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OECD-FAO Agricultural Outlook 2003

image of OECD-FAO Agricultural Outlook 2003

The ninth edition of the OECD Agricultural Outlook analyses how global and domestic forces are shaping agricultural markets over the medium term. Continuing global economic weakness, compounded by drought-induced production adjustments in some countries, and government support policies are conditioning market outcomes in the near term. The interaction of these factors, together with an expected revival of the global economy in 2004 will help shape OECD and world agricultural markets up to 2008. This book provides valuable information on market trends and medium term prospects for the main agricultural products, including sugar on this occasion. It also shows how these are influenced by government policies and highlights some of the risks and uncertainties that may influence the Agricultural Outlook. Tables provide detailed commodity projections to 2008 for production, consumption, trade, stocks and prices in OECD countries and selected information on other countries, including China, Argentina, the Russian Federation and Brazil.

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Oilseeds

Persistent weather difficulties have reduced supplies, creating pressure for higher prices for oilseeds and oilseed products in world markets. Moreover, after world oilseed stocks fell from over 9% of use in 2000 to only about 7% in 2001, much more significant rises in prices in 2002 were required to reduce stocks further towards 6% of use and to restrict consumption. However, the medium-term outlook is not dominated by current weather; weather is assumed to return to average. As such, with yields back at trend levels and area planted growing in response to recent high prices, world oilseed production should rise by 18% over the period…

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