Economic agency predicts long-term decline for ag prices

June 24, 2004, as reported by Overproduction will lead to a long-term drop in agriculture prices predicts the Organization for Economic Cooperation and Development..

Real prices for agricultural products – corrected for inflation – are likely to continue to decline indicates the OECD in its annual agricultural outlook. The main reason the agency cites is that "global production of cereals, meats, cheese, sugar and vegetable oils is set to outpace consumption over the next ten years." This should moderate growth in trade and increases in world prices, it says.

Overall consumption of agricultural produce will grow fastest in South American and Asia, according to the OECD. It says that world grain output will grow by up to 17% by 2013.

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