FAPRI 2006 WORLD OUTLOOK Presentation FAPRI
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FAPRI 2006 WORLD OUTLOOK Presentation FAPRI Food and Agricultural Policy Research Institute Global Macroeconomic Overview Sustained and widespread real economic growth for the decade averaging 3.1%. Industrialized countries including, the US, EU-15, and Japan post average growth rates of 3.3%, 1.9%, and 1.8%. China, India and other Asian economies continue their high growth rates in the coming decade at 7.6% and 6.1%. South America shows strong economies with Brazil and Argentina growing at 3.6% and 4.4%. FAPRI Real GDP Growth Rates percent 8 7 6 5 4 3 2 1 0 1997 1999 2001 World 2003 2005 Developing 2007 2009 Developed 2011 2013 2015 United States FAPRI Global Macroeconomic Overview Strengthening of the Euro and many other OECD currencies against the US dollar (around 1.2 to 3.8 % per year in the next 5 years), inducing increased competitiveness of US exports. South American currencies appreciate against the dollar in 2005. From 2006 on, all currencies depreciate at 2.3% to 3.7% for Brazil and Argentina. Strengthening of currencies in many CEECs, Baltic, and CIS countries continue relative to the dollar. Strengthening of currencies in Malaysia, Taiwan, and Thailand. The Chinese Yuan appreciates by 1.9% annually in the next decade. FAPRI Average Growth in Exchange Rate percent 4 2 0 -2 -4 AU NZ EU-15 HU PO CN TH CA AR BR FAPRI Policy and Other Assumptions EU CAP Reform and Enlargement. • EU Sugar Reforms. Full implementation of the URAA commitments for developed and developing countries. Recovery from BSE and AI shocks. Limited impact of FMD in Brazil. Rising interest in renewable fuels. • Mandatory 2% blend of biodiesel in 2008 in Brazil. • EU’s Renewable Fuels Directive of 2003. FAPRI Meat Outlook Overview SPS shock, BSE in North America, AI in Asia and Russia, and FMD in South America shape the short-run outlook outcomes. Demand growth drive long-run outlook. After reaching historic highs in the last three years, meat prices adjust downwards in the short-run and strengthens again in the outer period. Rising income drives per capita meat consumption to increase by 6.8 kg per person per year in the next decade. Strong meat demand fuels trade and production to increase by 25.6% and 20.4%, respectively. South American countries gain increasing market share in world meat trade. After losing 7 percentage points of market share in 2004, the U.S. regains 4 percentage points by 2010, and maintains its share the rest of the decade. FAPRI Change in Average Per Capita Consumption percent 2.0 1.0 0.0 -1.0 -2.0 Meat Dairy Oil Sugar Grains FAPRI Japanese Beef Supply and Utilization thousand mt thousand mt 1,400 2,000 1,200 1,500 1,000 800 1,000 600 400 500 200 0 0 1995 1997 1999 2001 Production 2003 2005 2007 Consumption 2009 2011 2013 2015 Net Imports FAPRI Thai Broiler Supply and Utilization thousand mt thousand mt 800 2,000 700 600 1,500 500 400 1,000 300 500 200 100 0 0 1995 1997 1999 2001 Production 2003 2005 2007 Consumption 2009 2011 2013 2015 Net Exports FAPRI Per Capita Average Meat Consumption kg per person 70 60 50 40 30 20 10 0 1999 2001 2003 2005 Beef 2007 Pork 2009 2011 2013 2015 Poultry FAPRI China Livestock Net Trade thousand mt 500 250 0 -250 -500 Beef Pork 2005 Broiler 2015 FAPRI World Meat Production and Trade thousand mt thousand mt 260,000 30,000 220,000 25,000 180,000 20,000 140,000 15,000 100,000 10,000 1999 2001 2003 2005 2007 Production 2009 2011 2013 2015 Trade FAPRI Dairy Outlook Overview Steady Asian import, declining EU exports and currency appreciation in major exporter raise prices of milk products. EU milk production is restricted by marketing milk quota averaging at 142 million mt. China expands milk production meet growing demand with 3.8% growth in dairy cows and 3% growth in productivity. FAPRI Asian Dairy Consumption thousand mt percent 200,000 92 175,000 90 150,000 88 125,000 86 100,000 84 75,000 82 50,000 80 25,000 78 0 76 1990 1993 1996 1999 2002 Dairy Consumption 2005 2008 2011 2014 Share of China and India FAPRI EU Dairy Product Net Trade thousand mt 800 700 600 500 400 300 200 100 0 1997 1999 2001 2003 Butter 2005 Cheese 2007 NFD 2009 2011 2013 2015 WMP FAPRI FOB Northern European Dairy Product Prices dollars per mt 3,500 3,000 2,500 2,000 1,500 1,000 500 0 1995 1997 1999 2001 Butter 2003 2005 Cheese 2007 NFD 2009 2011 2013 2015 WMP FAPRI Livestock and Dairy Market Share Change percentage point 20 15 10 5 0 -5 -10 -15 -20 AU BR Beef AR EU BR Pork U.S. TH BR Broiler U.S. U.S. AU EU NFD FAPRI Meat Production and Feed Use thousand mt thousand mt 300,000 1,200,000 250,000 1,000,000 200,000 800,000 150,000 600,000 100,000 400,000 50,000 200,000 0 0 1999 2001 2003 Meat Production 2005 2007 2009 Coarse Grain Feed Use 2011 2013 2015 Oilseed Meal Feed Use FAPRI World Feed Grain Outlook Overview Growth in livestock sector of Asian and Latin American countries drives the increase in demand for feed grains. Stronger prices increase area. Combined with yield growth production increases. Increase in area grows supply in the shortrun, while yield improvement is the major source of growth in the long-run. U.S. increases its market share at the expense of Argentina and EU New Member States. FAPRI Coarse Grain Major Importers thousand mt 50,000 40,000 30,000 20,000 10,000 0 -10,000 -20,000 1995/96 1999/00 2003/04 China Japan 2007/08 Mexico 2011/12 2015/16 Taiwan Coarse Grain = Corn, Barley, and Sorghum FAPRI World Corn Area and Yield million ha mt per ha 155 5.5 150 5.0 145 4.5 140 4.0 135 3.5 130 125 1995/96 1999/00 2003/04 Area 2007/08 2011/12 3.0 2015/16 Yield FAPRI Corn Net Imports by Major Regions thousand mt 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 -10,000 1995/96 1999/00 Asia 2003/04 Latin America 2007/08 Middle East 2011/12 2015/16 Africa FAPRI Corn Production by Major Competitors thousand mt 50,000 40,000 30,000 20,000 10,000 0 1995/96 1999/00 2003/04 Argentina 2007/08 EU NMS 2011/12 2015/16 South Africa FAPRI World Coarse Grain Net Trade and U.S. Market Share thousand mt 140,000 percent 80 70 120,000 60 100,000 50 80,000 40 60,000 30 40,000 20 20,000 0 1995/96 10 1999/00 Corn 2003/04 Barley 2007/08 Sorghum 2011/12 0 2015/16 U.S. Market Share FAPRI Oilseed Outlook Overview Oilseed sector grows with strong demand for both oil and meal products driven by population and income growth, and expansion of the livestock sector. Both growth in area and improvement in yield contribute to increase in production. About 76% of increase in area is due to soybean area expansion in South America. China’s support of its domestic crushing industry drive faster growth in soybean trade compared to oil and meal products. Room for area expansion in South America dampens price growth in the next decade. Increasing interest in renewable fuels. FAPRI World Vegetable Oil Consumption thousand mt 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0 1995/96 1999/00 Soy Oil 2003/04 Sunflower Oil 2007/08 Rapeseed Oil 2011/12 Peanut Oil 2015/16 Palm Oil FAPRI World Soybean Area and Yield mt per ha million ha 120 2.7 100 2.5 80 2.3 60 2.1 40 1.9 20 1.7 1995/96 1999/00 2003/04 Area 2007/08 2011/12 1.5 2015/16 Yield FAPRI World Soybean Production thousand mt 300,000 250,000 200,000 150,000 100,000 50,000 0 1995/96 1999/00 2003/04 Argentina Brazil 2007/08 China U.S. 2011/12 2015/16 ROW FAPRI World Soybean and Products Trade thousand mt 100 90 80 70 60 50 40 30 20 10 0 1995/96 1999/00 2003/04 Soybeans 2007/08 Soybean Meal 2011/12 2015/16 Soybean Oil FAPRI Brazilian and Chinese Soybean Trade thousand mt 60,000 50,000 40,000 30,000 20,000 10,000 0 1995/96 1999/00 2003/04 China Imports 2007/08 2011/12 2015/16 Brazil Exports FAPRI World Oilseed Prices dollars per mt 350 300 250 200 150 1995/96 1999/00 2003/04 Soybeans Rapeseed 2007/08 2011/12 2015/16 Sunflower Seed FAPRI Crops Market Share Change percentage point 25 20 15 10 5 0 -5 -10 -15 -20 -25 U.S. Argentina Corn Brazil U.S. Argentina Brazil Soybeans FAPRI World Food Grain Outlook Overview Food grain per capita consumption declines with growth in income as consumers “trade-up” away from staple crops to protein rich products. With declining per capita consumption, demand growth comes mainly from population growth. Growth in consumption in regions such as Asia, Africa, and the Middle East with limited potential to meet expanding demand fuels growth in trade and strengthen food grain prices. Long-run production growth driven by yield improvement. Australia, the EU, and Argentina regain market share, while Canada and the U.S. lose market share. FAPRI World Per Capita Food Grain Consumption kg per person 160 140 120 100 80 60 40 20 0 1995/96 1998/99 2001/02 2004/05 Wheat 2007/08 2010/11 2013/14 Rice FAPRI Wheat Net Imports by Major Regions thousand mt 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 0 1995/96 1999/00 Asia 2003/04 Latin America 2007/08 2011/12 2015/16 Middle East and Africa FAPRI World Grain Prices dollars per mt 400 350 300 250 200 150 100 50 0 1995/96 1999/00 Corn, U.S. FOB Gulf 2003/04 Wheat, U.S. FOB Gulf 2007/08 2011/12 2015/16 Rice, FOB Bangkok 100% B Grade FAPRI World Wheat Feed and Food Use thousand mt 800,000 600,000 400,000 200,000 0 1995/96 1999/00 2003/04 Feed Use 2007/08 2011/12 2015/16 Food Use FAPRI World Wheat Area and Yield mt per ha million ha 3.2 235 230 3.0 225 2.8 220 2.6 215 210 2.4 205 2.2 200 195 1995/96 1999/00 2003/04 Area 2007/08 2011/12 2.0 2015/16 Yield FAPRI World Rice Area and Milled Yield mt per ha million ha 156 3.0 152 2.8 148 2.6 144 2.4 140 1995/96 1999/00 2003/04 Area 2007/08 2011/12 2.2 2015/16 Yield FAPRI Other Crop Outlook Overview Sugar • Sugar reform in the EU tightens world excess supply fueling prices to rise. • Area and yield growth drive the increase in production. Ethanol • Rising interest in renewable fuels boost world ethanol trade and sustains price strength in the outer period. • Brazil expands ethanol production to meet growth in domestic and export demand. Cotton • Chinese cotton consumption and imports sustain modest price strength under consecutive large world crops. FAPRI World Ethanol Price and Net Trade dollars per gallon million gallons 1,400 1.8 1,200 1.6 1,000 1.4 800 1.2 600 1.0 400 0.8 200 0.6 0 0.4 2000 2002 2004 2006 Net Exports 2008 2010 2012 2014 World Ethanol Price FAPRI FAPRI Food and Agricultural Policy Research Institute Thank You! FAPRI World Sugar Price and Net Trade dollars per mt thousand mt 45,000 350 300 36,000 250 27,000 200 150 18,000 100 9,000 50 0 1995/96 0 1998/99 2001/02 2004/05 Net Exports 2007/08 2010/11 2013/14 FOB Caribbean Price FAPRI World Sugar Area and Yield million mt 30 mt per ha 75 25 70 20 65 15 60 10 55 5 0 1995/96 1999/00 2003/04 Beet Area 2007/08 Cane Area 2011/12 50 2015/16 Cane Yield FAPRI World Cotton Trade thousand mt 6,000 5,000 4,000 3,000 2,000 1,000 0 -1,000 1995/96 1999/00 2003/04 Brazil Net Export 2007/08 2011/12 2015/16 China Net Import FAPRI World Crop Trade and U.S. Value Share percent billion dollars 140 30 120 25 100 20 80 15 60 10 40 5 20 0 1999/00 2001/02 2003/04 U.S. 2005/06 2007/08 Other Exporters 2009/10 2011/12 2013/14 0 2015/16 U.S. Value Share Crops include wheat, rice, corn, sorghum, barley, soybean, rapeseed, peanuts, and sunflower. FAPRI World Meat Trade and U.S. Market Share million mt percent 30 25 20 25 15 20 10 15 5 10 1999 2002 2005 U.S. 2008 Other Exporters 2011 2014 U.S. Market Share FAPRI Major Sugar Exporters million mt 40 35 30 25 20 15 10 5 -5 -10 1995/96 1999/00 Australia 2003/04 Brazil EU-25 2007/08 Guatemala 2011/12 2015/16 Thailand FAPRI FAPRI Sugar Stock-to-Use Ratio and Price dollars per mt percent 35 350 30 300 25 250 20 200 15 150 10 100 5 50 0 1995/96 1999/00 2003/04 Stocks-to-Use Ratio 2007/08 2011/12 0 2015/16 FOB Caribbean Price FAPRI World Rice Production, Use, and Per Capita Consumption kg per person million mt 500 68 450 67 400 66 350 65 300 64 250 63 200 62 150 100 61 50 60 1995/96 1999/00 2003/04 Production Use 2007/08 2011/12 59 2015/16 Per Capita Consumption FAPRI EU-15 CAP Reform and Enlargement Policy 2004 2005 Decoupling 2006 2007 2008 (percent) Livestock and Dairy 0 23 47 70 70 Crops 0 33 67 100 100 Modulation 0 3 4 5 5 EU15 5 10 10 10 10 EU NMS 0 0 0 10 10 20 27 22 17 7 285 285 Set-aside Top-up Payments (euro per ha) Durum Aid 313 291 Dairy Quota EU15 EU NMS (mmt) 119 119 119 120 120 18 18 18 19 19 Target/Intervention Price Milk 285 (euro per 100 kg) 31 0 0 0 0 Butter 317 294 271 253 246 NFD 200 191 180 177 175 FAPRI World Wheat Stocks-to-Use Ratio vs. Price dollars per mt percent 250 40 35 200 30 25 150 20 100 15 10 50 5 0 1995/96 1999/00 2003/04 U.S. FOB Gulf Price 2007/08 2011/12 0 2015/16 Stocks-to-Use Ratio FAPRI World Wheat Area, Production, and Consumption thousand mt thousand ha 800,000 235,000 700,000 230,000 600,000 225,000 500,000 220,000 400,000 215,000 300,000 210,000 200,000 205,000 100,000 200,000 0 1995/96 1999/00 2003/04 Production 2007/08 Consumption 2011/12 195,000 2015/16 Area FAPRI World Wheat Trade and U.S. Market Share thousand mt percent 45 120,000 40 100,000 35 30 80,000 25 60,000 20 15 40,000 10 20,000 5 0 1995/96 1999/00 2003/04 Net Trade 2007/08 2011/12 0 2015/16 U.S. Market Share FAPRI World Rice Stocks-to-Use Ratio vs. Price dollars per mt percent 400 45 350 40 35 300 30 250 25 200 20 150 15 100 10 50 0 1995/96 5 1999/00 2003/04 2007/08 FOB Bangkok 100% B Grade 2011/12 0 2015/16 Stocks-to-Use Ratio FAPRI World Rice Trade thousand mt 40,000 35,000 30,000 25,000 20,000 15,000 10,000 5,000 0 1995/96 1999/00 2003/04 2007/08 2011/12 2015/16 FAPRI World Corn Stocks-to-Use Ratio vs. Price dollars per mt percent 180 40 160 35 140 30 120 25 100 20 80 15 60 10 40 5 20 0 1995/96 1999/00 2003/04 U.S. FOB Gulf Price 2007/08 2011/12 0 2015/16 Stocks-to-Use Ratio FAPRI World Corn Area, Production, and Consumption thousand ha 155,000 thousand mt 900,000 800,000 150,000 700,000 145,000 600,000 500,000 140,000 400,000 135,000 300,000 200,000 130,000 100,000 0 1995/96 1999/00 2003/04 Production 2007/08 Consumption 2011/12 125,000 2015/16 Area FAPRI World Corn Feed, Food Use, and Per Capita Consumption thousand mt 900,000 kg/ha 40.0 800,000 35.0 700,000 30.0 600,000 25.0 500,000 20.0 400,000 15.0 300,000 10.0 200,000 5.0 100,000 0 1995/96 1999/00 Feed Use 2003/04 2007/08 Food and Other Use 2011/12 0.0 2015/16 Per Capita Consumption FAPRI World Corn Trade and U.S. Market Share thousand mt 100,000 percent 90 90,000 80 80,000 70 70,000 60 60,000 50 50,000 40 40,000 30 30,000 20,000 20 10,000 10 0 1995/96 1999/00 2003/04 Net Trade 2007/08 2011/12 0 2015/16 U.S. Market Share FAPRI World Oilseed Area thousand ha 250,000 200,000 150,000 100,000 50,000 0 1995/96 1999/00 Soybeans 2003/04 Rapeseed 2007/08 Sunflower Peanuts 2011/12 2015/16 Palm Oil FAPRI World Sugar Stocks-to-Use Ratio vs. Price percent dollars per mt 350 35 300 30 250 25 200 20 150 15 100 10 50 5 0 1995/96 1999/00 2003/04 FOB Caribbean Price 2007/08 2011/12 0 2015/16 Stocks-to-Use Ratio FAPRI Major Sugar Importers million mt 12 10 8 6 4 2 1995/96 1999/00 Indonesia Japan 2003/04 2007/08 Russia and Ukraine 2011/12 South Korea 2015/16 United States FAPRI World Beef Production and Trade thousand mt thousand mt 70,000 10,000 9,000 60,000 8,000 50,000 7,000 6,000 40,000 5,000 30,000 4,000 3,000 20,000 2,000 10,000 1,000 0 0 1999 2001 2003 2005 2007 Production 2009 2011 2013 2015 Trade FAPRI Major Beef Importing Countries thousand mt 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 -500 1999 2001 China 2003 Japan 2005 Russia 2007 Mexico 2009 South Korea 2011 Egypt 2013 2015 Philippines FAPRI Beef Export Market Share (percent) 2001-2005 Australia Brazil New Zealand India Argentina Canada 8.9 22.5 7.1 7.6 2006-2010 8.3 20.9 9.0 9.1 8.9 Australia Brazil New Zealand India Argentina Canada 27.9 8.6 20.1 2011-2015 8.6 21.0 8.9 8.6 Australia Brazil New Zealand India Argentina Canada 8.2 26.9 FAPRI World Pork Production and Trade thousand mt thousand mt 7,000 120,000 100,000 6,000 80,000 5,000 60,000 4,000 40,000 20,000 3,000 1999 2001 2003 2005 2007 Production 2009 2011 2013 2015 Trade FAPRI Major Pork Importing Countries thousand mt 4,000 3,000 2,000 1,000 0 -1,000 1999 2001 China 2003 Japan 2005 Russia 2007 2009 Hong Kong 2011 Mexico 2013 2015 Philippines FAPRI Pork Export Market Share 2001-2005 9.3 EU Canada U.S. Brazil 24.6 2006-2010 12.7 23.4 EU Canada U.S. Brazil 14.3 17.2 15.0 14.8 2011-2015 13.5 21.3 EU Canada U.S. Brazil 16.9 16.9 FAPRI World Broiler Production and Trade thousand mt thousand mt 80,000 10,000 70,000 9,000 8,000 60,000 7,000 50,000 6,000 40,000 5,000 30,000 4,000 3,000 20,000 2,000 10,000 1,000 0 0 1999 2001 2003 2005 2007 Production 2009 2011 2013 2015 Trade FAPRI Major Broiler Importing Countries thousand mt 4,000 3,000 2,000 1,000 0 1999 2001 China 2003 2005 2007 2009 Japan Russia Hong Kong 2011 Saudi Arabia 2013 2015 Mexico FAPRI Broiler Export Market Share 2001-2005 5.9 15.3 37.5 U.S. Brazil EU Thailand 2006-2010 7.6 11.9 32.1 35.5 U.S. Brazil EU Thailand 41.5 2011-2015 7.6 35.9 10.6 U.S. Brazil EU Thailand 39.5 FAPRI FOB Northern European Dairy Product Prices dollars per mt 3,500 3,000 2,500 2,000 1,500 1,000 1995 1997 1999 2001 Butter 2003 2005 Cheese 2007 NFD 2009 2011 2013 2015 WMP FAPRI Annual Growth in Milk Production and Total World Output thousand mt 700,000 600,000 500,000 400,000 300,000 200,000 100,000 0 1995 1997 1999 N. America 2001 S. America 2003 EU 2005 2007 2009 Russia & Ukraine 2011 Asia 2013 2015 Oceania FAPRI Butter Net Exports for Selected Countries thousand mt 800 700 600 500 400 300 200 100 0 1995 1997 1999 2001 Australia 2003 2005 New Zealand 2007 2009 2011 EU-15 Other ROW 2013 2015 FAPRI Butter Net Imports for Selected Countries thousand mt 900 800 700 600 500 400 300 200 100 0 1995 1997 1999 2001 Asia 2003 Egypt 2005 Mexico 2007 Russia 2009 2011 2013 2015 Other ROW FAPRI EU-15 Dairy Production thousand mt million mt 9,000 123.0 8,000 122.5 7,000 122.0 6,000 5,000 121.5 4,000 121.0 3,000 2,000 120.5 1,000 120.0 0 1995 1997 1999 2001 Butter 2003 Cheese 2005 NFD 2007 2009 WMP 2011 2013 2015 Milk FAPRI EU NMS Dairy Production million mt thousand mt 800 23.5 700 23.0 600 22.5 500 22.0 400 21.5 300 21.0 200 20.5 100 20.0 0 19.5 1995 1997 1999 2001 Butter 2003 Cheese 2005 NFD 2007 2009 WMP 2011 2013 2015 Milk FAPRI Cheese Net Exports for Selected Countries thousand mt 1,600 1,400 1,200 1,000 800 600 400 200 0 1995 1997 1999 2001 Argentina 2003 Australia 2005 2007 2009 EU-15 New Zealand 2011 2013 2015 Ukraine FAPRI Cheese Net Imports for Selected Countries thousand mt 1,000 900 800 700 600 500 400 300 200 100 0 1995 1997 1999 Japan 2001 Mexico 2003 2005 Russia 2007 2009 United States 2011 2013 2015 Other Asia FAPRI NFD Net Exports for Selected Countries thousand mt 1,600 1,400 1,200 1,000 800 600 400 200 0 1995 1997 1999 Australia 2001 EU-15 2003 2005 New Zealand 2007 U.S. 2009 India 2011 2013 2015 Other Exporters FAPRI WMP Net Exports for Selected Countries thousand mt 2,500 2,000 1,500 1,000 500 0 1995 1997 1999 Argentina 2001 2003 Australia 2005 EU-15 2007 2009 New Zealand 2011 2013 2015 Other Exporters FAPRI FAPRI NAFTA Real GDP Growth Rates percent 8 6 4 2 0 -2 -4 -6 -8 1995 1997 1999 2001 2003 United States 2005 2007 Canada 2009 2011 2013 2015 Mexico FAPRI U.S. Livestock and Poultry Prices dollar per cwt 90 80 70 60 50 40 30 1995 1997 1999 2001 2003 Cattle 2005 Hogs 2007 2009 2011 2013 2015 Poultry FAPRI World Meat Trade and U.S. Market Share million mt percent 35 25 30 20 25 15 20 15 10 10 5 5 0 1999 2002 U.S. 2005 Other Exporters 2008 2011 2014 U.S. Market Share (percent) FAPRI EU-15 Beef Supply and Utilization thousand mt thousand mt 10,000 800 600 8,000 400 6,000 200 0 4,000 -200 2,000 -400 -600 0 1999 2001 Production 2003 2005 Consumption 2007 2009 2011 Net Exports (tmt) 2013 2015 Ending Stock (tmt) FAPRI Russian Poultry Supply and Utilization thousand mt thousand mt 1,400 2,500 1,200 2,000 1,000 1,500 800 600 1,000 400 500 200 0 0 1997 1999 2001 2003 Production 2005 2007 Consumption 2009 2011 2013 2015 Net Imports FAPRI EU NMS Dairy Production thousand mt million mt 800 24 700 23 22 600 21 500 20 400 19 300 18 200 17 100 16 0 15 1995 1997 1999 2001 Butter 2003 Cheese 2005 NFD 2007 2009 WMP 2011 2013 2015 Milk FAPRI Brazilian Soybean Production and Utilization thousand mt thousand mt 100,000 50,000 90,000 45,000 80,000 40,000 70,000 35,000 60,000 30,000 50,000 25,000 40,000 20,000 30,000 15,000 20,000 10,000 10,000 5,000 0 1995/96 1999/00 2003/04 Production 2007/08 Consumption 2011/12 0 2015/16 Net Exports FAPRI Chinese Soybean Production and Utilization thousand mt 70,000 thousand mt 50,000 45,000 60,000 40,000 50,000 35,000 30,000 40,000 25,000 30,000 20,000 15,000 20,000 10,000 10,000 0 1995/96 5,000 1999/00 Production 2003/04 2007/08 Consumption 2011/12 0 2015/16 Net Imports FAPRI
