Earth meals cost index rises in February for ninth thirty day period running: FAO

ROME (Reuters) – Planet foods price ranges rose for a ninth consecutive month in February, hitting their best amount considering that July 2014, led by jumps in sugar and vegetable oils, the United Nations food items agency mentioned on Thursday.

The Food stuff and Agriculture Organization’s food value index, which steps regular alterations for a basket of cereals, oilseeds, dairy goods, meat and sugar, averaged 116. details past month compared to a a bit revised 113.2 in January.

The January determine was beforehand presented as 113.3.

The Rome-primarily based FAO also claimed in a assertion that all over the world cereal harvests remained on program to hit an once-a-year document in 2020, adding that early indications pointed to a more maximize in production this 12 months.

FAO’s cereal price index climbed 1.2% thirty day period on month in February. Amid key coarse grains, sorghum prices improved the most, soaring 17.4% on the month and 82.1% 12 months on yr, pushed by sturdy need from China.

Maize and rice charges edged up when wheat export price ranges remained largely steady, FAO explained.

Sugar selling prices climbed 6.4% thirty day period on thirty day period amid considerations over provides in 2020/21 because of creation falls in main producing international locations and sturdy need from Asia. [SOF/L]

The vegetable oil price tag index greater 6.2% to attain its best level considering that April 2012, with palm oil charges rising for a ninth month, lifted by concerns around small inventories in big exporting nations.

Dairy charges rose 1.7%, although the meat index posted a modest .6% obtain. FAO mentioned pig meat quotations fell, hit by decreased buys from China amid hefty oversupply and a rise in unsold pigs in Germany due to a ban on exports to Asian marketplaces.

FAO elevated its forecast for the 2020 cereal year to 2.761 billion tonnes from an estimate of 2.744 billion created final month pointing to a 1.9% raise year on calendar year.

That revision reflected a 7.5 million tonne improve in the world wheat output estimate, pushed by just lately released official info from Australia, the European Union, Kazakhstan and Russia.

The forecast for world wide rice creation was also lifted by 2.6 million tonnes from previous thirty day period on additional buoyant production forecasts from India.

FAO raised its forecast for world-wide cereal stocks ending in 2021 by 9 million tonnes to 811 million which would signify a .9% decline yr on 12 months.

“Looking forward, present indications recommend a smaller rise in planet cereal production in 2021,” FAO said.

“While most of the wheat crop in the northern hemisphere is however dormant and southern hemisphere countries are nevertheless to plant, FAO’s preliminarily forecast for global wheat production in 2021 points to a third consecutive yearly increase, to 780 million tonnes, a new report.”