Global cereal output heading for a new record, lifting consumption and stocks

 Global food prices dipped in August, mainly as the prospect of bumper cereal harvests pushed up expectations for larger grain inventories. The FAO Food Price Index declined 1.3 percent from July, averaging 176.6 points in August.The drop was largely driven by a 5.4 percent decline in the FAO Cereal Price Index, reflecting a sharp fall in wheat prices as the outlook for production in the Black Sea region improved.FAO raised its forecast for global cereal production to 2 611 million tonnes, an all-time record. Worldwide stocks of cereals are also expected to reach an all-time high by the close of seasons in 2018