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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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Overview

The latest set of medium term projections for OECD Agriculture to 2008 suggest divergent market prospects for the crop and livestock sectors in the near term. Reduced global crop supplies as a result of droughts in North America and Australia and some rundown of world stocks, have led to sharply higher cereal and oilseed prices at the start of the Outlook. These prices are expected to decline initially as production rebounds and then firm slowly over the period to 2008, with strengthening demand…

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