BMI View: Livestock will see some mild improvement in production growth, owing to the poultry and beefsectors in 2017, while we have revised up our soybean and corn production forecasts for 2017/18. Over thelong term, the poultry sub-sector will remain the outperformer in the livestock complex, and we see thestrongest production growth potential for soybean among the grains complex. We believe grains productionwill generally stagnate due to a smaller planted area on the back of lower prices. US President DonaldTrump presents moderate-to-strong downside risks to our production and consumption forecasts, andconcerns over trade will be a key feature over the coming quarters.
Beef production growth to 2020/21: 4% to 12.3mn tonnes. Production will improve over our forecastperiod due to heavier animal weights and as the sector's rebuilding phase is largely complete.