Spain Agribusiness Q2 2018
We have once again made minor forecast adjustments and updated our historical data with the latest publicationfigures. Nevertheless, our core outlook remains unchanged in the Q2 2018 Spanish agribusiness update. We hold the view that thedairy sector will be under modest pressure after the removal of the European dairy quota. The dairy production in the country willnow have to compete directly with German and French dairy farmers, historically known for far superior levels of efficiency andcompetitive. The dairy sub-sector is now adapting to the end of the quota and this will most likely impose significant competitivepressures on producers. The livestock sector will witness a modest upward trend in terms of production, driven by strong exportdemand for pork. Sugar production will grow modestly in the five years to 2021/22 owing to the removal of the EU sugar quota inH217, but we note that Spain will not be able to compete with the strength of the French and German sugar producers.
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