Prospects for agricultural markets in cereals are outlined

The long-awaited annual report on the 'Prospects for Agricultural Markets: 2002-2009' was released on June 19th 2002. The report suggested that : world agricultural markets were expected to emerge from a prolonged down turn; EU consumption of cereals was expected to rise in response to lower prices; EU exports of cereals would experience a sustained increase; there would continue to be a structural imbalance in the EU rye market. However the prospects outlined did not take into account the impact of the US Farm Bill on world markets, although the report did acknowledge that the US Farm Bill would be likely to increase US production and exert a downward pressure on world-market prices particularly in the cereals sector. Comment: Despite Commissioner Fischler's assurances that this year's report would take into account the impact of the US Farm Bill this was only done in the form of an add-on commentary, and the effects of the US Farm Bill were not incorporated into the basic projections made.The long-awaited annual report on the 'Prospects for Agricultural Markets:..