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Global Feed Markets: November - December 2012


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Our commodities market round up for November & December 2012

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Global Feed Markets: November - December 2012

  1. 1. Digital Re-print - November | December 2012 Global Feed Markets: November - December 2012Grain & Feed Milling Technology is published six times a year by Perendale Publishers Ltd of the United Kingdom.All data is published in good faith, based on information received, and while every care is taken to prevent inaccuracies,the publishers accept no liability for any errors or omissions or for the consequences of action taken on the basis ofinformation published.©Copyright 2010 Perendale Publishers Ltd. All rights reserved. No part of this publication may be reproduced in any formor by any means without prior permission of the copyright owner. Printed by Perendale Publishers Ltd. ISSN: 1466-3872
  2. 2. GLOBAL GRAIN & FEED MARKETS Every issue GFMT’s market analyst John Buckley reviews world trading conditions which are impacting the full range of commodities used in food and feed production. His observations will influence your decision-making. Grain and feed markets are also Supplies less tight than being restrained expected? by ‘macro’ factors T HE past two months have been a data from the US Department of Agriculture’s- the ongoing Euro- roller coaster ride for the grain and monthly US and global grain and oilseed crop feed raw material markets. In Europe, updates, consumers finally had some better news zone crisis, joined wheat prices rose sharply as this year’s in November. USDA came out with bigger than smaller crop continued to disappear too fast for expected US maize and soyabean crop estimates, now by constant comfort into export channels as Russian and raising rather than lowering its seasonal ending Ukrainian supplies dwindled and the Arab world stock forecasts for both commodities (soya quite talk of the US stocked up. Prices also responded to unhelpful substantially). It also made only minor cuts in harvest weather threatening Australian and world wheat output and – with a significant cuteconomy tumbling Argentine crop yields and quality, by dry in its consumption forecast – was actually able weather plaguing the barely sown US hard red to raise ending stocks for this grain. off the ‘fiscal winter crop and far too much rain holding up In response, US markets for wheat, maize planting of next year’s French and UK crops. and soyabeans all fell to multi-month lows clifff’ in the New Amid the perception of ever tightening world while forward futures months for the latter two wheat output and stocks, frisky US futures markets continued to display big discounts. All this Year. Along with markets helped pull European milling wheat was at odds with some bullish views on forward futures to their highest prices since February last prices from some of the big banks at last month’s China’s prospects year. With its own set of unusually poor quality Global Grain Conference, especially for maize. problems, the London feed wheat contract went ‘Stale’ bulls may still argue that the USDA isfor slower growth, one better still and traded its highest prices ever. too optimistic on some of its crop forecasts Despite being braced for further unwelcome – chiefly those for South American maize and this continues toencourage fears of global economic recession turning into depression.30 | november - december 2012 Grain &feed millinG technoloGy
  3. 3. Feed Knowledge Global THE Miller
  4. 4. FEATURE turning into depression. None of this is encouraging for the food, feed and their upstream and downstream partners from the point of view of a healthy trading environment. But it may at least help keep costs anchored (not least by keeping speculators reined in). So where might the grain and feed markets go in 2013? Will Chicago maize be trading in the latter part of the year, as futures markets suggest, 16% cheaper than now, in the low $6’s per bu or less, soyabeans 20% lower at $11/bu as US crops revive by perhaps 100m and 10m tonnes respectively? Will Latin America grow 30/35m tonnessoyabeans and, to a lesser extent Australian fully reflect the possibility of more normal more soyabeans than it did this year and willand Argentine wheat output. US maize weather, high prices and consequent Russia produce 30m tonnes more wheat asproduction might also be reduced again expanded sowings bringing major crop its officials recently suggested? Or will thewhen producers, in their opinion wood pallets are areas and yeartransporting itself (maize weather again of pallet, theynastyalso considered USDA does its final acreage count rebounds next for - in the US finished product is enic type spring some are surprises not food-safe expected to be lower and a no brainer. The plastic pallets we recom- by many record high costs across arein January (generally in a preparation environment. soyabeans), in Russia and Ukraine leading to new to be the safest, as therethe no– but Bringing a wood pallet into a bakery could mend barley) and to a lesser extent, board? Nobodyedges or stage knows no risk of who knows, after the upsets in its (wheat and are manufactured from the highest nails, sharp at this splinters and andNovember disaster as wood chip could easily go quality food grade virgin or recycled materi- loose of these crops are seen up and spell report? There is also little doubt Western and Central Europe (all grains). until some component parts breaking free underthat the ratio of maize stocks – the health, legal and als and comply with EU safety legislations. manual lifting conditions can doubtlessinjury unnoticed in product to consumption Details of some of these possible scenarios running toward harvest, we and causingis still economiclow levels that could be immense. discussed in bags,relevant sectionswith an open to more price volatility into first half at risky consequences could easily are For flour the a plastic pallet below. expect operatives. The same price explosion if the the finished flow-through top deck will offer the best griptrigger another goes for transporting past USDA has also helped underline our 2013.year’s long list of weather in wood pallets can easily but in the last issue that grain where mould, A worthwhile investment product. Metal nails problems repeats argument has no internal cavities demandinto 2013. themselves loose and burst a bag of flour dust and other contaminants anything so work which longer a whole pallet load. cannot be guaranteed to grow at can collect, like it can of easily years, or even remain Main commodity Although hygiene and food safety are However,could spoilterm bears might It only the pace be recentcleaned by hand or with an key priorities for food processors andreasonably aclaim for ward futuresbag unsalable. automated system. takes tiny tear to make a flour don’t stable, when costs constantly rise to record Using plastic pallets in food preparation developments since our last manufacturers, cost will always remain a Plastic pallets are not only the most hygi- major factor in any purchasing decision. or near record levels. That isreview why the world this season is Wheat – exports will cut EU expec ted to stocks use over 20m tonnes each Amid fairly brisk demand from a number l e s s w h e a t of Middle Eastern and Nor th African a n d m a i z e countries, EU wheat exporters have been after decades making the most of reduced competition o f m o s t l y from the former Soviet ‘Black Sea’ countries relentless and consequent higher prices on the world growth. market this autumn. For the season to G r ain and date, EU export licenses are now running feed markets significantly ahead of last year’s pace, despite are also being the current crop turning out 5.5m tonnes restrained smaller than in 2011 (around 132m tonnes). b y ‘ m a c r o ’ Even with a predicted 4m tonne drop in factors - the domestic consumption, EU ending stocks ongoing Euro- next Jun 30 will be wafer thin at a forecast zo n e c r i s i s , 9m tonnes compared with 12/19m in recent j o i n e d n o w years. by cons t a nt Wheat prices peaked early in November t a l k of t h e when Ukraine announced it would curb sales US economy for shipment after November with Russia, tumbling of f the other cheapest seller, expected to follow the ‘fiscal clifff ’ soon afterwards. Ukraine’s move hardly in the New justified the market reaction (which didn’t Ye a r. A lo ng last long) as the trade knew this supplier with China’s had already committed all or more than its prospects for supposed 5/5.5m tonne export surplus. Since slower growth, then, various officials have tried to put an this continues acceptable spin on the export halt, aware to encourage that it is not only at odds with World Trade fears of global Organisation edicts but has not gone down economic well with Ukraine’s top customer, Egypt. recession At risk of having to re-source some of its Grain &feed millinG technoloGy november - december 2012 | 1932 | november - december 2012 Grain &feed millinG technoloGy
  5. 5. some bullish aspec ts to this. One is that over 55m tonnes of these are within China’s strategic reser ve, so theoretically ‘off-market’ and unable to inf luence THE GLOBAL LEADER prices much (some western INVALVES FOR obser vers also doubt that DRY BULK SOLIDS China holds any thing like this much wheat). Another 22m tonnes is held in India, much of it poorly stored and of dubious quality. Even so, what’s left in other supplying and impor ting countries’ stocks should be enough toUkrainian wheat elsewhere, Egypt initially see this market through the season withouttook Ukraine off its list of approved suppliers price one point but re-instated it after a pledged The main uncertainties hanging over theto honour all contracts – even if that meant wheat market, which could drive pricespaying to find the wheat elsewhere. higher, are the uncertain outcomes for some CARBON OR STAINLESS Combined wheat production within the of the big exporters’ 2013 crops. Australia’sformer Soviet bloc is expected to drop from may be under 20m versus the expectedlast year’s 115m tonnes to 72.5m. Exportsfrom the main three suppliers are expected 21m tonnes and is experiencing some quality problems too from difficult harvest weather. UNIQUE FLOW DESIGNto fall from 37.6m to 23m. However, theimplications are less severe than in pastyear’s of crop shortfall, partly because the Argentina’s crop is probably over-rated by 1/1.5m mn tonnes and much of its usually good export quality breadwheat has been DUST TIGHTregion’s carry-over stocks started out 5mtonnes higher than last year’s and, even more downgraded by rain-delayed har vests. The USA’s hard red winter wheat crop is CLEAN IN PLACEimportantly, because world wheat import meanwhile suffering from prolonged is also seen down this season by 14m Wheat, of course, is a tough crop withtonnes. remarkable powers of recuperation. Within World wheat export competition hasn’t the US itself, drought seems to be a recurringgone away this season because of the Black theme in recent winters – yet the cropSea shortfall, or the accompanying declines usually seems to come through bigger andof about 4m tonnes each expected in better quality than the pessimists fear. ThatAustralian and Argentine exports. Australian said, this year is undoubtedly much worseexpor t availability of at least 19m tonnes than normal, official surveys putting cropwill still be huge by historical comparison condition ratings at their lowest level ever.while extra supplies are seen coming from Given that HRW is the largest componentCanada’s bumper crop (which will allow 2m of the top exporter’s foreign sales, this couldtonnes more expor ts than last year) and emerge as a bullish factor going into 2013.India (exports up from last year’s 1.7m to On the other hand, the USA’s soft red winter7m tonnes!) The biggest exporter of all, the crop is doing much better while it could alsoUSA, is also expected to raise shipments make up for some of the hard winter wheatby 2.5m to 30.5m tonnes and still finish the losses by sowing more spring wheat.season with a comfortable 19m tonnes ofstocks – enough to expand foreign sales Europe is another problem area with France and the UK both well behind on DUST TIGHTfurther still if need be. So far, the US is failingto meet its own export targets, undercut their autumn sowings. This could result in lower than expected planted areas and WEAR COMPENSATING SEALSby Canada, Australia, Argentina, Europe,some residual Black Sea sales and India’s crops. However, Germany’s crop is in better condition while it’s also possible that the ADJUSTABLE NYLON ROLLERSemergence as a serious competitor. Thesedisappointing exports have been a constantdrag on the US futures markets and along east European countries that helped pull down this year’s crop after droughts and heatwaves, could get better weather and STAINLESS MATERIAL CONTACTwith the looser USDA supply figures and a crops next year.3.6m tonne reduction in estimates of world At this stage, it remains possible that 2013feed wheat use, have helped drive Chicago will bring a bigger world wheat crop butfutures prices down to four-month lows inmid-November, a reversal that eventually it will be many months before a reliable picture shapes up. In the meantime, wheat VORTEXVALVESEUROPE.COMhelped to knock EU wheat prices off their will remain exposed to a tight maize marketpeaks too. and the broader need to rebuild depleted +44 (0) 870-770-9861 While an estimated 174m tonnes of wheat feedgrain stocks – a situation that cannot be VORTEX.EU@VORTEXVALVES.COMcarryover stocks for 2012/13 is hardly tight remedied before the next US maize harvestrelative to consumption needs, there are arrives in third quarter 2013. Grain &feed millinG technoloGy november - december 2012 | 33
  6. 6. story is real in terms of human development large quantities. One of the indicators, the performance has been a cause unique features of this tech- Table 2: for concern. India is way down in the Human nology is to fortify processed Size Size Development Index and very high in Global food products with micro- Growth Category (Million (MillionKEY FACTORS IN THE Hunger Index. As per National Family Health Survey, 42.5 percent of children under the nutrients. As extrusion process is Rupee) US$) (%)MONTHS AHEAD age of five are underweight and 69.5 percent a high temperature short anaemic. Pervasive malnutrition and under- time process, it can retain Packaged Milk 11000 220 7• Winter weather reported‘Black Sea’the country. nutrition is for the across (CIS), the micronutrients efficiently. European and North American crops is seen Serious calorie and protein deficiency Some of the most promis- Biscuits 6500 130 17• Updated estimates of areas. The risk that the especially in rural sown areas for N ing products that can allevi- Edible Oil 6100 122 13 Hemisphere winter wheat towards nutrition country may rapidly move ate both micronutrient and Tea 3700 74 8• What shareiswill wheat take in feed insecurity real. macronutrient malnutrition consumption theplace profile ofin thepopulation Given in age of maize the EU, are, textured protein prod- Savory Snacks * 2100 42 19 the (31 percent below theimport 15, and 53 per- USA & in Far Eastern age of markets? ucts, lentil analogue, recon- Confectionery 2100 42 12• Where will Australian &of 25 representing the cent below the age Argentine crops stituted rice, snack products settle volume – andthe implications are serious. future of India), quality - wise? etc. All these products can Vegetable Oil 1950 39 7 Malnutrition exerts long-term adverse effect be efficiently fortified with Milk Food Drinks (MI Ds) 1450 29 2Maize prices restrained on human health, labour productivity and general wellbeing. It is recognised that per- various micronutrients. Ghee (Clarified Butter) 1300 26 17 Maize prices have been fairly ‘range-bound’resist- petual under-nutrition results in low A variety of Salt 1300 26 13duringance last infections andrestrained by the the to two months, increased morbidity. applicationsbearish USDA data and a welter of negative One further advantage of Baby Foods 1100 22 1 Versatile processingeconomic news with its possible implications this technology is to reduce 1000 million (Indian Rupee) = 20 million US$for meat Extrusion technologyand, notof the most and energy demand is one least, the cooking time of the proc-by unusually poor foreign demand for US with versatile food processing techniques essed products. This has an Source – AC Nielsen retail audit, All India (Urban + Rural), MAT Decgrain.wide range of and many inOne of the most The USDA applications. the trade economic advantage while 2006are still expecting some sort of US export important applications of extrusion technol- using these processed prod-revival in the New Year, however, as intense ogy is to produce healthy and nutritious ucts in the feeding programmes. This technol- and nutrition security in India include: micro-Latin American and other competition starts Also, alternates /analogues to some staples. ogy can be used to manufacture a number nutrient fortification of basic commodities;to fade. extrusion technology can help in utilising low of processed and value added food products manufacturing reconstituted rice; production Keycost raw materials as well as underutilised changes to the supply//demand in large volumes. Some of the products and of textured soy proteins in large volumes;data this month manufacture US crop going grains to include the these analogues in applications which have relevance to food manufacturing high protein snacks. u p 50 0 , 0 0 0 4.3m lower than last year’s. Many in the t o n n e s o n trade contest the USDA’s EU demand IAOM Correspondence Course highe r y ield figures, including the forecast of just 5.5m estimates tonnes of maize imports against NAI, Iseason’s N last NDIA in Flour Milling HE 1 (+0.3bpa), 7.1m. The popular range is 8-10m with one C IAOM’s Correspondence Course in Flour Milling has been helping to educate GLOBAL MILLING Russia’s crop leading analyst as high as 11.5m. This would CONFERENCE millers for over 60 years. This recently revised edition contains a comprehensive curriculum beginning with basic milling and grain cleaning. It up by a similar make the EU second only to Japan (15m) in then delves into the gradual reduction system, different types of grains, a mount bu t the global import stakes – a development st storage and packaging, air usage, mechanics, management, and much the EU harvest viewed on the US markets – which tend to more. 7- This 8-unit course is for the miller who wants to expand his or her 9F – as 013 revised down set the world maize price trendebruarya2bullish knowledge of the industry in a formalized manner. Milling by 1m tonnes factor going forward. supervisors around the world order this course for their employees, knowing that exposure to the material will enhance to just 54.7m However, anchoring that sentiment overall knowledge and performance. tonnes – somewhat, there has been plenty of Millers, speak with your supervisors about enrolling in the course. Supervisors, consider those employees whom you would like to see grow in the company and encourage India 11.5m below competition in in the global maize export last year’s and markets recently, chiefly from Argentina, them to enroll. The course is also appropriate for enriching the experience of all seasoned employees in all sections the world’s second largest market t h e l o w e s t Brazil, Ukraine and, to a lesser extent, India. level for many Some of these origins have been regularly of the plant. years. Along undercutting the US prices by $20/$40 per Safety, sustainability and food supply in milling Unit Topics w i t h o t h e r tonne which explains why US sales are doing  Introduction to Milling and Wheat for the 21st Century  Wheat Cleaning minor changes, so badly. In fact the lion’s share of a 2.4m  Wheat Flour Milling that aggregatesmaterials -increase in supply maize trade this • Raw tonne demand & world trends      Milling other Classes of Wheat, Non-flour Wheat Products, a world maize & food safety     going to Brazilian expor ts Flour and Milled Grain Product Additives • Food season is seen c r o p• Milling technology developments   be surprising to o f (+2m tonnes). It would not    Milling Other Grains  Storage, Handling, Packaging and Use of Grain-based 840m • tonnes see formulation    down its fairly large stocks Nutrition & Brazil whittle Products - 6 8 0 , Environment & sustainability     if the demand was • 0 0 0 further to export more  Plant Management higher• than in security and the price right – so that US sales  Introduction to Mill Mechanics Food there OctoberStorage revival could come later than they think. • but & transportation Per Unit Units 1-8 still almost 41m Despite weeks of rain-delayed planting, IAOM Member Price: $250 $1,800 Non-member Price: $325 $2,340 d o w n Find out more at: f r o m the USDA kept its South American maize +shipping & handling l a s t y e a r ’s . crop forecasts (harvest first quarter 2013) Language Formats All 8 Units are available in English The EU maize unchanged on the assumption there was Units 1 and 2 are available in Spanish (Units 3-8 are in translation) consumption still time to get these crops in and achieve Unit 3: Wheat Flour Milling is available in Arabic forecast was normal yields. However, not all analysts For more information or to order online visit: International Association of Operative Millers also raised by accept USDA’s high crop figures, especially 1. 5m tonnes for Argentina,by Assocom Jointly organised which could be over-rated 10100 W. 87th Street, Suite 306 Overland Park, KS 66212 USA P: +1-913-338-3377 | F: +1-913-338-3553 and Grain & Feed Milling Technology magazine bu t r emains by anything from 2m to 6m tonnes, all of Grain &feed millinG technoloGy november - december 2012 | 2334 | november - december 2012 GMC_90x132mm.indd 1 Grain &feed millinG technoloGy 16/10/2012 16
  7. 7. COMMODITIES grain next year? This factor will continue to dominate others influencing grain costs right through to harvest in 3rd quarter 2013. At this stage it could be under or over-reflected in weaker forward futures. • Competition from L atin Amer ica , former Soviet countries and India has cut demand for US maize. So has availability of Australian & Indian feedwheat. But will Argentina’s next crop fall shor t of the record forecasts? • How much corn will the EU use/import in 2013 to meet its own feedgrain crop shortfalls? - probably more than expected by USDA • Will US corn ethanol use revive after dropping in 2012?which would have to come off exports. Also, KEY FACTORS IN THE • Will China need more or less maizethese crops will likely be harvested later than imports next year and will suppliers likenormal in a year when tighter US supplies MONTHS AHEAD South America and Ukraine benefit moreneed this seasonal supply top up on time. • Has the US 2012 maize crop gone from from this demand than the USA? Overall, then, maize supplies are still fair under to over-rated? • Will global economic recession continuefrom comfortable ahead of nine months of • Will farmers there sow a large area again to curb expansion in meat/consumption,unknown growing weather. So again, this is and will weather favour normal yields – help cap feed grain demand & anchor graina market that could go either way. perhaps recovering 100m tonnes more and oilseed costs? Grain &feed millinG technoloGy november - december 2012 | 35
  8. 8. under much better conditions than last year, laying the foundations for bigger 2013 crops. Among the top EU producers, rain has held up and may limit sowings in France and the UK but Germany is looking more promising and maybe the East European countries, who lost yield to drought and heat this year, will get better weather next year. Largest exporter Canada’s 2013 crop is larfgely spring sown so an unknown quantity at this stage but it would not be surprising to see farmers there sow a big acreage again at these still high prices. World sunflower seed production under- performed even more than rapeseed this• Speculators’ enthusiasm to exploit any new record 268m in the full 2012/13 season. year, dropping 5.4m tonnes or 13% to just maize crop weather problems Supplies could get another top up later in the 34.8m tonnes after disappointing crops in Proteins/oilmeals - demand to mop up year if the US gets a return to normal yields Europe and the FSU countries.extra soya? for its summer 2013 crop. Even on unchanged With little change in production of the other US soyabean and meal prices fell to five- acreage, some analysts think could expand major oilmeals – groundnut, cottonseed etcmonth lows in November after the USDA its next crop by as much as 10m tonnes, – it is clear that most of the increase in globalraised its US crop forecast by 3m to 80.9m back to the peak levels of 2009 and 2010, consumption will have to be fed by soya. Ittonnes. That was not only more than assuming weather does normalise. should also be noteds that carryover stocks ofexpected but a remarkable shift from the In soya meal equivalent the increase in the alternative oilseeds will be unusually low atview just two months ago, when USDA was 2012/13 supplies equals about 22m tonnes. the start of next season, especially for sunflowersexpecting the Midwest summer drought – However, USDA expects world crush to and rapeseed, the latter at a nine-year low. Sopossibly the worst since the 1930s - to cut increase by only 4.5m, the rest of the extra even if these crops do rebound nextyear, suppliesthe crop to just 72m tonnes (some traders beans going to food use and stocks. will probably not be so flush for yet another year.even less). On paper, this suggests adequate beans Even so, if the optimistic soya crop predictions The USDA also surprised the markets by to meet an expected increase of about 4m do materialise, that should be enough to holdmaking no cuts were to its crop forecasts for tonnes in world soya meal demand spread costs down in the protein sector.Latin America (harvested first quarter 2013) over China (+3.6m), Europe (+0.6m), Brazilwhere Argentine sowing has been held up bywet weather and parts of of Brazil have been (+0.4m) offset by a near 2m drop in US consumption. If the US futures markets KEY FACTORS IN THEgetting too little rain. Many private trade are right, soya meal should be about 10% MONTHS AHEADestimates are lower than the USDA’s but not cheaper this time next year although, if theall. The crops are still going in as we go to US crop does rebound, the drop will be a • South American crop weather and finalpress and the weather could look up in time lot bigger than that. sowing, timing of their harveststo keep sowing roughly on target. Argentina However, there are some mitigating bullish • The brisk pace of global soya demandmight even so a bit more than expected as factors in the current season’s supply and makes it vital that next year’s productionfarmers giver up on corn planting which has price outlook for oilmeals, One is the poor forecasts do pan outto be completed earlier. However, later than performance of other oilseed crops this year. • Key to demand is top importer China. Isnormal sowing could mean the crops arrive After two years of stagnating production, the soya meal use there slowing somewhata bit later than usual. world rapeseed crop is expected to drop as officials suggest are will it continue to Two months ago, that would have made a by about 1.6m tonnes to a four year low of surprise to the upside?lot more difference as US supplies looked in 59.3m, after disappointing yields in Europe, • Will EU/CIS rapeseed and sunflowerseedserious danger of running out long before then the former Soviet Union and especially and Canadian canola crops perform betterend of its Sep/Aug marketing year. Now, with Canada, where the harvest has come in after a disappointing 2013, easing the onusthe larger US supplies, that looks less likely. about 2m tonnes under an earlier expected a bit on soya supplies? If all goes well, world soyabean output record level. Current pointers suggest the • How much will the US plant in the spring?should expand by about 28m tonnes to a FSU countries are sowing more winter rape What weather will crops get in 2013?36 | november - december 2012 Grain &feed millinG technoloGy
  9. 9. Milling Technology magazine. Content from the magazine is available to view free-of-charge, both as a full LINKS This digital Re-print is part of the November | December 2012 edition of Grain & Feed online magazine on our website, and as an archive of individual features on the docstoc website. Please click here to view our other publications on November - December 2012 • See the full issue • The art of a modern miller working with wheat, cereals, grains and … • Visit the GFMT website plastics and metal • • Contact the GFMT Team The changing face of pallets In this issue: • Delivering world class roll chill technology • EXTRUSION: and service • Subscribe to GFMT an ever growing aspect of the Indian food processing • Managing mill industries maintenance • 2012/13 company profiles A subscription magazine for the global flour & feed milling industries - first published in 1891 To purchase a paper copy of the magazine, or to subscribe to the paper edi- tion please contact our Circulation and Subscriptions Manager on the link adove. INFORMATION FOR ADVERTISERS - CLICK HERE Article reprints All Grain & Feed Milling Tecchnology feature articles can be re-printed as a 4 or 8 page booklets (these have been used as point of sale materials, promotional materials for shows and exhibitions etc). If you are interested in getting this article re-printed please contact the GFMT team for more informa- tion on - Tel: +44 1242 267707 - Email: or visit