The increase in the forecast due to higher crop in India, USA and Russia, the latter, according to experts, ready to overtake the EU and to take the place of the largest wheat exporter in the world.

In FAO Food Outlook indicates that world wheat consumption will reach 730,5 million tons, and projected a significant increase in demand for low-grade wheat is used as feed for animals.

In addition, for the first time in three years by 1.3% and is expected to increase global rice production to a record high in 497,8 million tons. This was facilitated by heavy monsoon rains in Asia and significant production growth in Africa. The production of feed grains, according to FAO, will grow 1.8% per year due to record harvests in the United States, Argentina and India.

A record world production forecast of wheat and rice, as well as the expected high yields of corn help to keep sufficient stocks and low grain prices, noted in the forecast. World production of grain in the current agricultural year should grow to 2,569 billion tons, which is 1,5% more compared to last year.

Such a favorable forecast should result in an overall decrease in the value of world food imports to a six-year low, FAO indicates. According to her, prices for cereals are gradually decreasing due to the expected abundant supply. Wheat futures and corn on the Chicago Mercantile exchange have fallen in price more than 16% since the beginning of the year, while rice quotations are at their lowest level since 2008.