The European Commission recently released the 2017/2018 short term outlook for the agricultural markets of the European Union (EU). See some of the highlights of the report below or click here to download the full report.
Due to heatwaves and drought in various regions EU cereal production is likely to be slightly below average in 2017-2018 for the second year running, slowing down EU exports and tightening EU stocks. However, global supplies are expected to be ample, and world prices are not expected to rise significantly
Milk production is expected to be higher than last year in the second half of 2017. The size of the increase will depend largely on weather and pasture conditions. A butter shortage, a strong cheese market and high Specialised Maintenance Products (SMP) exports are the main features of the dairy market.
Good beef exports help to balance supply and demand on the domestic market. The dip in EU pork production has pushed up prices and lowered exports. Poultry production and trade have resisted several episodes of bird flu (avian influenza) by diverting trade. EU sheep and goat production continues to rise, while meat exports are performing above expectations. – European Commission