Crop Prospects and Food Situation - No. 2 June 2012
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The outlook for world cereal production in 2012 improved further in recent weeks largely on expectation of a much bigger maize crop in the United States. World cereal production is now forecast to increase by 3.2 percent to a new record. At 2 419 million tonnes, global cereal production would exceed the anticipated utilization in 2012/13 and lead to a significant replenishment of world stocks, which could keep international prices under downward pressure. Wheat and coarse grains prices ea sed in May, mostly during the second half, driven by good supply prospects. Rice prices were supported by a temporary surge in import demand and large Government purchases in Thailand, the number one exporter of the commodity. Aggregate cereal imports of the 66 LIFDCs for 2012/13 are forecast to decrease slightly, mainly due to the generally favourable prospects for the 2012 domestic harvests. countries. In North Africa, early forecasts point to a sharp decline in cereal production in Morocco as a result of erratic and insufficient rains, while in the remaining countries of the subregion above-average harvests are expected...