World meals costs in June fell to their lowest in additional than two years, pushed down by a drop in the price of sugar, vegetable oils, cereals and dairy merchandise, the United Nations’ meals company stated on Friday.
The Food and Agriculture Organization’s (FAO) world worth index, which tracks essentially the most globally-traded meals commodities, averaged 122.3 factors in June in opposition to a revised 124.0 for the earlier month, the company stated on Friday.
The May studying was initially given as 124.3.
The June rating marked the bottom since April 2021 and meant the index is now 23.4% under an all-time peak reached in March 2022 following the beginning of Russia’s invasion of Ukraine.
In a separate report on cereals provide and demand, FAO forecast world cereal manufacturing this 12 months at 2.819 billion tonnes, barely up on final month’s estimate and a 1.1% enhance on 2022 ranges.
FAO stated the upper forecast was nearly fully pushed by higher prospects for international wheat manufacturing, with the forecast lifted by 0.9% to 783.3 million tons.
FAO’s cereal worth index dropped by 2.1% in June from the prior month, with maize, barley, sorghum, wheat and rice costs all retreating.
The vegetable oil worth index fell 2.4% month-on-month, hitting its lowest stage since November 2020, pushed by decrease world costs of palm and sunflower oils, which greater than greater than offset larger soy and rapeseed oil quotations.
The sugar worth index fell 3.2% from May, marking its first decline after 4 consecutive month-to-month will increase, primarily triggered by the nice progress of the 2023/24 sugarcane harvest in Brazil and a sluggish international import demand, FAO stated.
The dairy worth index slipped 0.8% from May whereas the meat index was just about unchanged.
Source: www.dailysabah.com
