Home Economy World food prices drop to over 2-year low in October: FAO

World food prices drop to over 2-year low in October: FAO

World food prices drop to over 2-year low in October: FAO

Global meals costs fell in October to their lowest degree in additional than two years, pushed by declines in sugar, cereals, vegetable oils and meat, in line with the United Nations meals company on Friday.

The Food and Agriculture Organization’s (FAO) worth index, which tracks essentially the most globally traded meals commodities, averaged 120.6 factors in October, down from 121.3 for the earlier month, the company stated in a report on Friday.

The October studying was the bottom since March 2021.

The FAO Cereal Price Index averaged 125.0 factors, down 1.3 factors from September.

“International wheat prices fell by 1.9% in October, reflecting generally higher-than-earlier-anticipated supplies in the United States of America and strong competition among exporters,” the FAO stated.

Dairy bucked the downward pattern in costs with the FAO index rising 2.4 factors to 111.3 factors following 9 months of consecutive declines.

“World milk powder prices increased the most, principally driven by surges in import demand … especially from Northeast Asia,” the FAO stated.

In a separate report on cereal provide and demand, the FAO maintained its forecast for world cereal manufacturing this yr at 2.819 billion metric tons, up 0.9% from the earlier yr.

“Turning to 2024, winter wheat plantings are underway across the Northern Hemisphere and area growth is expected to be limited, reflecting softer crop prices this year,” the FAO stated.

Its report stated that in Ukraine the persevering with results of the battle with Russia, together with constrained entry to fields and low farm-gate costs, together with less-than-ideal climate circumstances, are seen resulting in a discount within the wheat space.

The FAO additionally stated sowing of the 2024 coarse grain crops was underway within the Southern Hemisphere.

“In Brazil, early indications point to a pullback in maize plantings of around 5%, as cost-price ratios are favoring soybeans,” the report stated.

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