Publisher's Synopsis
Excerpt from Western Europe Agricultural Situation: Review of 1976 and Outlook for 1977
To help hold down inflation, the proposed increase in the 1977/ 78 EC farm prices would aver age 3 percent before national currency adjustments instead of the traditional 7 to 10 percent. In 1977/ 78, the EC will move closer to its stated objective of establishing a single support price for all feed grains. Such policy is intended to encourage use of domestically grown soft wheat as a substitute for imported feed grains, especially corn.
The EC has been continuing its efforts to reduce its dairy surplus - short of cuts in price support levels. In 1976, the EC virtually forced some substitution of EC nonfat dry milk for imported vegetable pro tein in most feed formulas through a system of deposits on imports. This action, which displaced mainly soybean meal, circumvented EC inter national obligations not to put import charges on either soybeans or soybean meal. The ec's 1977/ 78 dairy program is not likely to include direct restrictions on imports of protein feed, but may include subsidies to promote the use of nonfat dry milk in hog and poultry feeds. Proposals for a tax on vegetable oils, intended to make margarine less competitive with butter, may be dropped, partly because of strong opposition from the United States which views such action as an indirect tax on soybeans.
At the start of spring, most signs pointed to a general recovery of crop production throughout the region, and the recurrence of another Continent wide drought was generally considered unlikely. According to the ec, the Community's total grain production should be about 105 million tons this year and could climb to 110 million tons by 1980.
In the ec, drought-induced slaughterings are expected to result in lower beef production in the months ahead and thus help ease the world sur plus of beef. The EC lifted quantitative restrictions on imports of beef, effective April 1977, even though it strengthened other protective aspects ofits import system. The hog cycle is expected to peak in the second half of 1977 over most of the Continent.
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