PORTRAIT OF AN INDUSTRY

摘要

With the 2009-10 feeding season starting to get seriously under way, it seems appropriate, once again, to step backwards to look at the feed industry. There is universal agreement that the past two years have challenged the feed industry's managementas, perhaps, never before. Feed material costs in 2008-09, which spiralled under the influence of rising world demand, the soaring cost of oil and the effects of the impending biofuels revolution, have not fallen as far as expected. Inventory levels of key feed ingredients, although rebuilt to some extent, remain at levels which some observers believe are too low relative to potential market shocks. In particular, the oilseed sector is reflecting the potential imbalance between supply and demand in addition to difficulties stemming from EU policy as regards genetically modified crops. Roger Dean has been looking at a range of indicators as to the state of the industry and concludes that, despite the difficulties, 2008 will turn out to have been a better year than 2007.