Globe meals selling price index rise 5% yr-on-12 months in September – FAO

ROME (Reuters) – Planet food items costs rose for a fourth month managing in September, led by robust increases for cereals and vegetable oils, the United Nations food items company explained on Thursday.

The Meals and Agriculture Organization’s food stuff price tag index, which steps regular modifications for a basket of cereals, oilseeds, dairy merchandise, meat and sugar, averaged 97.9 factors previous thirty day period vs . a downwardly revised 95.9 in August.

The August determine was formerly presented as 96.1.

The Rome-based FAO also claimed in a assertion that worldwide cereal harvests remained on class to strike an once-a-year record in 2020, even while it slightly trimmed its former forecasts.

The agency’s cereal selling price index rose 5.1% in September from the thirty day period in advance of and 13.6% higher than its price a yr earlier.

“Higher wheat price tag quotations led the raise, spurred by brisk trade exercise amid concerns in excess of manufacturing potential clients in the southern hemisphere as effectively as dry ailments influencing wintertime wheat sowings all over Europe,” FAO mentioned.

Maize, sorghum and barley prices rose, though rice fell 1.4% as contemporary desire slowed.

The vegetable oil selling price index climbed 6.% month-on-thirty day period, many thanks largely to increasing palm, sunflowerseed and soy oil quotations, reaching an 8-thirty day period high. [POI/]

The dairy index was very little transformed on the month, with reasonable boosts in price quotations for butter, cheese and skim milk powder offset by a fall in those people of whole milk powder.

Regular sugar price ranges fell 2.6% from August, reflecting expectations of a world wide manufacturing surplus for the new 2020/2021 year. [SOF/L]

The meat index dipped .9% thirty day period-on-month and was down 9.4% 12 months-on-12 months, with quotations for pig meat dropping on the again of China’s go to ban imports from Germany subsequent the detection of African swine fever in Europe’s most significant financial system.

FAO revised down its forecast for the 2020 cereal season by 2.5 million tonnes, reflecting reduced anticipations for the output of international coarse grains.

Having said that, despite this reduction, the company even now anticipated a file harvest this 12 months of 2.762 billion tonnes, up 2.1% on 2019 amounts.

The forecast for planet cereal utilisation in 2020/21 was set at 2.744 billion tonnes, down 2.8 million tonnes because September, but nevertheless 54.5 million tonnes higher than the 2019/20 estimate. The forecast for world cereal shares by the shut of seasons in 2021 was 890 million tonnes, down 5.9 million tonnes from the past estimate but still representing a report substantial.