World cereal production in 2016 is set to amount to 2 521 million tons, just 0.2% off last year's large output and the third-highest global performance on record, according to FAO's first forecast for the new season, released on Thursday. Large inventory levels and relatively sluggish global demand mean that market conditions for staple food grains appear stable for at least another season, the agency's latest Cereal Supply and Demand Brief predicts.
According to FAO's monthly Cereal Supply and Demand Brief release, the forecast for 2014 world cereal production by about one million tons. At 2.5 billion tons, the full-year production figure would be 3.7 million tons below 2013's record output.
Argentina’s 2012/2013 grain and oilseed crop reached a record 105 million tons, announced President Cristina Fernandez underlining the excellent performance of the maize harvest and yields.
Following an inconclusive vote in the Appeal Committee, on 27 September, it is now up to the European Commission to decide on the authorization of genetically modified (GM) maize MIR162 for use in food and feed, as well as for import and processing in the European Union
Soy beans in Chicago climbed to their highest having advanced 0.4% on Thursday to 650.47 dollars the ton, while corn up 0.2% to 319.47 dollars the ton came closer to its record value of last August, 327.25 dollars. Wheat meantime slid 0.2% to 324.64 dollars the ton.
Brazil will reap a record grain harvest of 163.3 million tons this year, a gain of two per cent over 2011, the IBGE statistics agency says. The IBGE's latest forecast, based on July data is 1.6% higher than the previous projection.
United Nation’s Food and Agriculture Organization (FAO) said global food prices dropped sharply in May due to generally favourable supplies, growing global economic uncertainties and a strengthening of the US dollar.