{"id":1428,"date":"2011-02-11T17:58:01","date_gmt":"2011-02-11T17:58:01","guid":{"rendered":"https:\/\/grains.org\/ltamex\/growing-world-middle-class-means-fundamental-change-for-us-grain-industry\/"},"modified":"2011-02-11T17:58:01","modified_gmt":"2011-02-11T17:58:01","slug":"growing-world-middle-class-means-fundamental-change-for-us-grain-industry","status":"publish","type":"post","link":"https:\/\/grains.org\/ltamex\/growing-world-middle-class-means-fundamental-change-for-us-grain-industry\/","title":{"rendered":"Growing World Middle Class Means Fundamental Change for US Grain Industry"},"content":{"rendered":"

Keynote speaker J.B. Penn, chief economist with Deere & Company, set an optimistic tone during the opening session of the U.S. Grains Council\u00e2\u20ac\u2122s 2011 International Marketing Conference and Annual Membership Meeting in New Orleans Monday morning. In a presentation called \u00e2\u20ac\u0153Forces Shaping the Agricultural Marketplace of the Future,\u00e2\u20ac\ufffd Penn credited rising incomes and changes in dietary preferences of the growing middle class in developing countries as important drivers of demand for U.S. coarse grains.<\/p>\n

Fast-growing world demand is keeping commodity prices high. Penn noted that 40 percent of the world\u00e2\u20ac\u2122s population now lives in countries with economies that are growing at 8 percent annually.<\/p>\n

\u00e2\u20ac\u0153This is good news for people with grain to sell,\u00e2\u20ac\ufffd Penn said.<\/p>\n

People Want to Eat More and Better<\/strong>
Penn contended that the world is undergoing a significant and sustainable shift in supply and demand.<\/p>\n

\u00e2\u20ac\u0153We are in the middle of a broad structural shift. People want to eat more and better,\u00e2\u20ac\ufffd he said.<\/p>\n

Worldwide consumption is now outpacing agricultural production, causing food prices to increase to historic highs. He said rising food costs can be a catalyst for uprising and protests to emerge over long-simmering social unrest, as evidenced recently in Tunisia and Egypt.<\/p>\n

\u00e2\u20ac\u0153Growth in agricultural productivity will be central to world food security,\u00e2\u20ac\ufffd Penn said.<\/p>\n

The increased production will come from yield increases on land already in production, not new cropland.<\/p>\n

\u00e2\u20ac\u0153There isn\u00e2\u20ac\u2122t much more arable land, and bringing new land into production is too expensive and controversial.\u00e2\u20ac\ufffd<\/p>\n

Half the World Lives in Cities<\/strong>
Penn said agriculture\u00e2\u20ac\u2122s challenge is to produce twice as much food in the next 40 years with the same resources as today. He mentioned the Global Harvest Initiative, www.globalharvestinitiative.org<\/a>, a public-private initiative established in 2008 to help agriculture meet the challenge of world food demands while sustaining natural resources.<\/p>\n

In 2007, the world reached the mark where 50 percent of the population lives in urban areas, and this increases the importance of \u00e2\u20ac\u0153enlightened trade policies.\u00e2\u20ac\ufffd<\/p>\n

\u00e2\u20ac\u0153The link between increased productivity and increased consumption is trade. Things like trade barriers, export restrictions and tariffs cause panic in world markets. A rules-based trading system is critical for our industry to meet world demand,\u00e2\u20ac\ufffd Penn said.<\/p>\n

Fundamentals Are Strong<\/strong>
Acknowledging that volatility is the new norm, Penn believes the fundamentals of supply and demand are strong and present a promising future for agriculture.<\/p>\n

\u00e2\u20ac\u0153Today\u00e2\u20ac\u2122s economic growth is occurring in developing countries that were not a significant part of the world economy 40 years ago,\u00e2\u20ac\ufffd he said.<\/p>\n

Ultimately, countries whose economies are projected to continue growing, will be long-term customers for America\u00e2\u20ac\u2122s grain farmers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Keynote speaker J.B. Penn, chief economist with Deere & Company, set an optimistic tone during the opening session of the U.S. Grains Council\u00e2\u20ac\u2122s 2011 International Marketing Conference and Annual Membership Meeting in New Orleans Monday morning. In a presentation called \u00e2\u20ac\u0153Forces Shaping the Agricultural Marketplace of the Future,\u00e2\u20ac\ufffd Penn credited rising incomes and changes in … <\/p>\n

Continue reading “Growing World Middle Class Means Fundamental Change for US Grain Industry”<\/span><\/a><\/p>\n","protected":false},"author":24,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[],"tags":[],"commodity":[],"country":[],"region":[],"topic":[66],"class_list":["post-1428","post","type-post","status-publish","format-standard","hentry","topic-innovation-and-sustainability"],"yoast_head":"\nGrowing World Middle Class Means Fundamental Change for US Grain Industry - Am\u00e9rica Latina<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/grains.org\/ltamex\/growing-world-middle-class-means-fundamental-change-for-us-grain-industry\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Growing World Middle Class Means Fundamental Change for US Grain Industry - Am\u00e9rica Latina\" \/>\n<meta property=\"og:description\" content=\"Keynote speaker J.B. Penn, chief economist with Deere & Company, set an optimistic tone during the opening session of the U.S. Grains Council\u00e2\u20ac\u2122s 2011 International Marketing Conference and Annual Membership Meeting in New Orleans Monday morning. 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