FAO expects more balanced food markets, less price volatility

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Food commodity markets are becoming more balanced and less price volatile than in recent years thanks to improved supplies and a recovery in global inventories of cereals, according to FAO’s Food Outlook report published Thursday.

The sharp increase in 2013 cereal production mostly stems from a recovery of maize crops in the United States and record wheat harvests in Commonwealth of Independent States  countries. World rice production in 2013 is expected to grow only modestly.

Senior economist with FAO Abdolreza Abbassian says markets get balanced for a variety of reasons.

” Supplies improve and also one has to look at the demand. So this increase in supplies are going to help us to rebuild the stock levels which were down quite sharply and all of that means that overall important commodities are going to look far more balanced than it has been for several years now.”  (20″)

Global stocks, ending in 2014, are also anticipated to increase, by 13 percent, to 564 million tonnes, with coarse grains alone up by 30 percent, mostly in the United States. Wheat and rice stocks are also projected to rise, by 7 percent and 3 percent respectively.

Donn Bobb, United Nations.

Duration: 1’13′

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