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USDA April Crops Outlook Released
The USDA Economic Research Service (ERS) has released its monthly crops outlook. The reports track US and international production, stocks, and trade data for major commodities and agricultural goods. The April reports cite an anticipated reduction in US soybean acreage due to a surge in corn planting; Brazil and Argentina also saw reductions in their estimated soybean production due to drought. These reductions could bring global soybean export levels down by 4 percent.
Food Prices Nearly Unchanged from February
The FAO Food Price Index for March averages 216 points, virtually unchanged from February's FPI at 215 points. Cereal prices also rose only one point. Low maize inventories and a strong soybean market caused a slight increase in maize prices, but sufficient wheat supplies kept that commodity's prices stable. Overall, only oils/fats prices showed strong growth due to a tightening of the expected 2011/2012 supply and demand balance.
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G20 Wheat Initiative
Research into more productive varieties of staple crops is an important part of agricultural R&D. Agricultural conditions can vary greatly among regions, countries, and even micro-regions; thus, seeds that produce well in one area may not be as productive in another. And with climate change posing even greater agricultural challenges for poor producers, this research is even more critical.
Global Food Prices Continue to Rise in February - FAO Releases Food Price Index
FAO has released the latest global Food Price Index, citing a 1% increase in food prices in February. Despite this increase, the Food Price Index for February remains 10% below its peak in February 2011.
FEWS NET Releases Latest Monthly Price Watch
FEWS NET has released its monthly price watch for February 2012. The report cites stable and declining grain prices in much of West and East Africa, although prices remain high in the Sahel region and Kenya. In particular, grain prices in South Sudan remain very high due to poor production and trade; similarly, maize prices in Malawi continue to increase rapidly. Afghanistan and Tajikistan continue to see high wheat and wheat flour prices.
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