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Source-This post on International Grain Council has been created based on the article “Global grains market likely to be bearish as supplies ease” published in “businessline” on 13 March 2024.
Why in the news?
The International Grains Council (IGC) said the estimate for world total grains production in 2023-24 is higher almost entirely because of an increased maize (corn) output forecast.
About International Grain Council
Description-It is an intergovernmental organization established in 1949 and headquartered in London, United Kingdom.
Members- IGC includes all parties to the Grain Trade Convention, 1995. There are currently 30 member countries. Each member is classified as either an importer or exporter based on their average trade in grains, rice, and oilseeds.India is a member of the International Grains Council.
Nodal Agency: The Department of Food & Public Distribution under the Ministry of Consumer Affairs, Food & Public Distribution acts as the nodal agency on behalf of the Government of India in the International Grains Council.
Governance-The Chairperson and Vice-Chairperson of the IGC are elected annually by the council members.
Council Sessions: The IGC convenes two regular Council Sessions each year. These sessions are held either in London or in member countries by invitation.
Objectives: To promote international cooperation in the area of grains trade, provide an international platform for discussion and coordination of grain policies, and enhance world food security.
Grains covered: The IGC monitors and reports on the global markets for wheat, maize (corn), rice, and other coarse grains like barley, sorghum, and oats.
Functions: Its main functions include collecting and disseminating information on grain production, consumption, stocks, trade, and prices, as well as analyzing and forecasting market trends.
Publications: The IGC publishes several regular reports, including the “Grain Market Report” which provides detailed assessments of global grain supply and demand, as well as projections for the current and upcoming marketing years.
Grain Trade Convention: The IGC also administers the Grains Trade Convention, an international agreement that aims to promote international cooperation in grains trade and to further market stability.
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