2024-08-04 09:15:29
The Food and Agriculture Organization of the United Nations (FAO) reported that “the global food price index was generally flat in July for the second month in a row, as higher international prices for vegetable oils, meat products and sugar offset continued declines in cereal prices.”
According to the report, “The FAO Food Price Index, which tracks monthly changes in international prices of a basket of globally traded food commodities, averaged 120.8 points in July, slightly below its revised level of 121.0 points for June. The index is now 3.1 percent below its corresponding value a year earlier.”
“The FAO Cereal Price Index declined 3.8 percent from June, with international export prices of all major cereals falling for the second consecutive month,” the report said. “Wheat prices declined on the back of seasonally increased availabilities resulting from the ongoing winter harvest in the northern hemisphere, and generally favourable conditions in Canada and the United States of America supporting expectations of ample spring wheat crops later in the year. Maize export prices also declined, with crops in Argentina and Brazil progressing faster than last year and crop conditions in the United States of America remaining good. The overall rice price index declined 2.4 percent from June, amid generally slow trade activity for both Indica and Japonica varieties.”
In contrast, according to the report, “the FAO Vegetable Oil Price Index rose 2.4 percent from its June level to reach a one-and-a-half-year high. International prices for palm, soy, sunflower and rapeseed oils rose, driven by strong demand for soy oil from the biofuel sector and deteriorating crop prospects for sunflower and rapeseed oils in several major producing countries.”
According to the report, “the number of cases has increased byFAO Index Meat prices rose 1.2 percent in July amid strong import demand for bovine, ovine and poultry meats, although pig meat prices fell slightly due to oversupply in Western Europe. The FAO Sugar Price Index rose 0.7 percent from June, as lower-than-expected sugar production in Brazil offset the impact of improved monsoon rains in India and favorable weather in Thailand.”
“The FAO Dairy Price Index was almost unchanged in July, with declines in milk powder indices offsetting increases in butter and cheese indices,” the report said.
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2024-08-04 09:15:29