Food and Inflation: Truth and Consequences
Please Find Resources and Presentations from this Event:
One of the most pressing issues of our time is the rapid rise in food prices. They were a contributing factor in the Arab Spring which overthrew governments across North Africa. They are the key to rampant inflation in China, India, Brazil and other emerging nations. In the US, steadily rising food and energy prices undermine the concept of core consumer inflation, one focus of the Federal Reserve. Will we run out of food? Or will technology once again answer the call?
The Global Interdependence Center, in conjunction with the Memphis Economics Club and the University of Memphis Fogelman College of Business, is bringing together the world’s experts on agriculture and inflation to discuss these issues. What is the view of the Federal Reserve concerning food inflation, its effects on US monetary policy and the transmission of the policy throughout the world? What is the current state of the supply and demand in the grain and meat markets, and the outlook for 2012? Will technology respond and how will the industry adapt? Is ethanol a boon or a burden to the Agricultural industry and what does the future hold for this alternative energy?
Capping our day long discussion is a keynote dinner presentation by Dennis Gartman, of the Gartman Letter, a renowned expert on commodities and markets often seen on CNBC.
Agriculture is changing as the demands of the Emerging Markets challenge the ability of current technology to meets its needs. Higher prices are the signal, what will be the response? Join us in Memphis February 8th to listen and join in the debate. If you eat, you are already involved!
8:00 am – 8:30 am Registration
8:30 am – 8:45 am Welcome Charles McVean, Chairman & CEO, McVean Trading & Investments
8:45 am – 10:15 am Session I: View from the Federal Reserve
Moderator: Michael McKee, Economics Editor, Bloomberg
Participant: Kevin L. Kliesen, Economist, Federal Reserve Bank of St. Louis, “Commodity Prices and Inflation”
Participant: Dave Altig, Senior Vice President & Director of Research, Federal Reserve Bank of Atlanta
Participant: Michael Bryan, Vice President & Senior Economist, Federal Reserve Bank of Atlanta
10:15 am – 10:30 am Coffee Break
10:30 am – 12:00 pm Session II: “Can World Farmers and High Prices Keep Up With Demand?”
Speaker: Dan Basse, President, Ag Resources
12:00 pm – 1:00 pm Lunch sponsored by McVean Trading & Investments, LLC
1:00 pm – 1:30 pm Session III: The Meat of the Issue
Speaker: Dan Halstrom, Senior VP Global Marketing and Communications, US Meat Export Federation
1:30 pm – 2:00 pm Session IV
Speaker: C. Bailey Ragan, Vice President, Grain, Biofuels & Fertilizer, Bunge North America
2:00 pm – 2:15 pm Coffee Break
2:15 pm – 3:45 pm Session V: Ethanol and the Future of Alternative Energy
Moderator: Michael Drury, Chief Economist, McVean Trading & Investments, LLC
Participant: Hal Reed, President, Grain and Ethanol Group, The Andersons
Participant: David Pimental, Cornell Emeritus Professor
Participant: Randall W. Powell, Program Manager for Biobased Products, BioDimensions, Inc.
3:45 pm Conclusion
6:00 pm – 7:00pm Reception with The Memphis Economics Club
7:00 pm – 8:30 pm Dinner with speaker Dennis Gartman, Editor, The Gartman Letter
“Food, Fuel, and the Fed: A Trader’s Perspective on the Capital Markets”
Date: Wednesday, February 8, 2012
City: Memphis, TN
Holiday Inn, University of MemphisDownload iCal
Mr. Gartman has been directly involved in the capital markets since August of 1974, after his graduate work at the North Carolina State University. He was an economist for Cotton, Inc. in the early 1970′s, analyzing cotton supply/demand in the US textile industry. From there he went to NCNB National Bank in Charlotte, North Carolina where he traded foreign exchange and money market instruments. In the late 70′s, Mr. Gartman became the Chief Financial Futures analyst for A.G. Becker & Company in Chicago, Illinois. Mr. Gartman was an independent member of the Chicago Board of Trade until 1984, trading in treasury bond, treasury note and GNMA futures contracts. In 1984, Mr. Gartman moved to Virginia to run the futures brokerage operation for the Sovran Bank, and in 1987 Mr. Gartman began producing The Gartman Letter on a full time basis. He continues to do so today.Read More
Dan joined USMEF in 2010 after 26 years in the meat industry with Swift & Company, which operated over the years under the names of Monfort of Colorado, ConAgra Beef Company and, finally, JBS.Read More
Kevin L. Kliesen is a business economist in the supervisory policy and risk analysis unit at the Federal Reserve Bank of St. Louis, which is located in
the bank supervision and regulation division.
Michael Drury is the Chief Economist for McVean Trading & Investments, LLC.Read More
David Pimentel is a professor of ecology and agricultural sciences at Cornell University in Ithaca, NY. His Ph.D. is from Cornell University and had postdoctoral research at the University of Chicago, MIT, and fellowship at Oxford University (England). He was awarded a distinguished honorary degree from the University of Massachusetts.Read More
C. Bailey Ragan
C. Bailey Ragan is a vice president responsible for grain, biofuels and fertilizer for Bunge North America. Mr. Ragan joined Bunge in 1981 as procurement manager at the soybean processing facility in Decatur, AL when Bunge purchased the plant from Goldkist. Within two years, he was promoted to commercial manager.Read More
Randall W. Powell, PhD
Randall “Randy” Powell is the Program Manager for Biobased Products at BioDimensions, Inc. where he oversees the interface between agricultural production and processing of alternative crops and downstream technologies related to advanced bio fuels and green chemicals.Read More
David E. Altig, PhD
Dr. David E. Altig is senior vice president and director of research at the Federal Reserve Bank of Atlanta. In addition to advising the Bank president on monetary policy and related matters, Dr. Altig oversees the Bank’s regional executives and the Bank’s research department. He also serves as a member of the Bank’s management and discount committees.
Dr. Altig also serves as an adjunct professor of economics in the graduate school of business at the University of Chicago.
Prior to joining the Atlanta Fed, Dr. Altig served as vice president and associate director of research at the Federal Reserve Bank of Cleveland. He joined the Cleveland Fed in 1991 as an economist before being promoted in 1997. Before joining the Cleveland Fed, Dr. Altig was a faculty member in the department of business economics and public policy at Indiana University. He also has lectured at Ohio State University, Brown University, Case Western Reserve University, Cleveland State University, Duke University, John Carroll University, Kent State University, and the University of Iowa, and in the Chinese Executive MBA program sponsored by the University of Minnesota and Lingnan College of Sun Yat-Sen University.
Dr. Altig’s research is primarily focused on monetary and fiscal policy issues. His articles have appeared in a variety of journals, and he has served as editor for several conference volumes on a wide range of macroeconomic and monetary-economic topics.
Dr. Altig graduated from the University of Iowa with a bachelor’s degree in business administration. He earned his master’s and doctoral degrees in economics from Brown University.
Mike Bryan is a vice president and senior economist in the Research Department of the Federal Reserve Bank of Atlanta. He is responsible for organizing the Atlanta Fed’s monetary policy process.Read More