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Just when you thought you knew all the latest acronyms, along comes the latest: MIST.

The new kid on the block, pushing aside the boys and girls from BRIC (Brazil, Russia, India, China) is Mexico, India, South Korea and Turkey.

These are the new talking point in the commodities and agricultural markets. Between them the MIST countries accounted for $29 billion of the agricultural groups' trade last year. This compares with $23 billion from China.

Clearly, China is still the bull in this particular china shop (geddit?) and bearing in mind that Chinese meat consumption at 52 kilograms per capita is still way below that of the EU at 78 kilograms and the US at 114 kilograms, it still has some fattening up to do. Nevertheless, the MIST figures show that China is not the only story in town.

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