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World food prices continue to rise, hitting the highest level in nearly 7 years | Food News


The Food and Agriculture Organization’s Food Price Index, which measures the monthly change in baskets of cereals, oilseeds, dairy products, meat and sugar, averaged 118.5 points last month compared to 116. , 1 point was adjusted for February.

World food prices rose for the 10th consecutive month in March, hitting their highest level since June 2014, led by the soaring indices of vegetable oils, meat and dairy, Lien’s food agency. The United Nations said on Thursday.

The Food and Agriculture Organization’s Food Price Index, which measures the monthly change in baskets of cereals, oilseeds, dairy products, meat and sugar, averaged 118.5 points last month compared to 116. , 1 point was adjusted for February.

The February figure was previously given as 116.0.

The Rome-based FAO also said in a statement that worldwide grain harvest will continue to hit an annual record in 2020, adding that early signs suggest production will increased further this year.

The FAO Cereal Price Index fell 1.7% from the month in March, ending eight consecutive months of increase, but still 26.5% higher than the same period last month.

Among the main grains, export wheat prices fell the most, down 2.4% on the month, reflecting good supply and encouraging production prospects for 2021, FAO said.

FAO’s Vegetable Oil Price Index rose 8% for the month to its highest level since June 2011, due to higher prices for palm, soybean, canola and sunflower oil.

Milk prices rose for the 10th month, recording an increase of 3.9%. One of the factors driving the industry is powdered milk, fueled by an increase in imports in Asia, especially China, due to concerns about short-term supplies, FAO said.

The meat index rose 2.3%, but unlike all other indexes, it was still down slightly from the same period last year. FAO said the price of poultry and pork meat increased thanks to the rapid import speed of Asian countries, mainly China.

Sugar prices decreased by 4% MoM, but still increased by 30% YoY. The March slump was fueled by strong export prospects from India, FAO said.

FAO raised its forecast for the cereal season 2020 to 2.765 billion tons from the previous estimate of 2.761 billion, up 2% from the same period last year.

Going forward, FAO said it expects global grain production to increase for the third year in a row by 2021.

The FAO said global wheat production hit a new high of 785 million tons this year, up 1.4 percent from 2020 levels, fueled by a projected strong recovery across most of Europe and the of a record harvest in India, FAO said.

Above-average yields are also expected for maize, with record forecasts for a record harvest for Brazil and the highest forecast in many years for South Africa.

During the current 2020-21 marketing season, global grain use is forecast at 2.777 billion tons, up 2.4% from the previous year, largely due to higher estimates of wheat use. and barley in China, where the livestock industry is recovering from Africa. pig sauce.



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