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World Wheat Production to Drop 0.9% in 2010-11, UN Agency Says
04.06.2010 12:57 "Agro Perspectiva" (Kyiv) —
World wheat production will fall 0.9 percent in 201011, while output of coarse grains such as corn will expand 1.4 percent, the United Nations’ Food and Agriculture Organization said.
The global wheat crop will drop to 676.5 million metric tons from 682.4 million tons, the Rome-based UN agency said in a report today. The coarse-grain crop will be 1.13 billion tons, compared with 1.12 billion tons, it said. Consumption will expand 1.8 percent to 675 million tons for wheat and 2.1 percent to 1.13 billion tons for coarse grains, the FAO said.
«Early indications for cereals in the 201011 season point to near-record world production, further buildup of cereal inventories, a modest increase in world trade and overall, a fairly comfortable cereal supply and demand outlook,» the FAO said.
Wheat production is shrinking after prices declined for two consecutive years. The grain traded as high as $13.495 a bushel in Chicago in 2008 and was at $4.4725 yesterday. Surging prices for wheat, rice and corn sparked riots in developing nations from Haiti to Ivory Coast in 2008.
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