The U.N. meals company’s world worth index tumbled to its lowest degree in virtually three years, amid a decline in cereals and meat.
The Food and Agriculture Organization’s (FAO) worth index, which tracks essentially the most globally traded meals commodities, averaged 118.0 factors in January, down from 119.1 the earlier month, the company stated on Friday.
The January studying was the bottom since February 2021.
“Global wheat export prices declined in January driven by strong competition among exporters and the arrival of recently harvested supplies in the southern hemisphere countries,” the FAO stated in its month-to-month replace.
The FAO additionally stated maize (corn) costs fell sharply, reflecting improved crop situations and the beginning of the harvest in Argentina and bigger provides within the United States.
The meat worth index declined for the seventh consecutive month as considerable provides from main exporting international locations drove down worldwide costs of poultry, bovine and pig meats, the FAO stated.
In a separate report, the FAO stated world cereal manufacturing in 2023 was on monitor to hit an all-time document excessive of two.836 billion metric tons – up 1.2% from 2022.
Global coarse grain output was pegged at an all-time excessive of 1.523 billion tons, following a 12-million-ton upward adjustment this month.
“The bulk of the revision reflects new official data from Canada, China (mainland), Türkiye and the U.S., where a combination of higher yields and larger harvested areas than previously expected has led to higher maize (corn) production estimates,” the FAO stated.
Source: www.dailysabah.com