Agriculture in Brazil and Argentina: Developments and Prospects for Major Field Crops. Recent increases in international competitiveness by Argentine and Brazilian grain and soybean producers likely foreshadow continued global trade-share gains, particularly for soybeans and soybean products. Macroeconomic and policy developments, particularly those related to exchange rates, and infrastructure improvements will remain central to each country's future prospects.

U.S. Agriculture and the Free Trade Area of the Americas. The Free Trade Area of the Americas (FTAA), under negotiation among the United States and 33 countries in the Western Hemisphere, will progressively liberalize trade and investment in the region. The FTAA will lead to an estimated 6-percent increase in annual U.S. agricultural exports to the Hemisphere and a 3-percent increase in annual U.S. agricultural imports from the Hemisphere.

What Is the Cause of Growth in Regional Trade: Trade Liberalization or RTA's? The Case of Agriculture. Intra-regional trade in agriculture is the driving force behind the growth in world agricultural trade.

Argentina's Economic Crisis: Can the Ag Sector Help? A simple resolution to Argentina's severe economic crisis does not appear imminent. Although devaluation of the Argentine peso could eventually generate an export-led recovery, agricultural production and exports will likely be hindered by new export taxes, capital controls, higher input prices, and tight credit.

Economic Reforms Remain Critical for Argentina and Brazil. Argentina's economic reform programs of the 1990s fostered improved economic performance throughout much of the 1990s, but left many significant problems untouched. Argentina's economy is still burdened by excessive regulation and high labor costs, and mounting public debt has undermined investor confidence in the economy and posed a serious threat to economic stability.

Argentina's Economic Reforms Expand Growth Potential For Agriculture. In the late 1990s, Argentina was poised to realize the full agricultural production potential afforded by its temperate climate and some of the world's richest farmland.

U.S. Foreign Direct Investment in the Western Hemisphere Food Industry. Foreign direct investment has become the leading means for U.S. processed food companies to participate in international markets.

How Does Structural Change in the Global Soybean Market Affect the U.S. Price? South American soybean production, combined with the U.S. soybean stocks-to-use ratio, provides a strong basis for forecasting U.S. soybean prices. South American soybean production accounts for much of the global structural change that has altered the relationships among U.S. soybean production, use, stocks, and price.

Many factors determine the Structure of the Global Markets for Meat, including the relative availability of resources for raising and processing animals for meat. Countries' preferences for various cuts of meat provide opportunities for international trade.

International Evidence on Food Consumption Patterns. Analysis of major consumption expenditures across 114 countries indicates that poorer countries are more responsive to price and income changes and also allocate larger shares of their total budget to necessities such as food.

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