date:Jul 07, 2012
The Food and Agriculture Organization cut its estimate of global cereal output by more than 23 million metric tons to 2,396 million tons, but said this would still be a record high and a 2% increase on the year.
Indeed, although the FAO's forecast for corn production in the U.S. fell by 25 million tons to 350 million tons, it said this would still be 11.5% higher than in 2011.
The FAO said the overall supply and demand situation in 2012-13 remains adequate thanks to abundant supplies of rice, a