World meals costs held regular in June, with will increase in vegetable oil, sugar and dairy merchandise offset by a fall within the value of cereals, the United Nations meals company mentioned Friday.
The U.N. Food and Agriculture Organization’s (FAO) value index, which tracks essentially the most globally traded meals commodities, averaged 120.6 factors in June, unchanged from May. The May determine was revised from an preliminary studying of 120.4.
The FAO index hit a three-year low in February as meals costs receded from a file peak set in March 2022 following Russia’s invasion of Ukraine.
The June studying was 2.5% down from a yr earlier and 24.8% under its 2022 excessive.
Cereal costs fell 3.0% month on month amid barely improved manufacturing prospects in some main exporting nations, together with Kazakhstan and Ukraine, the FAO mentioned.
Maize export costs additionally dropped, with manufacturing in Argentina and Brazil anticipated to be bigger than earlier thought.
Dairy costs rose 1.2% in June from May, whereas the sugar index rose 1.9%, lifted partly by lower-than-expected harvest leads to May in Brazil, the FAO mentioned.
Vegetable oil costs jumped 3.1%, buoyed by greater quotations for palm, soy and sunflower oils, whereas rapeseed oil costs remained just about unchanged.
Meat costs have been additionally secure, with a fall in worldwide poultry costs however slight will increase within the costs of ovine, pig and bovine meats.
In a separate report, the FAO raised its forecast for international cereal manufacturing in 2024 by 7.9 million metric tons (+0.3%), placing it at 2.854 billion tons, up fractionally from 2023 ranges and marking a brand new all-time excessive forecast.
The improve mirrored improved prospects for coarse grains, which have been bolstered by greater expectations for maize harvests in Argentina and Brazil.
The forecast for world cereal utilization within the 2024/25 interval stood at 2.856 billion tons, up 0.5% on 2023/24, whereas the FAO’s forecast for world cereal shares by the shut of seasons in 2025 stood at 894 million tons.
Source: www.dailysabah.com