This is largely because i) meat and dairy product demand is more elastic than demand for crop products, leading to greater impacts from income and domestic price variations, and ii) macroeconomic uncertainty has an impact on feed costs, which are directly linked to production. For meat, uncertainty from macroeconomic variables affects traded volumes much more than yield uncertainty, particularly in the case of pork (Figure 1.18). Accordingly, the effect of yield uncertainty on world market prices is very low compared to macroeconomic uncertainty.