MELBOURNE, AUSTRALIA — The Australian Competition and Consumer Commission (ACCC) issued on Aug. 21 a draft decision proposing to consent to GrainCorp Operations Limited’s application to extend and vary its 2011 Port Terminal Services Access Undertaking.
GrainCorp’s 2011 undertaking governs third-party access to port terminal services at GrainCorp’s East Coast Australian bulk grain ports. The undertaking is currently set to expire on Sept. 30 with a mandatory code of conduct anticipated to start on Oct. 1.
GrainCorp has applied to extend the operation of the 2011 undertaking for a year in the event that the code does not commence as expected. Under GrainCorp’s application, the undertaking remains virtually unchanged except for the inclusion of an early expiry clause to eliminate the possibility of duplicate regulation.
“The ACCC considers that the combination of a 12-month extension and an early expiry clause is a practical and appropriate response that provides certainty to the industry about GrainCorp’s bulk grain port arrangements,” ACCC Commissioner Cristina Cifuentes said.
The ACCC’s draft decision is that GrainCorp’s proposed extension and variation of its 2011 undertaking is appropriate. The ACCC’s draft consent is subject to GrainCorp incorporating reporting provisions on key service performance indicators to cover the period of the extension of the undertaking.
The ACCC is seeking any views from interested parties on its draft decision by 5 September 2014. Submissions received in response to the draft decision will be considered by the ACCC prior to making its final decision.
Since Russia’s invasion of Ukraine in February, the world’s wheat supply has been thrown into question, with poorer nations facing scarcity and a potential food crisis, according to the United Nations.
Following are countries among the world’s least developed that are the most dependent on Russia and Ukraine for their annual wheat supply (2020), according to the UN Conference on Trade and Development. Nations in Africa import 44% of their wheat from Russia and Ukraine, according to the UN.
In marketing year 2022-23, the world is projected by the US Department of Agriculture (USDA) to produce 779.03 million tonnes of wheat and provide 204.89 million tonnes for export.
These are the eight major wheat importing nations/regions as listed in the monthly USDA World Agricultural Supply and Demand Estimates (WASDE) report and their annual tonnes with production.
Russia’s invasion of Ukraine in February and the persistent La Niña climate phenomenon have combined to create some of the most volatile market conditions in recent memory, sending prices skyrocketing as nations that depend on wheat to feed their populations scramble to secure supplies.
Each month, the WASDE releases new projections to reflect the most recent global market and production conditions, and this slideshow will be updated with those changes.