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Record World Wheat Crop Seen Easing Food Prices <--
$this->bbcode_second_pass_quote('', '[')b]Record World Wheat Crop Seen Easing Food Prices
London, May 30 - Global wheat production is set to soar to a record high this year, taking some of the steam out of the food inflation crisis which has caused severe hardship and even rioting in several developing countries.
The London-based International Grains Council raised on Friday its forecast for world wheat production in 2008/09 by 5 million tonnes to a record 650 million tonnes.
The inter-governmental body said wheat prices had already fallen by 25 to 50 percent from peaks set in March, adding that the favourable outlook and India's successful harvest had helped to ease food supply concerns.
The IGC raised its crop estimate for this year's harvest in India, the world's second largest wheat producer after China, to 76.8 million tonnes, up from a previous forecast of 75.5 million and last year's 75.8 million.
The upward revision also reflected improved prospects in several countries in eastern Europe including Russia, Ukraine, Poland and Romania.