15 representatives from Turkey were among the 60 participants at USSEC’s buyers conference and workshop in Warsaw, Poland on March 6 and 7. The participants of the seminar included feed millers, crushers, poultry integrators, dairy integrators and traders, key decision-makers in terms of choice of ingredients used in feed production.
The main objective of the meeting was to teach participants, including the integrators, about international trading objectives, the marketing of U.S. Soy and soybean meal, and increasing U.S. Soy share in the region. Importers and crushers drive the use of U.S. Soy in this region. Many of the Turkish crushers, large feed producers, and integrators are not familiar with trading methods and they do not really trade, but rather buy and sell on the same day without doing any hedging, futures, or options.
The program covered the Overview of World Soybean and Soybean Meal Markets, U.S. Grain Production and Marketing System, Basis of Trading and Hedging, Future Markets, Principals of Futures and Options Trading, and simulations about purchasing with the guidance of Dr. Jay O’Neil (IGP) and with the participation of Matt Ammerman (FC Stone) and Lisa Kallal (CME Group). The clear objective of all the presentations, simulations and interactions with the attendees was to promote USSEC and U.S. Soy products in terms of real advantages as well as the image.
The presentations led to a favorable introduction, background, communication, and exchanges on or around U.S. Soy and soybean meal. Practical points were worked out during the last session with simulation examples to address the specific benefits of trading highlighted. Overall, the response of attendees was positive and the multiple questions posed reflected the high level of interest. The discussions during breaks as well as following the Q&A sessions were lively and constructive. Participants were specifically chosen from the real decision makers of the industry.
Continued effort in this area will increase demand for U.S. Soy and create loyal U.S. importers and users in the market.