The Food and Agriculture Organization (FAO) of the United Nations has raised its global cereal production forecast for 2013 to 2.479 billion metric tons (BMT), which if realized, would be a new record. The agency now pegs global wheat production at 704 MMT, an increase of 6.8% from last year, which would also be a record.
FAO also raised its forecast for global coarse grain production to 1.275 BMT, up 9.7% from 2012.
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"Cereal imports of Low-Income Food-Deficit Countries for 2013-14 are estimated to rise by some 5%, compared to 2012-13, to meet growing demand. Egypt, Indonesia and Nigeria, in particular, are forecast to import larger volumes. International prices of wheat declined slightly in June with the onset of the 2013 harvests in the Northern Hemisphere. By contrast, maize prices increased, supported by continued tight supplies. Export prices of rice were generally stable," states FAO.