Sugar imports by China, the world’s second-biggest consumer after India, may jump 35 percent as output trails demand, helping push global prices higher, according to Australia and New Zealand Banking Group Ltd.
Wheat exports from Australia, set to be the world’s second-biggest supplier, are likely to miss a government forecast as production will be less than predicted, said two of the country’s banks.
The global corn market may see 60 million metric tons “disappearing” as drought cuts the U.S. harvest, said Australia & New Zealand Banking Group Ltd.
Cotton may remain under pressure in the short term after prices tumbled in the past month, Australia & New Zealand Banking Group Ltd. said.
U.S. beef shipments to Japan may drop after the largest Asian buyer agreed with Australia to begin reducing import tariffs as early as next year, Japan’s agriculture ministry said.
A drought in Australia, the world’s third-largest beef exporter, is fueling a surge in shipments as pastures dry up and ranchers shrink cattle herds to curb losses.
Corn and soybeans declined after surging to records as global economic concerns prompted investors to sell riskier assets, dragging down equities and commodities including crops and crude oil.
"It's really over the last three or four years that China has become a significant net importer of food."
- Paul Deane on Nov 16, 2014