Global Grain Output To Fall

World cereals output in 2011 will be lower than expected and output will undershoot consumption this year keeping prices volatile, the U.N.’s food agency said on June 22. The United Nations’ Food and Agriculture Organization (FAO) has cut its forecast of world cereals output to 2.302 billion tonnes in 2011 from an earlier estimate of 2.315 billion tonnes, driven by an official cut in U.S. corn forecast and lower wheat and barley crops expected in the EU. “With grain inventories remaining at low levels, especially for maize, international grain prices are expected to stay not only high, but also volatile in the 2011/12 marketing season,” the report said. – Reuters

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