Wednesday, March 16, 2011
Key quotes from Reuters Food & Agriculture summit on Wednesday
Top executives from the food, drink and agriculture industries joined Reuters reporters at the Food and Agriculture Summit in Chicago, London, Paris and Singapore. Here is a list of the top quotes from the final day of the event:
KERR DOW, VICE PRESIDENT, GLOBAL FOOD TECHNOLOGY, CARGILL CARG.UL FOOD INGREDIENTS AND SYSTEMS
"New foods and new ingredients in particular are extremely rare. We're very reluctant to eat stuff that's weird. We want to eat normal food."
TIM HASSINGER, VICE PRESIDENT, CROPS GLOBAL BUSINESS UNIT OF DOW AGROSCIENCES, A UNIT OF DOW CHEMICAL CO (DOW.N):
"By 2050 we will need 100 percent more food and 70 percent of that will come from new technology. We believe that."
KEN ASH, DIRECTOR OF TRADE AND AGRICULTURE AT THE ORGANIZATION FOR ECONOMIC COOPERATION AND DEVELOPMENT (OECD)
"Futures markets are the best risk-management instrument that farmers have."
SIMON LITHERLAND, MANAGING DIRECTOR FOR DIAGEO (DGE.L) GREAT BRITAIN
"Consumers are more discerning, so we are offering a product to match the price they are willing to pay."
VITERRA (VT.TO) (VTA.AX) CHIEF EXECUTIVE MAYO SCHMIDT on the recent slide of grain prices
"It's a strong reaction to the volatility in the market where people are saying, 'I don't want to be long, I don't want to be short, I want cash and I want to stand on my cash.'"
JULIA STEWART, CHIEF EXECUTIVE, DINEEQUITY (DIN.N), OPERATOR OF THE APPLEBEE'S AND IHOP CHAINS
"When we made the acquisition, the single biggest piece of research we did was to ask people, 'what would make you come more often to Applebee's?'... and the single (most) common answer given was 'I'd come more often if you fix the food.' Now where I come from, those are fighting words. So we have been maniacally focused on not making it be processed ... getting away from processed or tasting like it came out of the can at the back of the house."
JEFFREY ETTINGER, CHIEF EXECUTIVE, HORMEL FOODS CORP (HRL.N)
"We are not looking to expand margins through pricing, we are trying to hold our own."
Posted by . at 11:56 PM