These record stock levels were mainly driven by China, where the authorities have been purchasing large quantities of cotton for the official reserve since 2010. The 2013 market environment for biofuels was strongly influenced by policies: blending requirements were increased in Brazil (ethanol), and in Argentina and Indonesia (biodiesel), the European Union put in place anti-dumping duties against Argentinean, US and Indonesian shipments of biodiesel, and there were proposals towards lower biofuel targets for 2020 in the European Renewable Energy Directive (RED) as well as towards lower mandates in the United States. Among the major influences are the economic slowdown in many emerging markets, in particular China and India, high oil and energy prices, slower population growth rates, moderate inflation rates, and an appreciation of the US Dollar compared to the currencies of Brazil, India and South Africa by more than 40% for the period 2014-23. Box 1.1 discusses the main assumptions underlying the agricultural projections and Box 1.2 analyses recent food price movements.