FAO sharply raised its forecast for global cereal production to 2 627 million tonnes, some 13.4 million tonnes higher than its October projections, with the bulk of the increase mostly reflecting higher estimates for maize yields in the United States and a significant increase in maize plantings in Indonesia.
Global wheat production is now forecast at 754.8 million tonnes, while rice output is projected at 500.8 million tonnes, both just a notch below their 2016 record levels.
World cereal total utilization is now expected to increase by 1.2 percent in 2017/18 season, reaching 2 599 million tonnes, with more rice and wheat being destined for direct human consumption and more coarse grains used for feeding animals.
World cereal inventories are set to rise to a record-high 726 million tonnes, according to the latest FAO projection. Global wheat and maize stocks are both expected to reach record levels.
Large stocks are seen to lift the global cereal stock-to-use ratio to 27.3 percent by the end of the 2017/18, its highest level in 16 years.
Thursday December 7, 2017/ FAO.