FAO cuts wheat production forecast but considers supplies adequate

International wheat prices have jumped by over 50 percent since June. This rapid increase in prices is prompting concerns about a repeat of the crisis of 2007/08. But after two consecutive years of record crops, world inventories have been replenished sufficiently to cover the current anticipated production shortfall.
Tuesday 31 August 2010 (7 years 8 months 25 days ago)
The impact of unfavourable weather events on crops in recent weeks has led FAO to cut its global wheat production forecast for 2010 to 651 million tonnes, from 676 million tonnes reported in June.

But despite production problems in some leading exporting countries, the world wheat market remains far more balanced than at the time of the world food crisis in 2007/08 and fears of a new global food crisis are not justified at this point, FAO said.

International wheat prices have jumped by over 50 percent since June. This rapid increase in prices is prompting concerns about a repeat of the crisis of 2007/08.

But after two consecutive years of record crops, world inventories have been replenished sufficiently to cover the current anticipated production shortfall. Even more importantly, stocks held by the traditional wheat exporters, the main buffer against unexpected events, remain ample.

http://www.fao.org/news/story/en/item/44570/icode/

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