Global scenario

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Presently the world food production is comfortable in spite of the weak economic growth conditions in the advanced economies of Europe and their cascading effects on the other fragile dependent economies.

When compared to 2011–12, there is an expected significant shortfall in wheat production in 2012–13. However the carryover stocks are adequate to meet the requirements. The year 2011–12 saw a record wheat production of 700 million tonnes. The Food and Agricultural Organization of the United Nations (FAO) forecasts 2012–13 global wheat production at 675.1 million tonnes, predicting a shortfall of 25 million tonnes. The prices are also expected to have very marginal increase.

As for rice production there may be marginal increase and the prices may decline marginally. FAO estimates for 2011–12 is 480.1 million tonnes. In 2012–13 the there may be a marginal decline in rice production due vagaries in monsoon and the later floods in Asian countries.

Though the production of coarse grains including maize is expected to increase, the prices may also firm up due to increasing demand from the feed production sector. The production of pulses and oil seeds and oils is also expected to increase and the price situation may be moderate. Due to volatility in exchange rates, countries importing or exporting the food produce may have vagaries in net amount paid or realized.

In the coming years agricultural trade will play a larger role in catering to the food needs of developing nations. Agricultural exports will bring in larger proportions of foreign exchange for these nations. The projections on climate change mitigation, forecast appreciable increase in carbon sequestration by agricultural soils due to improved agricultural practices.

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