The outlook for global cereal supply in the 2013/14 marketing season remains generally favorable despite downward adjustments to forecasts for world cereal production and closing stocks, according to the latest issue of FAO quarterly Crop Prospects and Food Situation report.Despite this downward adjustment, world cereal production would still surpass the 2012 level by nearly 8%.
FAO Food Price Index dropped for the fourth month in a row in August reaching its lowest level since June 2012. The index, which measures the monthly change in the international prices of a basket of food commodities, averaged 201.8 points in August 2013, nearly 4 points (1.9%) below its July value and 11 points (5.1% less than in August 2012.