We believe the grain sector in France will continue to outperform other agribusiness sectors in terms of production growth. This will be reinforced by ongoing reforms of Common Agricultural Policy subsidies that are likely to have more of an effect on dairy and livestock farmers, because they are often smaller than grain farmers. The agriculture minister''s proposal to shift part of EU subsidies from crop farmers to dairy or livestock farmers could support production growth in the latter, even though we do not see this as sufficient to turn around current production trajectories for each sector.Key ForecastsWheat production growth to 2016/17: 12.7%...
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