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13/08/2010

FAO cuts wheat production forecast but considers supplies adequate

Wheat stocks still high in spite of the jump in prices

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.

For full press release, please see: http://www.fao.org/news/story/en/item/44570/icode/