Spain Agribusiness Report Q3 2014 - New Market Research Report

As we enter a crucial time of year for field crops, the outlook is generally positive thanks to above-average rainfall earlier in the year and warm April and May weather. We are not expecting performance to rival the previous year's large harvests and corn output may suffer from competition with cotton for irrigated land. The dairy sector is facing uncertainty over the direction of prices in the short term, although the longer term view is brightened by the promise of buoyant exports. Pork production is expected to get back on an upward curve after two years of decline as feed prices remain relatively low and carcasses are reaching a favourable price. We see some hope that sugar production can be pulled back from the brink, although the removal of quotas in 2017 is causing uncertainty.

Key Forecasts

* Wheat production to 2017/18: 35.8% to 7.1mn tonnes. Wheat production will be sustained by steady price rises, although base effects account for the majority of this growth.
* Poultry consumption growth to 2018: 4.1% to 1.3mn tonnes. Cash-strapped consumers will favour this relatively cheap livestock commodity.
* Cheese production growth to 2018: 7.6% to 341,000 tonnes. Growth in demand for Spanish cheese at home and abroad will support steady increases in production.
* 2014 real GDP growth, % y-o-y: 1.0%; up from 0.1% in 2013 and forecast to grow by an average 1.5% between 2014 and 2018.
* 2014 consumer price index: 0.3% average (down from 1.5% in 2013).
* BMI universe agribusiness market value: 7.0% year-on-year (y-o-y) growth to USD15.49bn in 2014, forecast to decline by around 0.3% between 2014 and 2018.

Full Report Details at
- http://www.fastmr.com/prod/854017_spain_agribusiness_report_q3_2014.aspx?afid=301

Key Revisions To Forecasts

* Pork consumption to reach 2.4mn tonnes by 2018 (down from a previous forecast of 2.9mn tonnes): new FAO data shows production fell...

The Spain Agribusiness Report features Business Monitor International (BMI)'s market assessment and independent forecasts for production, consumption and trade across core agricultural commodities.

BMI's Spain Agribusiness Report includes independent commodity price forecasting and analysis for key agricultural outputs, an overview of the agribusiness competitive landscape and a discussion of the downstream context of agricultural production in relation to country food consumption forecasts and composite food and beverage trade forecasts.

Key Benefits

* Use BMI's independent industry forecasts to test other views - a key input for successful planning in dynamic agribusiness markets.
* Apply BMI's medium-term commodity price analysis to assist with budgetary planning and the identification of investment opportunities and potential risks.
* Assess the activities and market position of your competitors, partners and clients.

Coverage

BMI Industry View

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