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Subject

Prospects for agriculture in the fourth quarter.

Significance

Robust demand for cereals, meat and dairy products -- particularly from developing countries -- has stabilised global prices for agricultural commodities so far this year. While this is likely to continue, the sector faces three major trends in the fourth quarter: continuing pursuit of self-sufficiency by key agricultural exporters (such as Russia) and top importers (such as China), albeit for different reasons; depreciation of emerging market currencies; and El Nino weather conditions.

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