The fee index averaged 122.3 issues in June
10 July 2023
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The United Countries meals company’s international worth index fell in June to its lowest stage in additional than two years, driven down by way of a drop in the price of sugar, vegetable oils, cereals and dairy merchandise, reported Reuters.
The Meals and Agriculture Group’s (FAO) worth index, which tracks essentially the most globally-traded meals commodities, averaged 122.3 issues in June in opposition to a revised 124.0 for the former month, the company stated on Friday.
The Might studying was once in the beginning given as 124.3.
The June ranking marked the bottom since April 2021 and intended the index is now 23.4% beneath an all-time top reached in March 2022 following the beginning of Russia’s invasion of Ukraine.
In a separate document on cereals provide and insist, FAO forecast international cereal manufacturing this yr at 2.819 billion tonnes, rather up on remaining month’s estimate and a 1.1% building up on 2022 ranges.
FAO stated the upper forecast was once virtually fully pushed by way of higher potentialities for international wheat manufacturing, with the forecast lifted by way of 0.9% to 783.3 million tonnes.
FAO’s cereal worth index dropped by way of 2.1% in June from the prior month, with maize, barley, sorghum, wheat and rice costs all taking flight.
The vegetable oil worth index fell 2.4% month-on-month, hitting its lowest stage since November 2020, pushed by way of decrease international costs of palm and sunflower oils, which greater than greater than offset upper soy and rapeseed oil quotations.
The sugar worth index fell 3.2% from Might, marking its first decline after 4 consecutive per 30 days will increase, basically precipitated by way of the great development of the 2023/24 sugarcane harvest in Brazil and a slow international import call for, FAO stated.
The dairy worth index slipped 0.8% from Might whilst the beef index was once just about unchanged.