BAKU, Azerbaijan, Sept. 7
Trend:
There is a decreasing tendency of wheat production worldwide, which is steadily leading to an increase in grain prices, Trend reports citing Financial Times, the international business newspaper.
According to Financial Times, the US Ministry of Agriculture reports that the last few years has been one of the most barren for agricultural producers, including due to drought.
Thus, according to the report of the Food and Agriculture Organization (FAO), as a result of worsening crop forecasts in several large-exporting countries, worldwide wheat prices increased by 8.8 percent compared to the previous month, exceeding by 43.5 percent the level of the corresponding period of 2020.
In turn, the US Ministry of Agriculture expects wheat exports to fall 17 percent year on year in the 2021-2022 season, the newspaper said.
As the newspaper said, the ministry’s report says that the US grain growers have had one of their worst seasons due to low-profit margins, and forest fires in Australia have damaged wheat crops.