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Table 1 Impacts on world prices. Percentage difference from the baseline

From: Impacts of the COVID-19 Pandemic on the Global Agricultural Markets

  2020 2021 2022 2023 2024 2025 Band (%)
Biofuels
Biodiesel − 15.9 − 4.0 4.7 2.3 − 1.0 − 1.2 22.4
Ethanol − 13.8 − 3.1 7.7 − 2.1 − 3.5 0.2 13.6
Dairy
Butter − 6.8 − 3.6 1.7 − 0.3 0.4 1.3 4.6
Cheese − 6.8 − 3.9 1.4 − 0.1 0.4 1.0 3.0
Skim milk powder − 3.8 − 2.4 − 0.4 0.3 0.5 0.2 0.9
Whole milk powder − 4.4 − 2.3 0.4 0.0 0.4 0.6 2.8
Grains
Maize − 7.2 − 9.7 − 2.3 3.0 2.8 0.4 6.6
Other coarse grains − 5.3 − 8.7 − 4.3 0.4 1.6 1.0 3.6
Rice − 2.7 − 2.7 − 0.3 0.0 0.4 0.5 2.7
Wheat − 3.2 − 4.9 − 2.6 − 0.4 0.7 0.7 3.9
Meat
Beef and Veal − 10.4 − 0.5 6.9 − 1.5 − 3.0 0.9 1.8
Pork − 17.6 4.7 7.2 − 4.3 − 0.8 2.9 3.7
Poultry − 7.0 − 4.2 0.7 − 0.3 0.5 1.1 3.2
Sheep − 7.3 0.0 1.9 − 1.1 − 0.3 0.8 1.8
Oilseeds
Other Oilseeds − 8.7 − 5.7 1.5 0.4 0.5 0.1 7.8
Soybean − 5.1 − 6.9 − 1.0 1.5 0.9 − 0.1 6.6
Other processed products
Total Protein Meal − 4.7 − 7.5 − 1.7 2.5 1.6 − 0.5 4.5
Vegetable oils − 11.4 − 8.1 2.2 0.7 0.7 1.1 6.6
  1. The column (Band  %) is a measure of the variation in world production resulting from stochastic oil prices. It represents the 95% range (the large bands in Fig. 4) as a percent of the scenario value in 2030