World food prices drop for fifth consecutive month: FAO |

Its newest Food Price Index shows that prices for five commodities – grains, vegetable oils, dairy, meat and sugar – were lower in August than they were in July.

The index tracks the monthly international prices of staples in this bread tray. It averaged 138.0 points last month, down nearly 2% from July, although 7.9% above its value a year earlier.

Ukraine exports an element

FAO speak Falling grain prices reflect improved production prospects in North America and Russia, and resume exports from Black Sea ports in Ukraine.

One landmark agreement to lift the ban on Ukraine’s grain exports amid the ongoing war was signed by the country, Russia, Türkiye and the United Nations in July.

Average rice prices held steady in August, while quotes for coarse grains, such as corn, rose slightly.

Vegetable oil prices fell 3.3%, slightly below August 2021 levels. FAO attributed this to increased supply of palm oil from Indonesia, as a result of reduced export taxes and the resumption of shipments. sunflower oil from Ukraine.

High price for cheese

Although milk prices fell 2% but still 23.5% higher than August 2021. Cheese prices tenth consecutive month increasedespite milk prices “falling” on expectations of increased supply from New Zealand, even amid forecasts of lower production in Western Europe and the US.

Meat prices fell 1.5% but were still only 8% higher than last August’s value.

International quotes for poultry fell amid increased export capacity and lower beef prices due to weak domestic demand in some of the top exporting countries, while pork prices rose.

Sugar prices also hit lowest level since July 2021largely due to high export limits in India and lower ethanol prices in Brazil.

Outlook for cereals and wheat

FAO also issued global cereal production forecast for this year, is forecast to drop by nearly 40 million tons, or 1.4% year-on-year.

Much of this decline is mainly related to coarse grains, with corn production in Europe expected to be 16% below the five-year average as hot dry weather conditions particularly affect the country. this continent.

In contrast, the FAO reckons that worldwide wheat production will fall “negligible” due to the record harvest expected in Russia and favorable weather conditions in North America.

Global rice production is also expected to fall 2.1% from the all-time high reached in 2021.

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