World food prices held steady in February with the UN’s Food and Agriculture Organization’s (FAO) index remaining at 210 through January and February as falling wheat and sugar prices offset vegetable oil and dairy prices. Global grain prices have eased in recent months on the forecast that coming harvests will replenish supplies after the worst drought in 50 years sent food prices surging. The FAO raised its estimate of world cereal output in 2012 by 4 million tons to 2.306 billion tons and stated that there should be higher production in 2013. World wheat production is forecasted to be 690 million tons in 2013 – up 4.3% from 2012 and the second largest crop on record.