Global economic growth will drive exports. That's the belief of Steven Elmore, senior agricultural economist for Pioneer, A DuPont Business. Elmore spoke Monday at the USGC Meeting in San Diego, California. He said population growth is exactly what drives exports. People need to eat and we have an obligation to feed them.
Elmore pointed out that in developed countries, two children are added to the global population every two minutes. In developing countries, 151 children are added per minute. "Asia will be the continent to watch," he said. "We will see a huge growth in Asia. Trust me."
Elmore noted that global meat consumption has climbed 3% a year. He said the growing global population intensifies food demand. The exports of U.S. barley, corn, sorghum and their value-added co-products are largely dependent on meat demand worldwide.
As for the economy, Elmore said, "I assure you it will come back, which will increase demand worldwide for meat and will, in turn, increase exports of U.S. grains."