [December 2013] : 59~89 State Intervention in the Grain Trade of Malta (16th-20th Century)* Carmel Cassar*1* Abstract Until the early twentieth century, bread was graded and its quality sanctioned social distinctions in Maltese society. At a time when harvest failure often meant famine and death, setting the price of bread was one of the most difficult tasks from late medieval times to the early nineteenth century. During its stay in Malta, the Hospitaller Order of St John (1530-1798) depended heavily on imported duty-free grain from Sicily. Matters did not change much when Malta was a British Protectorate (1800-1814) but the island witnessed an overhaul in its system of grain provisioning as a British colony (1814-1964). In an attempt to improve the quality of bread for the mass of Maltese, the British colonial administration introduced a ‘free-trade’ policy. * This paper was delivered at a conference entitled: ‘Reconsidering Colonialism’, which was held at The Skilliter Centre for Ottoman Studies, Newnham College, Cambridge: 5-6 February 2010. The author would like to thank the director and deputy director of the Centre, Kate Fleet and Ebru Boyar, as well as Feroz Ahmad, Tara Alberts, Erol Baykal, James McDougall, Jake Norris, Irene Pophaides, Andrew Preston, Gabriela Ramos and Aimilia Themopoulou. Carole Counihan, Dominic Cutajar, Mark Aloisio and Noel Buttigieg have generously offered their time by reading the manuscript and passing most valid suggestions for improvement.
    [Show full text]
  • Grain, Warfare, and the Persistence of the British Atlantic Economy, 1765-1815
    The University of Maine DigitalCommons@UMaine Electronic Theses and Dissertations Fogler Library Summer 8-23-2019 Feeding the Empire: Grain, Warfare, and the Persistence of the British Atlantic Economy, 1765-1815 Patrick Callaway University of Maine, [email protected] Follow this and additional works at: https://digitalcommons.library.umaine.edu/etd Recommended Citation Callaway, Patrick, "Feeding the Empire: Grain, Warfare, and the Persistence of the British Atlantic Economy, 1765-1815" (2019). Electronic Theses and Dissertations. 3092. https://digitalcommons.library.umaine.edu/etd/3092 This Open-Access Thesis is brought to you for free and open access by DigitalCommons@UMaine. It has been accepted for inclusion in Electronic Theses and Dissertations by an authorized administrator of DigitalCommons@UMaine. For more information, please contact [email protected]. FEEDING THE EMPIRE: GRAIN, WARFARE, AND THE PERSISTENCE OF THE BRITISH ATLANTIC ECONOMY, 1765-1815 By Patrick Callaway B.A. University of Montana-Western, 2004 B.S. University of Montana-Western, 2005 M.A. Montana State University, 2008 A DISSERTATION Submitted in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy (in History) The Graduate School The University of Maine August 2019 Advisory Committee: Liam Riordan, Professor of History, Advisor Jacques Ferland, Associate Professor of History Stephen Hornsby, Professor of Geography and Canadian Studies Stephen Miller, Professor of History Scott See, Professor of History Copyright 2019, Patrick Callaway All Rights Reserved ii FEEDING THE EMPIRE: GRAIN, WARFARE, AND THE PERSISTANCE OF THE BRITISH ATALNTIC ECONOMY, 1765-1815 By Patrick Callaway Dissertation Advisor: Dr. Liam Riordan An Abstract of the Dissertation Presented in Partial Fulfillment of the Requirements for the Degree of Doctor of Philosophy in History August 2019 The importance of staple agriculture in the development of the modern world can hardly be overstated.
    [Show full text]