T R A D E. Wang Tao, the Thomson Reuters s analyst, will explain the technical analysis made on cereals by the Chicago Board of Trade (Cbot).

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1 Commodity agricole: evoluz Agri-Commodities: trends and profit strategies A L L I N T E R N A T I O N A L G R A I N S U M M I T L E C H I A V I D I L E T T U R A P E R P O T E N Z I A R E I L B U S I N E S S A Z I E N D A L E A T T H E I N T E R N A T I O N A L G R A I N S U M M I T H O W T O B O O S T Y O U R B U S I N E S S The changes in the world economy - deflation, margin reduction, stock increase and weak demand - create changing situations the agricultural commodity sector is forced to come to terms with. Entrepreneurs cannot afford looking over the fence, but they have to play a leading role in order to ride the waves of the market and not to be overtaken by competitors. How is it possible to play successfully? Actually, a surefire way does not exist. However, targeted and convenient choices can be made. To do so, it is necessary to have a real and concrete overview of what is happening on the world markets. This is precisely one of the International Grain Summit 2016 objectives Where Italy meets the Globe : offering the most complete overview on agricultural commodity world trade. On this edition of the event, Dan Basse, the AgResource President, will offer an overview of the world grain market, focusing on the falling market trends and the importance of climate changes. Wang Tao, the Thomson Reuters s analyst, will explain the technical analysis made on cereals by the Chicago Board of Trade (Cbot). Voytek Chelkowski, the Seamind s director, will focus on the risks and opportunities offered by the transport by sea of raw materials. Ikarm Dmitry Rylko s general director will talk about Russian grain markets. Sergey Feofilov, the general director of UkrAgroConsult, will analyze the grain market situation in the Black Sea area, while Ivano Vacondio, the President of Italmopa will focus on soft and durum wheat consumption in Italian mills and flour market trends in Italy. Finally, Andrea Gagnolati, the General Director of Grain Services, will talk about the role of Italy within the international macroeconomic, financial and grain framework. 46

2 zione e strategie di profitto di Andrea Cagnolati Direttore generale di Grain Services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l direttore generale di Grain Services, Andrea Cagnolati «O B I E T T I V O D E L L E V E N T O È O F F R I R E U N A P A N O R A M I C A C O N C R E T A E V E R I T I E R A D I Q U A N T O S T A A C C A D E N D O S U L L E P I A Z Z E M O N D I A L I» ".(*/#*8'(1&)#*1'/*?,.1.)).*),#63.,$#4 ).*6#,S*.88&#$'()'*$#55&.,'=*P',*)#/'*,#5&.('2*&/*,'(1&$'().*'".(.$&".*:* ".//'5#).*#1*7(#*$&5/&.,'*'33&"&'(-#* #-&'(1#/'*'*#//0#"",'6"&$'().*1'//#* ".$?,'(6&.('*1'&*3#)).,&*"+'*".(),&4 %7&6".(.*#//#*3.,$#-&.('*1'/*?,'--.* 1'//#*$#)',&#*?,&$#2*?,'--.*"+'*&("&4 1'*(.)'8./$'()'*67&*".6)&*".$?/'66&4 8&=*A7&(1&2*5/&*&$?,'(1&).,&*&(*5,#1.* 1&* "#?&,'* /0#(1#$'().* 1'&* $',"#)&* 1'//'*".$$.1&)9*+#((.*$#55&.,&*.?4?.,)7(&)S*1&*),#,,'*?,.3&)).= 51

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`6"./)','$.*#(#/&6&*'*?,'8&6&.(&*67/4 /'*?,.17-&.(&*'*67//'*'6?.,)#-&.(&*1'&*?&N*&$?.,)#()&*P#'6&*?,.17)).,&*'1* '6?.,)#).,&*1&*"','#/&=*`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nternational Grain Summit 2016 Where Italy meets the Globe 6 maggio - Hotel Westin Palace - Piazza della Repubblica, 20 - Milano P R O G R A M M A Il mercato cerealicolo mondiale: quanto in ribasso e per quanto tempo. La crescente importanza delle condizioni climatiche. Come comprendere la formazione delle analisi tecniche sui cereali del Chicago Board of Trade (Cbot). PER INFORMAZIONI E ADESIONI RELATORE: Dan Basse Presidente AgResource RELATORE: Wang Tao Analista di mercato di Thomson Reuters Il mercato del trasporto marittimo è in crisi: un epoca di rischi e opportunità per le imprese cerealicole? I mercati cerealicoli in Russia: tendenze a lungo termine e previsioni. Nuovi fattori geopolitici e macroeconomici. I fondamentali nel mercato cerealicolo e regione del Mar Nero. L industria molitoria italiana: consumi delle materie prime, andamento e prospettive di mercato. Il ruolo dell Italia nel contesto macroeconomico, finanziario e cerealicolo internazionale. RELATORE: Voytek Chelkowski Direttore amministrativo Seamind RELATORE: Dmitry Rylko Direttore generale Ikar RELATORE: Serghey Feofilov Direttore generale UkrAgroConsult RELATORE: Ivano Vacondio Presidente Italmopa RELATORE: Andrea Cagnolati Direttore generale Grain Services 53

5 «S A R A N N O I L L U S T R A T E L E D I N A M I C H E C H E R E G O L A N O I L C O S T O D E L G R A N O»?.),'%%'*.33,&,'*#//'*&$?,'6'*"+'*1&4?'(1.(.*1#/*),#6?.,).*$#,&))&$.*1&* $#)',&'*?,&$'*#5,&"./'=!/*,'#%"".#%(&%/%#$<%(,'(EB$#2*:)'F "#A(7A<B.2*3#,S*&/*?7().*67&*$',"#)&* "','#/&"./&*,766&*('/*D7#1,.*1'&*(7.8&* 3#)).,&*5'.?./&)&"&*'*$#",.'".(.$&"&=*!/*,'#%"".#%(&%/%#$<%(,'(GB#6&#.F C./58<"2*!%#&%A(H%.I'<.J2*6?&'5+'4,S*/#*6&)7#-&.('*1'/*$',"#).*"','#/&4 "./.*('//0#,'#*1'/*X#,*c',.*'*/'*63&1'*?',*68&/7??#,'*7(#*(7.8#*6),#)'5&#* 1&*$',"#).=!/*?,'6&1'()'*1&*!)#/$.?#2*EJ$/.(@$F 9./,'.2*#(#/&--',S*&(8'"'*&*".(67$&* 1&*5,#(.*)'(',.*'*17,.*('&*$./&(&*&)#4 /&#(&*'*/0'8./7-&.('*1'/*$',"#).*1'//'* 3#,&('*('/*(.6),.*P#'6'=!(3&('2*&/*6.)).6",&)).2*&(*8'6)'*1&*,'F #%"".#%(&%/%#$<%(,'(K#$'/(!%#J'9%52*?,'6'()',S* 7(0#(#/&6&* $#",.'".(.4 $&"#*67/*),#1'*1'//'*#5,.".$$.1&)92* 67//0&("&1'(-#*1'//#*3&(#(-#*67&*?,'--&* 1'&*"','#/&*'*67/*,7./.*1'//0!)#/&#*('/* $',"#).*&()',(#-&.(#/'2*".(*7(*#"4 "'((.*#*?,.&'-&.(&*'*6"'(#,&*37)7,&= >0!()',(#)&.(#/* E,#&(* C7$$&)* FGHI* 6#,S2*D7&(1&2*7(0&$?.,)#()'*"+&#8'*1&* /'))7,#*7)&/'*?',*68&/7??#,'*&/*?,.?,&.* %76&('66*&(*$.1.*$&,#).2*".(",').*'* &$?,'(1&).,&#/$'()'*6.6)'(&%&/'=*!"#$%&'(&)"*+&,- 55