PORTRAIT OF AN INDUSTRY

摘要

With the 2008-09 feeding season starting to get under way, it seems like a good time to take a step backwards to look at the industry at a time when there is universal agreement that the past twelve to eighteen months have been one of the most challenging periods faced by feed manufacturers in recent times. Feed material costs have spiralled under the influence of rising world demand, the soaring cost of oil and the effects of the impending biofuels revolution. Stock levels of key feed ingredients are at historic lows and poor harvest or the threat of them have added to an atmosphere where speculators have been encouraged to add their two pennyworth to market developments. Roger Dean has been looking at all the available indicators as to the state of the industry.