Russian crisis will hit poultry trade
THE UN Food and Agriculture Organisation (FAO) expects the global market for poultry meat to be hit by Russias financial crisis and currency devaluation.
The FAO said in its latest Food Outlook report that Russian and Chinese imports have fuelled expansion in meat trading during the 1990s.
Both countries are now expected to reduce demand. World trade in poultry meat is forecast to rise by only 1% to 6m tonnes as a result.
The FAO is also expecting a steep fall in prices.
World cereal output in 1998 is expected to fall 1% from last years record 1,892 million tonnes. Food emergencies were now affecting 40 countries.
The FAO said wheat and coarse grain prices remain under pressure from favourable 1998 crop prospects and stagnant import demand.
- Russian chaos threatens UK farmers, FWi, 3 September, 1998
- Financial Times 22/09/98 page 32