Grain stockpiles seen hitting a low

From the Associated Press

Cereal grain stockpiles are expected to hit their lowest level in more than two decades, helping to keep prices high, a United Nations food agency said.

The low stocks combined with continued strong demand, also driven by the growing biofuels industry, to keep prices elevated, the Food and Agriculture Organization said in a report to be released today.

By the close of the current season, stocks are expected to fall to 405 million tons -- down 22 million tons, or 5%, from the start of the season. It would be the lowest level since 1982.

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