Australian funding boost to improve ag market intelligence

Australian farmers and exporters will benefit from improved agricultural market intelligence following an additional $250,000 Albanese Government investment in a global initiative.

Speaking from the 43rd session of the Food and Agriculture Organisation conference in Rome, Minister for Agriculture, Fisheries and Forestry Murray Watt said Australia’s new funding contribution would provide up-to-date monitoring on global prices, futures markets and fertiliser outlook through the Agriculture Market Information System (AMIS).

He also said it would support greater price transparency across the food supply chain.

“Australia is a strong advocate for maintaining open, transparent and predictable agricultural trade across the globe,” Minister Watt said.

“AMIS plays an important role in disseminating trade information and technical market data to support the transparency and proper function of global agricultural markets.
 
“That information is vital so our farmers can make evidence-based decisions— particularly grains producers and exporters.

“Aussie farmers will benefit from increased global market certainty and predictability in global markets and supply chains.”

AMIS systematically compiles information on crop supply and demand monitors and reviews policy developments that affect agricultural markets.

Minister Watt said AMIS also supports informed decision-making by policy makers, analysts and those directly involved in the trade.

“It provides a platform for governments around the world to coordinate policy actions and that helps to prevent unexpected price hikes.

“And it is vital for supporting global food security, and another way in which Australia is helping to meet the United Nations’ Sustainable Development Goals.”

AMIS was launched in 2011 by the G20 Ministers of Agriculture following the global food price hikes in 2007/08 and 2010.

It is composed of G20 members plus Spain and seven additional major exporting and importing countries of agricultural commodities.

AMIS provides data on the following areas: 

• World supply and demand for commodities such as wheat, maize, rice and soybeans.
• Crop conditions around the world
• Global policy developments
• International prices
• Futures markets
• Market indicators
• Fertiliser outlook
• Ocean freight markets.

Australia has now provided $550,000 in total to support AMIS.