Pakistan, China set for near-record wheat harvest in 2016: UN
Pakistan and China are expected to have near-record wheat harvests in 2016, the UN Food and Agriculture Organization (FAO) said in its first global forecast for the commodity in the current year on Friday.
The Food and Agriculture Organization forecast for the world's 2016 wheat harvest projected 723 million tonnes of total production, about 10 million tonnes below last year's record output.
India's output is anticipated to recover, although FAO's latest Cereal Supply and Demand Brief forecasts a 1.4 percent drop worldwide in 2016, due mainly to dry weather leading to reduced winter plantings in Russia and Ukraine.
Meanwhile, overall food prices remained steady in the month of February, as falling sugar and dairy prices offset a spike in vegetable oil prices, FAO said.
FAO's Food Price Index, a trade-weighted index tracking international market prices of major cereals, vegetable oils, dairy, meat and sugar, averaged 150.2 points for the month, virtually unchanged from a revised 150.0 points in January, according to a news release from the agency. It was down 14.5 percent from a year ago.