A range of market information and short-term analysis will be made available on a new dedicated website. The observatory consists of 14 organisations representing various stages of the grain supply chain. A board of 23 market experts will meet twice a year, chaired by the Commission.
Speaking at the inaugural meeting, Commissioner for Agriculture and Rural Development Phil Hogan said: "Today's meeting is the fulfilment of a commitment to extend to the crops sector the successful story of the Market Observatories for Milk, Meat and Sugar. The EU Crops sector plays a key role for the global competitiveness of European agriculture. It is therefore our ambition for the Observatory to become an additional and useful tool to manage the market more effectively".
Crops production is an essential part of the EU farming activity, with over 300 million tonnes of cereals, 30 million tonnes of oilseeds and five million tonnes of protein crops produced every year.