US farmers have continued to grow throughout the contraction of output seen around the rest of the world. Supply in January 2017 was up 2.5 per cent on the previous year and strong US domestic demand is maintaining farm gate prices above the costs of production. While animal numbers are up, most of the increase comes from increased yields helped by a (so far) mild winter. While growth will not be uniform (California will continue to contract and midwest production will expand), overall, we expect continued supply growth from the US in 2017.
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