• AMIS participants collaborate with the Secretariat to provide monthly updates of the market situation.

• The Secretariat produces regular market outlooks, carries out independent data validation, strengthens national capacities for market assessments and facilitates the interaction between focal points.

• In the event of market instability, the Rapid Response Forum of AMIS will coordinate appropriate policy measures.

The Market Monitor is a product of the Agricultural Market Information System (AMIS). It covers international markets for wheat, maize, rice and soybeans, giving a synopsis of major market developments and the policy and other market drivers behind them. The analysis is a collective assessment of the market situation and outlook by the eleven international organizations and entities that form the AMIS Secretariat. Visit us at: www.amis-outlook.org

MARKET MONITOR

Roundup Markets at a glance

No. 53 – November 2017

Wheat, maize, rice and soybeans are heading for a comfortable market situation in 2017/18. Even for crops where production is forecast to fall below last year’s level, supplies are expected to remain sufficient, which may explain some of the downward pressure on prices witnessed in recent weeks. For major cereals, the market focus will soon be shifting to planting and growing conditions in the new season. In this context, the 2018/19 outlook will critically depend on weather and expected returns based on price prospects. In the case of soybeans, planting progress and weather developments in the southern hemisphere will likely influence prices in the coming weeks.

Contents World supply-demand outlook 1

Crop monitor 3

Policy developments 6

International prices 8

Futures markets 10

Market indicators 11

Monthly US ethanol update 13

Fertilizer outlook 14

Explanatory notes 15

From previous forecast

From previous season

Wheat

Maize

Rice

Soybeans

Easing Neutral Tightening

Agricultural Market Information System

AMIS

WWW.AMIS-OUTLOOK.ORG

HOW AMIS WORKS

UP-TO-DATE INFORMATION

AGRICULTURAL MARKET

INFORMATIONSYSTEM

Enhancing Market Transparency and Policy Coordination

AMISAgricultural Market Information System

AMIS

AMIS

• Market Monitor – assessing the global market situation and outlook for the AMIS crops.

• Indicator Portal – featuring key measures to identify critical market conditions that might require policy action.

• Market Database – providing the latest forecasts on production, consumption, trade and stocks.

• Policy Database – compiling information on policies that might impact on global food markets.

• AMIS website – offering a comprehensive overview of AMIS outputs and activities.

• Capacity building – supporting countries to produce better market information.

G20 Members & Spain

* Not participating in AMIS as individual countries, but collectively represented by the European Union

Other EU Members * Invited countries

AMIS GLOBAL COVERAGE

OUTPUTS

STRUCTURE

AMIS is composed of G20 members plus Spain and seven additional major exporting and importing countries of the AMIS crops. Together, AMIS

participants represent a large share of global food markets.

87%

Wheat production2015-17 avg.

12%

88%

Maize production 2015-17 avg.

9%

91%

Rice production 2015-17 avg.

20%

80%

Soybeans production 2015-17 avg.

9%

91%

The Agricultural Market Information System (AMIS) was launched in 2011 by the

G20 Ministers of Agriculture.

Bringing together the principal trading countries of agricultural commodities, AMIS assesses global food supplies (focusing on wheat, maize, rice and

soybeans) and provides a platform for constructive dialogue.

By enhancing transparency and policy coordination in international commodity

markets, AMIS has helped to prevent unexpected price hikes and strengthened

global food security.

AMIS consists of three main bodies that support the initiative’s principal objectives: (i) enhance market transparency and (ii) coordinate international policy responses in times of market instability.

• The Global Food Market Information Group is composed of technical representatives from AMIS participants to collect market and policy information.

• The Rapid Response Forum assembles policy makers to promote early discussion about critical market conditions and ways to address them.

• The multi-agency Secretariat, which currently (November 2017) includes eleven international organizations and entities, produces short-term market outlooks, assessments and analyses, and supports all functions of the Information Group and the Forum.

AMIS Non-AMIS