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If you are responsible for procuring and purchasing commodity ingredients for your company's petfoods -- or you formulate with such ingredients -- you probably are already aware that 2013 is shaping up to be another challenging year. (The same is true for meat ingredients, since that meat often comes from animals that eat commodity grains.) But do you know where specific challenges lie and how to prevent or handle them?
In a webinar earlier this week, "2013 Feed Grains, Wheat and Oilseeds Commodity Outlook" (hosted by WattAgNet.com), Tim Brusnahan, VP of consulting for Richard A. Brock & Associates Inc., provided an outlook for grain supplies and prices for the year based on the January 11 crop reports from the US Department of Agriculture (USDA). If you missed the webinar, you can view and listen to a recorded archive. (You will have to register; registration is free.)
Some highlights (or "lowlights," depending on your perspective) from Brusnahan's outlook:
The webinar recording contains other interesting information. But perhaps most helpful are some buying strategies Brusnahan recommended:
Even if your product formulations do not include corn, wheat or similar ingredients, the supply and prices of those crops definitely affect other ingredients, including meats. As for livestock in the US, Brusnahan ended with the good news that while the US beef industry is struggling, the poultry industry has managed its challenges well (partially because it benefited from being located near US southern corn and other crops not affected by the drought) and is on the rebound from rockier times last year. And the pork industry is doing quite well -- perhaps a new protein source for petfoods?