The FAO predicts the balance of world cereal supply and demand will be tighter in 2012-2013 than in 2011-2012 due to climate effects. The US drought continues with over half the country suffering at least moderate conditions. Prices are projected to be high, though India stands to benefit. On Saturday, the Food Corporation of India will sell 6.5 million tonnes of wheat to bulk consumers to make room for large bumper crops.
U.S. Drought Worsening, Wheat Crop Suffering
on November 16, 2012