FAO has further raised its estimate of 2014 world cereal production, now seen at 2.542 billion tonnes, amounting to 20 million tonnes or one percent higher than in 2013. The bulk of the increase reflects wheat production gains in Argentina, Central Asia and Europe.
With the 2015 winter wheat crop already developing in the northern hemisphere, FAO forecasts that production for the year would amount to 720 million tonnes, or one percent below the record output of 2014, discounting normal yields in the European Union and Central Asia after strong levels last season.
Globally, 1.107 billion tonnes of cereals are forecast to be used for food consumption in 2014/15, resulting in a slight increase in average per capita intake to 153.3 kilograms. Cereals used for animal feed are anticipated to grow by 4.0 percent and account for 877 million tonnes.
FAO forecast for world cereal stocks at the close of the 2014/15 crop seasons has been raised by about 8 million tonnes since last month to a 15-year high of 631 million tonnes, with part of the revision resulting from reviewed estimates of previous years' stock levels in China and Ukraine.
Thursday March 5, 2015/ FAO.