Even late last year, the expectation was that in 2018 the animal feed industry would grow at least by 3%. However, the head winds started in the first few months last year due to an increase in feed cost, driven by higher grain costs, and imported inputs, which are pegged to the exchange rate and have made a negative impact on growth. Internationally, prices were influenced by the growing global trade war and increased US interest rates; internally, by the serious public deficit and volatility resulting from the political uncertainty driven by the general national elections. In addition, agricultural revenues were hindered by the interruption of chicken exports to the European Union and the embargo of Brazilian pork late last year by Russia. Read more…
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