NFU welcomes EU move to improve market transparency for arable crops and sugar
The NFU welcomes the announcement from Commissioner Hogan that the European Union will introduce two new market observatories to help deal with market crises and volatility.
The two new market observatories for the cereals, oilseeds, proteins and sugar sectors will contribute to greater market transparency and price reporting, two areas the NFU lobbied for at European level.
Greater transparency of price development gives farmers a much clearer idea of market trends and the behaviour of buyers, important for empowering farmers’ business decisions. Increased data transparency is critical for tackling unfair practices in the supply chain.
NFU President Meurig Raymond said: “The NFU is pleased that Commissioner Hogan has recognised the important need for greater market transparency and price reporting, and the introduction of two market observatories for arable crops and sugar is a welcome step in the right direction.
“The continuing efforts and commitment of the Commissioner to the Agri-Markets Taskforce is very encouraging for the industry. The NFU would encourage the commission to use these steps to build upon this, whilst going further and providing up-to-date, standardised data from across the EU.
“This collection of data is important to continue building trust and collaboration with the supply chain and is certainly a positive development for arable farmers and sugar beet growers.”
Mr Raymond called for this introduction in a speech to Commissioner Hogan, MEPs and Agri-Market Taskforce representatives in January.