World Grain - May 2008 - 15

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Russia's NAMEX launches on-exchange trading in wheat futures
MOSCOW, RUSSIA - On April 10, the National Mercantile Exchange (NAMEX), part of
Russia's MICEX Group, announced that it has
launched trading in delivery futures on wheat.
NAMEX said this was a major contribution to
the development of Russia's grain industry.
Market participants will be able to trade two
types of wheat futures: contract for wheat futures on FOB terms, Port of Novorossiysk, and
contracts for wheat on EXW (franco-elevator)
terms, on grain elevators located in Russia's
Southern Federal District. Initially, trading will

be with delivery in July, September and November 2008, NAMEX said.
The introduction of on-exchange trading in
grain futures on the NAMEX will contribute to
the creation of a new international trading center setting grain prices in the Black Sea region.
To celebrate the launch of the grain futures
market, the NAMEX held a traditional cer-

[Stoccaggio cereali]

ABARE says GM crops could benefit
Australian agriculture

Cereals storage

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Studioverde

CANBERRA, AUSTRALIA - The Australian Bureau of Agricultural and Resource Economics (ABARE) on March 31 released a report called "GM crops in emerging economies:
impacts on Australian agriculture," which indicates that genetically modified (GM) oilseed
and wheat crops, if utilized, could provide significant benefits to Australian agriculture.
"The uptake of GM oilseeds and wheat
could lead to a gain of A$912 million in the
Australian economy by 2018 relative to what
would otherwise be the case," Phillip Glyde,
ABARE executive director, said on releasing
the report.
The economic benefit of GM crops is estimated under the assumptions that imports of
GM crops are not restricted in foreign markets
and the emerging economies of Argentina,
Brazil, India and China will fully adopt these
GM crops by 2018.
"Australia will forgo significant economic
gains by delaying the introduction of GM oilseeds and wheat if emerging economies continue to increase their uptake of GM crops,"
Glyde said.
ABARE said that Argentina, Brazil, India
and China, in aggregate, account for around
39% of the world's total GM crop plantings
and this share is expected to increase as they
continue to introduce GM crops at a faster pace
than other countries.
The increase in GM crop adoption has increased on-farm productivity, farm incomes
and reduced input use in these emerging economies, ABARE said.
ABARE said that under an alternative scenario where it is assumed that the European
Union bans the importation of GM crops from
GM adopting countries, the estimated gain to
the Australian economy of adopting GM oilseeds and wheat would reduce to $732 million
in 2018.

emony, which included striking the Exchange
bell. The ceremony was attended by the Russian Minister of Agriculture Alexei Gordeyev,
President of the Russian Grain Association
Arkady Zlochevsky, President of the Russian
Exchange Association Anatoly Gavrilenko, the
MICEX President Alexander Potemkin and
Director of the NAMEX Sergey Naumov.

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