OECD and FAO see lower farm prices; livestock and biofuels outpacing crop production

The recent fall in prices of major crops is expected to continue over the next two years before stabilising at levels above the pre-2008 period, but markedly below recent peaks, according to the latest Agricultural Outlook produced by the OECD and FAO.

Demand for agricultural products is expected to remain firm while expanding at lower rates than in the past decade. Cereals are still at the core of what people eat, but diets are becoming higher in protein, fats and sugar in many parts of the world, as incomes rise and urbanisation increases.

The OECD–FAO Agricultural Outlook 2014-2023 says such changes, combined with a growing global population, will require substantial expansion of production over the coming decade. Led by Asia and Latin America, developing regions will account for more than 75% of additional agricultural output over the next decade.

See full Press Release: http://www.oecd.org/newsroom/oecd-and-fao-see-lower-farm-prices-livestock-and-biofuels-outpacing-crop-production.htm