The overall outlook for supplies of basic food commodities to global markets has improved since poor wheat harvest and tight conditions a year ago,the UN's food agency said on Thursday. The cereal supply-and-demand balance in the 2013-2014 season was expected to be "comfortable," the agency said, but it warned about the pace of imports of rice by China. The agency said that it expected food commodity markets to be more balanced in 2013 to 2014, with rising prices on fish and meat forecast to offset lower prices for some commodities such as sugar.
The Rome-based Food and Agricultural Organisation (FAO) said in its biannual Food Outlook report that the "global food import bill is forecast to reach $1.09 trillion in 2013 - 13 percent below the record of 2011 but close to the 2012 estimate." World sugar production was estimated to reach a new record in 2012-2013, "one that will be more than sufficient to cover projected global consumption," it said.
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