Research Reports
Developments in the International Grain Market and Establishment Plan to Build Information System
-
AuthorSung, Myunghwan
-
Publication Date2011.11.30
-
Original
Recent surge in international grain prices significantly increased the absolute price level, along with expanded volatility in grain prices. From the perspective of the importing country such as Korea, the rise in international grain prices level and volatility means more money is required to import grains with greater risk.
On the other hand, our current information on the world grain market is largely dependent on the foreign agencies and media. Since our current information is mostly fragmented and secondary materials, it is difficult to identify and proactively deal with the sudden changes in the international grain market.
For the purpose of building new information system to effectively analyze and efficiently disseminate the information on changes in international grain markets, current major information systems of the futures markets such as CME and government agencies such as U.S. and FAO are systematically analyzed as the initial step. Based on that, this study provides establishment plan to build our new information system that can provide our proactive assessment and future prospects on the world grain market.
The objective of this study is to provide establishment plan to build information system for the quick identification and systematic analysis of the international grain market situation. The ultimate goal is to establish the world grain information system that can provide comprehensive and detailed information on the international grain market fluctuations in a timely manner. To accomplish this objective, the information related with the international grain market fluctuation is systematically classified and the step-by-step building measures are provided.
In order to establish efficient grain market information system, we need to systematically understand and analyze piecemeal changes in the individual market in terms of overall international grain markets. From this perspective, we need to establish new information system to provide the basic supply and demand information on a regular basis at the early stage of building process. Based on this, the phased plan should be set out to extend it for the more detailed market information step by step. Ultimately, our new information system should provide the comprehensive and detailed information on the international grain market in a timely manner
The new information system should be operated by the so-called 『food security Commission』that consists of government agencies, nongovernmental organizations, and industry experts. We also need evaluation mechanisms on the established information system. In addition, the new information system should be able to reflect any suggestions and comments.
Researchers: Myung-Hwan Sung, Dong-Gyu Park, Dae-Heum Kwon, Woong-Yun Lee, Yoon-Hee Kim
E-mail address: mhsung@krei.re.kr
- Next
- A Study on the Rural development Decision making Support System (KREI-RDSS) based on Regional Economic Model (KREI-REMO)
- Prev
- Study of supply & demand and price stabilization of vegetable