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25 Jul 2008 description

HIGHLIGHTS

- World cereal production in 2008 is forecast to increase 2.8 percent to a record 2 180 million tonnes. Most of the increase is in wheat following significant expansion in plantings in all regions. Coarse grains output is expected around the bumper level of last year but lower than earlier anticipated due to severe floods in the United States, the world's largest producer and exporter. Rice is tentatively forecast to increase slightly from last year's good level.

- Despite the anticipated increase in world output, cereal markets will remain tight in 2008/09.