Despite the after-effects of drought, which have been slow to alleviate this year, the latest US Department of Agriculture forecasts predict record crops for maize and wheat. Though yields are not forecast to be record-breaking, the highest level of maize plantings in the US since 1936 is expected to lead to bumper production.

In fact, yields in the United States were predicted to suffer as a result of late planting, meaning crop progress is well behind the 10-year average.

The UN Food and Agriculture Organisation predicted that the US would play a major part in achieving record course grain production this year. FAO suggested on Thursday (9th May) that global coarse grains production will overtake the record set in 2011 by 9.3 percent, and reach 1,266.

Maize is forecast to account for 960 million tonnes of the course grain yield, and the bulk of the predicted increase is expected from the United States, the world's largest producer.

In its World Agricultural Supply and Demand Estimates (WASDE) report, released on Friday, the USDA said the US maize crop would increase by almost 24 percent year on year to 360 million tonnes. The 2012 crop was low due to the effects of widespread severe drought; as a result of the United States' worst drought in over 50 years, 2013 saw one of the latest maize planting seasons on record.

The current record US maize crop, of 330 million tonnes, was produced in 2009. Analysts have pointed out that the WASDE forecasts remain early predictions, and that unsettled weather could still impact upon production. Nevertheless, USDA appeared confident that both feed and industrial demand would rise with increased maize production.

Soybeans also fared well in the USDA estimates; the department suggests US soybean farmers will also enjoy a record crop this year.

USDA made generous forecasts for rises in global wheat production; the WASDE estimate for 2013 world wheat production is 701.1 million tonnes, 0.9 percent higher than the FAO prediction of 695 million tonnes, announced on Thursday.

The forecast rises are expected to be driven by production increases in former Soviet Union countries (where farmers are expected to harvest 29.9 million tonnes more wheat) and the European Union. Although the picture remains uncertain in the UK, the bloc's number three producer, where the second consecutive year of unsettled weather continues to cause concern, USDA forecast a 6.7 million tonne increase in EU production.