Meat costs dipped 1.0%, dairy costs dropped 2.3%
8 October 2023
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The United International locations meals company’s global value index was once in large part strong in September, as declines within the indices for vegetable oils, dairy and meat offset a surge in sugar and maize costs, reported Reuters.
The Meals and Agriculture Group’s (FAO) value index, which tracks essentially the most globally traded meals commodities, averaged 121.5 issues final month in opposition to a revised 121.6 for August, the company stated on Friday.
The August studying was once to start with given as 121.4.
The September determine was once 10.7% down year-on-year and 24% under an all-time top reached in March 2022 within the wake of Russia’s invasion of Ukraine.
FAO’s cereal index rose 1.0% from the former month, with maize costs surging 7%, driven up by means of sturdy call for for Brazilian provides, slower promoting in Argentina and higher barge freight charges in the USA.
World wheat costs dropped 1.6%, due to sturdy provides and just right manufacturing possibilities in Russia. Rice, which had rocketed nearly 10% in August, dipped 0.5% final month amid low import call for, FAO stated.
The sugar index jumped 9.8% from August, hitting its perfect degree since November 2010 amid rising issues over a tighter international provide outlook within the upcoming season, tied to worries concerning the affect of the El Nino climate trend on manufacturing.
Vegetable oil costs fell 3.9%, whilst dairy costs dropped 2.3% — the 9th successive per thirty days fall, as lacklustre international import call for and plentiful shares in main generating areas endured to weigh at the sector. Meat costs dipped 1.0%.
In a separate file on cereal provide and insist, the FAO forecast global cereal manufacturing this yr at 2.819 billion tonnes, up somewhat from a prior estimate of two.815 billion and a few 0.9% upper than 2022 ranges, the FAO stated.
The upper forecast was once nearly totally pushed by means of extra sure yield estimates for Russia and Ukraine, owing to endured beneficial climate prerequisites, the FAO stated.
The UN company stated its cereal provide and insist transient pegged international wheat output at 785 million tonnes, coarse grain manufacturing at 1.511 billion tonnes, up 2.7% from 2022, and global rice output at 523.1 million tonnes.