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International prices for agricultural commodities continued to decline in April and abundant inventories are poised to offset any pressure from the slight reduction in global harvests expected this year.

Worldwide cereal production will likely decline by 1.5 percent from last year’s record-breaking output, mainly due to reduced acreage planted with maize , but the impact will be cushioned by “exceptionally high” levels of existing stocks, according to the latest forecasts in FAO’s biannual Food Outlook report published today.