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Food Prices Stay Near Record as Wheat Output to Trail Demand

Global wheat production will lag behind demand, helping to keep food prices high and volatile at least through next year, the United Nations’ Food and Agriculture Organization said.

Wheat output will rise 3.2 percent to 673.6 million metric tons in the season starting in July, trailing demand of 677 million tons, the FAO said in a report on its website today. Food prices stayed near record levels in May on higher meat and dairy costs. Food imports will rise 21 percent to a record $1.29 trillion this year, the FAO said separately.