The Food and Agriculture Organization of the United Nations (FAO) released a report that world cereal production in 2019 will reach a record 2.722 billion tons, an increase of 2.7% over the previous year.
According to the report, world cereal utilization is expected to reach a new high in 2019 and will rise by 1.5%. Global cereal consumption is expected to increase by 1.1%, rice consumption will grow faster, and demand for coarse grains will be stronger.
In the context of overall abundance of supply and demand, international cereal prices are likely to continue to be under pressure, and grain trade prospects are promising, especially wheat and rice.
The organization’s simultaneous release of the International Price Monthly Index, which tracks daily trading food commodities, the FAO Food Price Index shows that in April, except for cereal prices, prices of all food commodities covered by the FAO Food Price Index have risen. Among them, the price of meat and dairy products led the gains.