The United Nations meals company’s world value index rose for a second consecutive month in April as increased meat costs and small will increase in vegetable oils and cereals outweighed declines in sugar and dairy merchandise.
The Food and Agriculture Organization’s (FAO) value index, which tracks essentially the most globally traded meals commodities, averaged 119.1 factors in April, up from a revised 118.8 factors for March, the company mentioned on Friday.
The FAO’s April studying was nonetheless 7.4% under the extent a yr earlier.
The indicator hit a three-year low in February as meals costs continued to maneuver again from a report peak in March 2022 firstly of Russia’s full-scale invasion of fellow crop exporter Ukraine.
In April, meat confirmed the strongest achieve in costs, rising 1.6% from the prior month. Higher costs for poultry, beef and sheep meat offset a small fall for pork, which was affected by gradual demand in Western Europe and from main importers, particularly China, the FAO mentioned.
The FAO’s cereal index inched as much as finish a three-month decline, supported by stronger export costs for maize (corn). Vegetable oil costs additionally ticked increased, extending earlier beneficial properties to achieve a 13-month excessive resulting from energy in sunflower and rapeseed oil.
The sugar index dropped sharply, shedding 4.4% from March to face 14.7% under its year-earlier degree amid enhancing world provide prospects.
Dairy costs edged down, ending a run of six consecutive month-to-month beneficial properties.
In separate cereal provide and demand knowledge, the FAO nudged up its estimate of world cereal manufacturing in 2023/24 to 2.846 billion metric tons from 2.841 billion projected final month, up 1.2% from the earlier yr, notably resulting from up to date figures for Myanmar and Pakistan.
For upcoming crops, the company lowered its forecast for 2024 world wheat output to 791 million tons from 796 million final month, reflecting a bigger drop in wheat planting within the European Union than beforehand anticipated.
The revised 2024 wheat output outlook was nonetheless about 0.5% above the earlier yr’s degree.
Source: www.anews.com.tr
