Posted by: youngragingbull | March 8, 2013

Global wheat production to near record: UN

A U.N. food agency says the world is headed to the second largest wheat crop on record because of increased plantings in Europe and a recovery from drought in the U.S.

Production is expected to increase to 690 million tons, up 4.3 percent from 2012, the Rome-based Food and Agriculture Organization reported Thursday.

The production hike is expected mostly in Europe because of increased plantings in response to high prices and a recovery in yields in Russia and elsewhere. Meanwhile, the outlook in the U.S. has improved in recent weeks, recovering from earlier drought conditions.

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