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23 Jun 2005 description

HIGHLIGHTS

Prospects for the 2005 global cereal crop remain favourable. Latest production forecasts indicate a decline from the record output of 2004 but not as large as anticipated earlier.

FAO's first forecast of world cereal trade in the 2005/06 marketing season points to a slight decrease from the revised 2004/05 level, mainly due to lower wheat import demand.

Global cereal utilization is expected to increase somewhat in 2005/06, which coupled with the forecast decrease in production will result in a drawdown in global cereal stocks after a substantial build-up in 2004/05.