Food and Agriculture Organization of the United Nations (FAO) forecasted a shoot up of 8 per cent for the world cereal production and closing stocks for 2013-14.
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The forecasted 8 per cent boost in world cereal production resulted from an overall 11 per cent anticipated expansion in coarse grains output to about "1,288 million tonnes", according to the forecast.
The large part of the increase is to be accounted to the United States, the world's largest maize producer. U.S. is forecasted to harvest a record maize crop of 348 million tonnes - 27 per cent higher than the 2012-13 drought-reduced level.
As estimated, international trade in cereals will shoot up to 312.million tonnes, 1.6 per cent (4.8 million tonnes) higher than 2012-13 estimates. Cereal trading for 2013-14 is calculated to achieve its targeted boost potential due to larger export availabilities of coarse grains in particular.
FAO had a lower forecast for world cereal stocks by the closing seasons in 2014 with a downgrade of almost 2 per cent in September (559 million tonnes). However, this forecast is still 12 per cent (62 million tonnes) higher than cereal stocks opening level and definitely the highest level since 2001.
As for the Food Price Index, it dropped for the fifth month in a row in September due to sharp fall in the international prices of cereals (dairy, oils, meat and sugar) - 199.1 points in September, 2.3 points below in August. But, these points are still higher than the 2009-10 Food Price Index for cereals. The index measures monthly change in the international prices of basket of 55 food commodities.
On October 7, FAO holds its second Ministerial Meeting on International Food Prices in its headquarter in Rome. The meeting is targeted to discuss food price volatility and the policy challenges in the future.
"The meeting will provide a forum for the exchange of views and sharing of experiences between ministers concerning food price volatility and the policy problems it poses. The meeting is especially valuable and timely in the absence of any other international arrangements for a broad cross-section of agricultural ministers to meet in 2013 to discuss agricultural market issues. Indeed, in spite of their continuing importance, outstanding issues concerning food prices and markets are being largely overlooked in multilateral processes this year," as stated from FAO's official press release.
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