This is the 18th edition of the Agricultural Outlook and the eighth prepared jointly with the Food and Agriculture Organization of the United Nations (FAO). It brings together the commodity, policy and country expertise of both organisations, and input from collaborating member countries. The report provides world market trends for biofuels, cereals, oilseeds, sugar, meats, fish and dairy products over the 2012-2021 period and contains an evaluation of recent developments, and key issues and uncertainties in those commodity markets. A jointly-developed modelling system, based on the OECD’s AGLINK and on the FAO’s COSIMO models, facilitates consistency in the projections. This edition includes a special feature on the challenge of increasing agricultural productivity growth in a sustainable manner.
- 11 July 2012
Biofuels were added to the Outlook in 2008 as an emerging sector that would increasingly affect agricultural markets. This has certainly turned out to be the case with currently some 65% of EU vegetable oil, 50% of Brazilian sugarcane, and about 40% of US corn production being used as feedstock for biofuel production. Today, it would be inconceivable to prepare an agricultural projection without taking biofuels into account. The biofuels chapter has been expanded this year to provide a more detailed description of the very complex US biofuel policy and an analysis of the policy options facing the US Environmental Protection Agency over the medium term.