BMI View: We believe the grains sector in France will continue to outperform other agribusiness segmentsin terms of production growth. This will be reinforced by the ongoing reforms of Common AgriculturalPolicy subsidies, which are likely to have more of an effect on dairy and livestock farmers than grainfarmers.
Wheat production growth to 2017/18: 4.8% to 40.5mn tonnes. We expect wheat to remain one of themost profitable crop in the country and the one most in demand for domestic use and exports.
Poultry consumption growth to 2018: 4.9% to 1.7mn tonnes. We see stronger long-term demandgrowth for poultry than for pork or beef owing to poultry's general affordability and reputation for betterhealth benefits than red meat.