Argentine wheat exports during December 2020 dropped 52% compared to the same month of 2019, the lowest level in the last five years. The cereal revenue was also the lowest in five years, according to information from the local portal Agrofy.
FAO has further lowered its forecast for global cereal production in 2020, which now stands at 2 742 million tons - still a record high and 1.3% above the previous year's outturn. The new forecasts released today with FAO's Cereal Supply and Demand Brief point to world coarse grains production of 1,470 million tons, wheat production of 761.7 million tons, and rice output of 508.4 million tons.
World cereal production is poised to reach a new record level of 2 790 million tons in 2020 - up 9.3 million tons from the May forecast - surpassing the record-high registered in 2019 by as much as 3%, according to FAO's Cereal Supply and Demand Brief.
The United Nations FAO has raised its forecast for global cereal production in 2018 to 2.601 million tons, primarily due to higher estimates for wheat production in Canada and China. Nonetheless, the new forecast remains 2.1 percent below the record level achieved in 2017.
Global agricultural food commodity prices rose in May, with dairy prices jumping significantly. The FAO Food Price Index averaged 176.2 points during the month, up 1.2% from April.