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Published by: Business Monitor International
Published: Jul. 10, 2009 - 58 Pages
Table of Contents
- Executive Summary
- SWOT Analysis
- United States Agricultural SWOT
- Industry Business Environment Overview
- Market Overview
- Supply Demand Analysis
- Industry Forecast - US Grains Outlook
- United States Wheat Production, Consumption & Trade
- Table: United States Corn Production, Consumption & Trade
- Table: United States Barley Production, Consumption & Trade
- Table: United States Sorghum Production, Consumption & Trade
- Table: United States Wheat Production, Consumption & Trade
- Table: United States Corn Production, Consumption & Trade
- Table: United States Barley Production, Consumption & Trade
- Table: United States Sorghum Production, Consumption & Trade
- Industry Forecast - US Soy Outlook
- Table: United States Soybean Production, Consumption & Trade
- Table: United States Soybean Production, Consumption & Trade
- Industry Forecast - US Sugar Outlook
- United States Sugar Production, Consumption & Trade
- United States Sugar Production, Consumption & Trade
- Industry Forecast - US Dairy Outlook
- Table: United States Milk Production & Consumption
- United States Butter Production, Consumption & Trade
- Table; United States Cheese Production, Consumption & Trade
- Table: United States Milk Production & Consumption
- Table: United States Butter Production, Consumption & Trade
- Table: United States Cheese Production, Consumption & Trade
- Industry Forecast - US Livestock Outlook
- Table: United States Poultry Production, Consumption & Trade
- Table: United States Pork Production, Consumption & Trade
- Table: United States Beef & Veal Production, Consumption & Trade
- Table: United States Poultry Production, Consumption & Trade
- Table: United States Pork Production, Consumption & Trade
- Table: United States Beef & Veal Production, Consumption & Trade
- Industry Forecast - US Rice Outlook
- Table: United States Rice Production, Consumption & Trade
- Table; United States Rice Production, Consumption & Trade
- Competitive Landscape
- Table: Agricultural Commodity Producers & Traders
- Table: Agribusiness Suppliers
- Table: Integrated Agricultural Producers
- Market Strategy - Grains Update
- Corn
- Table: Corn
- Soybean
- Table: Soybean
- Rice
- Table: Rice
- Wheat
- Table: Wheat
- Market Strategy Softs Update
- Cocoa
- Table: Cocoa
- Coffee
- Table Coffee
- Milk
- Table: Milk
- Sugar
- Table: Sugar
- Downstream Supply Chain Analysis
- Industry Forecast Scenario - Food
- Table: US Food Consumption Indicators -- Historical Data & Forecasts
- Confectionery
- Table: Confectionery Volume/Value Sales -- Historical Data & Forecasts
- Canned Food
- Table: Canned Food Volume/Value Sales -- Historical Data & Forecasts
- Trade
- Table: Food & Drink Trade Indicators (US$mn) -- Historical Data & Forecasts
- Industry Forecast Scenario - Retail
- Table: United States MGR Value Sales by Format (US$bn) -- Historical Data & Forecasts
- Table: Sales Breakdown by Retail Format Type (%)
- Macroeconomic Outlook
- Is The Worst Over?
- United States - Economic Activity
- BMI Forecast Modelling
- How We Generate Our Industry Forecasts
- Company News Alert
- Drosed Eyeing Expansion
AbstractIn BMI's US Agribusiness Report for Q3 2009 we begin to look at the outlook for the 2010 harvest. Nextyear we expect production of grain to fall back from the high levels estimated for 2009. This year abumper wheat crop in the US and its northern neighbour Canada has put pressure on prices. Prices werealready suffering from flagging demand owing to the poor state of the livestock industry in the twocountries and sluggish demand on the export market. In 2010, we expect only a small recovery in pricesdespite a forecast large fall in production on both sides of the border.
US soybean producers have been seeing far better fortunes so far in 2009. A devastating drought in thesouthern end of South America has seen harvests drop sharply in the US's main competitors on the exportmarket, Brazil and Argentina. This has sent prices of soybeans back up after the fall through the secondhalf of 2008. By June 2009, exports of soybeans for the market year (September 2008-August 2009) werealready around 3mn tonnes higher than the level seen at the same time last year. Despite an estimated10.6% year-on-year (y-o-y) rise in production in 2009, the increased demand has caused stocks to fall torecord low levels. This will further support prices through the remainder of the year.
The real driver behind the growth in US soybean exports is China. By June 2009, US soybean exports toChina for the year had already reached 17.12mn tonnes, up from 12.00mn at the same period last year.Rapid growth in China is allowing the country's massive population to spend more on higher value foodssuch as meat. The expansion of China's livestock industry as well as growing demand for edible oils isleading the country's soybean consumption to climb ever higher. In future years once harvests in SouthAmerican producers return to more normal levels US exports will have increased competition. However,China's insatiable demand for the beans will see US production continue to rise in coming years.
The US's own livestock sector is still looking in poor shape. Producers have continued to draw down thesize of their herds. We forecast falls in production of beef, pork and poultry this year. An expectedrecovery in hog prices in April and May was subdued by the outbreak of H1N1 'swine flu' temporarilydenting demand for pork. Demand for all meat is being hit by the poor economic conditions - BMI is nowforecasting the US economy to contract 3.3% this year. Feed costs, while down from the highs of 2008,are still high on a historical basis. Dairy farmers have also been cutting their herds as dairy prices havestayed low. It will take some years before cattle herds can be built back up and we forecast output of bothbeef and milk to fall again in 2010.
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