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Wheat industry changes backed by minister

THE six recommendations in the Wheat Industry Advisory Taskforce report into stocks information have been endorsed by Agriculture Minister Barnaby Joyce.

Mr Joyce said the taskforce found that while there was no market failure in the current levels of wheat stocks information, there would be benefit in improving access to the information.

"I have asked my department to work with industry to implement the recommendations," he said.

"A key recommendation is to identify an independent, third party service provider to publish monthly wheat stock information, including total wheat stocks by port zone and the individual volumes of the top three grades in each zone.

"This will give industry participants better stocks information they can use to develop their production, marketing and technical strategies.

"For example, our wheat producers can use this information about storage, along with other market information - like area planted, seasonal conditions, yield, demand and price data - to make decisions about what to plant and how to market their wheat."

In delivering its recommendations the taskforce has balanced the need to make information public while protecting prices, and therefore the returns to growers are not negatively impacted.

"This is an example of industry taking responsibility for its own future after a period of significant transition from a monopoly exporter in 2008 to a competitive trading environment," he said.

"Industry will have primary carriage of implementing the recommendations and making this voluntary approach to stocks disclosure work.

"I want to recognise the hard work of the Wheat Industry Advisory Taskforce members in developing this report and thank them for their efforts."

The taskforce members include industry experts recommended by representatives of each of the three key sectors of the industry.

To read the taskforce report visit www.wheattaskforce.gov.au/

Topics:  barnaby joyce commodities wheat