Global cereal production is expected to be a record 2.04 billion tonnes in 2004, increasing cereal stocks for the first time in five years, the UN Food and Agriculture Organisation (FAO) has claimed.
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It predicts world cereal stocks will rise to 441 million tonnes by the close of the 2004/05 growing season with maize dominating increases. It says wheat reserves will grow slowly, while rice inventories will continue to decline.
Global cereal trade volumes should shrink however in 2004/05, with reduced EU demand outstripping increases in imports amongst developing countries, especially China. Wheat and coarse grains prices have fallen as a result, while rice prices have risen.
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