Poultry prices are expected to average up to 30% higher over the 2011 to 2020 period, while corn prices will increase up to 20% in the same time period, according to a joint report published by the Organisation of Economic Co-operation and Development and the Food and Agriculture Organization of the United Nations.
Short-term agricultural production, according to the report, is expected to increase with normal weather, as a result of a supply response to current high prices. In the long term, however, global agricultural production is slowing down when set against the last decade, with growth projected at 1.7% annually through 2020, compared to 2.6% in the previous ten years. Trade will also slow, to 2% per year, with modest production increases by traditional exporters and higher domestic production by importers. The fastest growth is expected in Eastern Europe, Central Asia and Latin America.
