The US drought of 2012 – the worst since the Dust Bowl years of the 1930s – is finally releasing its grip on world agricultural markets.
Propitious growing conditions from Brazil to Ukraine to the US have raised hopes of a sharp rebound in world cereals stocks, easing inflation pressures and pushing food security down the policy agenda.
World corn, rice, soyabean and wheat production will break records this year, the US Department of Agriculture estimated this week. The International Grains Council in London expects grain inventories in critical exporters such as Argentina, Australia, Europe, Russia and the US to rise 40 per cent.
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