United States Agribusiness Report Q2 2014

Business Monitor International
April 9, 2014
155 Pages - SKU: BMI5232836
Countries covered: United States

United States Agribusiness Report Q2 2014

BMI View: The US agriculture sector is unlikely to repeat the performance of 2013, a record year forproduction and incomes. Grain production overall is expected to be lower due to a smaller area plantedand there are now concerns over soil quality in wheat-growing areas. However, the grains sector looksrelatively positive compared with livestock, where production growth will be minimal in 2014. The porksector is facing significant disease concerns from PEDv, while beef production will fall due to increasedheifer retention. Fewer cattle facing slaughter will exacerbate record high retail beef prices. The dairysector should see some improvement, but a record drought in California (the largest producing state) leadsto strong downside production growth. Over the long term, the poultry sub-sector will remain theoutperformer in livestock, and we see the strongest production growth potential for soybeans among thegrains.

Key Trends

Beef production growth to 2017/18: 1% to 11.7mn tonnes. We have revised our beef productionforecasts lower due to herd rebuilding in 2013, which should lead to fewer cows available for slaughter.The length of the cattle cycle means we expect production to stagnate until the end of our forecast period.

Corn consumption growth to 2014: 5% to 278mn tonnes. We have revised our 2014 consumptionforecast lower due to our expectation for reduced demand from the livestock and ethanol sectors.



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