x     World cereal production in the 2026/27 season is expected to drop by 2 percent year on year to 2 982 million tons, led by declining wheat harvests, according to FAO’s latest Cereal Supply and Demand Brief released in late May. The expected decline follows a 6.1 percent increase in 2025/26 to a record 3 043 million tons, with the marketing season coming to an end. This robust growth led to an estimated 9.5 percent increase in global cereals stocks. World cereal utilization is forecast to