Pak­istan, China set for near-record wheat har­vest in 2016: UN

The Pak Banker - - NATIONAL -

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.

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