The drought in Eastern Europe is bringing back memories of 2008. The grain panic of 2008 started with the failure of the Australian wheat crop and led eventually to panic in the grain markets, embargos of grain exports and record high prices. Although crop losses are severe, the situation is quite different compared to 2008.
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Recently, markets suffered a nasty fall with many falling 10% or more. The set-back affected not only stock markets but also commodity markets including grain and meat. The sharp decline was a reminder of the inherent volatility of markets.
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With grain prices falling and chicken prices rising, 2010 is likely to be an exceptionally good year for the world chicken industry. The outlook is so bright that two major new complexes were announced in April; Sanderson Farms announced the construction of a second new complex in North Carolina to add to the complex that is already under construction and Marfrig of Brazil announced plans to build a complex of similar size in Mato Grosso.
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World farm output will roughly double in the next 40 years according to most predictions. Growth will be driven by a higher world population, increased disposable income and greater biofuel production. Missing from most predictions is a discussion about sustainability. Are current farm practices sustainable? If production is doubled is that sustainable? What are the practical consequences, if any, of being sustainable or unsustainable?
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The late US harvest for corn gained speed in November and by the end of the month, 79% of the corn and 96% of the soybeans had finally been harvested.
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