As per FAO estimates, wheat output is set to achieve a new record in 2008, though against the backdrop of deeply depleted stocks. Global production of rice in 2008 is expected to be marginally better than the previous year and hence, some depletion of stocks held may be expected.
Global output of edible oil is anticipated to fall by about three per cent in the current year, and according to FAO, oil seeds and edible oil prices are expected to remain firm. What is the medium term to long term outlook for food prices at the global level?