Global meals costs rose in November to their highest stage since April 2023, the U.N. meals company mentioned on Friday, recording the most important acquire in 19 months on the again of surging vegetable oil costs.
The world meals value index, compiled by the U.N. Food and Agriculture Organization (FAO) to trace essentially the most globally traded meals commodities, elevated to 127.5 factors final month from a revised 126.9 factors in October, the best stage in 19 months and up 5.7% from a 12 months in the past.
The vegetable oil index jumped 7.5% above ranges seen a month in the past and 32% above these seen a 12 months earlier, pushed by issues over lower-than-expected palm oil output as a result of extreme rainfall in Southeast Asia.
Soyoil costs rose on stronger international import demand, whereas rapeseed and sunflower oil additionally elevated.
Other meals value indexes declined.
Cereal costs dropped 2.7% from October because of weaker wheat and rice costs, whereas sugar fell 2.4% from October as India and Thailand started crushing and issues over Brazil’s crop prospects eased.
In a separate report, the FAO trimmed its forecast for international cereal manufacturing in 2024 from 2.848 billion metric tons to 2.841 billion, a 0.6% decline from final 12 months however nonetheless the second-largest output on file.
World cereal utilization, in the meantime, is ready to extend 0.6% to 2.859 billion tons in 2024/25 because of rising consumption.
As a outcome, the FAO expects the cereal stocks-to-use ratio to fall to 30.1% on the shut of the 2025 season from 30.8% beforehand, however nonetheless indicating a “comfortable level of global supply.”
Source: www.dailysabah.com