Browse Data and Analysis

Post forecasts marketing year (MY) 2024/25 production at 0.91 million 480-lb bales, basically flat compared to MY 2023/24 due to high input costs, drought conditions, power outages, and lack of access to new genetically engineered seed varieties.

In 2023, Mexico imported $51 billion of food ingredient products, of which 63 percent were sourced from the United States. Mexico’s food processing industry is the second largest in Latin America, behind Brazil, making Mexico a top destination for U.S. food ingredients.

The food processing industry represents the fourth-largest industry in Germany. According to the Federation of German Food and Drink Industries (BEV) estimates, Germany produced $238.9 (€ 218.5) billion of processed food and drinks in 2022.

Following weeks of farmer protests across the European Union, the European Commission published a legislative proposal to amend certain provisions of the Common Agricultural Policy.

The UK food ingredients sector is a thriving and competitive market, driven by changing consumer demands, technological advancements, and an emphasis on quality and safety.

Lower feed prices are expected to boost producer profits in 2024, thereby increasing domestic beef and pork production. Beef imports are forecast to decrease, and pork imports are expected to remain nearly flat.

The outlook for Mexican grain production in marketing year (MY) 2024/2025 is higher year-on-year for corn, wheat, rice, and sorghum based on farmer planting decisions on more average weather conditions and a gradual recovery from exceptional drought conditions.

In 2023, Portugal imported $293 million worth of agricultural, fish, and forestry products from the United States. Outside the European Union Member States, the United States was the third main origin of Portuguese agricultural and related imports.

In 2023, Spain imported $2.2 billion worth of agricultural, seafood and forest products from the United States, up 3 percent compared to the previous year. Even though inflation rates declined in 2023 as compared to the record highs registered in 2022, they remained higher compared to pre-pandemic levels.

In 2023, Ukraine's cattle inventory and beef production remained on a three-decade-long downward trend. The decrease in consumer numbers and comparatively high beef prices resulted in a domestic consumption drop and increased exports of both live cattle for slaughter and beef.

Assuming the return of more favorable growing conditions and yields that are in line with historical averages, Turkey is expected to produce more sunflowerseed, cottonseed, and soybeans in MY 2024/25 compared to the previous year, which was marked by dry weather conditions in parts of the country.

While EU beef production is forecast to further decline in 2024 due to a structural unprofitability of the sector and mounting environmental regulations, the EU pork supply is projected to rebound in 2024.