World agricultural markets in 2005 reflected crop supplies in 2004 and 2005. The world production of grain in the 2004–05 crop year was 2,036,940,000 metric tons, which was a gain of 9.6% over the previous year and represented increases in the production of wheat, rice, and coarse grain (corn, barley, oats, sorghum, rye, millet, and mixed grains). The rise in wheat production was the result of larger harvests in China, the European Union, India, Russia, and Ukraine, which offset smaller harvests in Australia and the United States. Rice production increased in China, Pakistan, South Korea, and the United States, and coarse-grain production rose in the U.S., Argentina, China, the EU, and Ukraine. For the 2005–06 crop year, world grain production was forecast to fall 3%, with decreases in both global wheat and coarse-grain production but a slight increase in rice production. As a result of these trends, prices for wheat were stable and prices for other grains fell.
World oilseed, oilmeal, and vegetable oil production also increased. For the 2004–05 crop year, world oilseed production rose 13.4% to 379,050,000 metric tons, and most regions experienced increases. Production for 2005–06 was expected to rise 2.1%, with reduced U.S. soybean harvests more than offset by gains in South America.
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