ROME (Reuters) – Environment food stuff rates rose for a ninth consecutive month in February, hitting their greatest stage due to the fact July 2014, led by jumps in sugar and vegetable oils, the United Nations foodstuff company reported on Thursday.
The Food stuff and Agriculture Organization’s food stuff rate index, which actions regular adjustments for a basket of cereals, oilseeds, dairy products and solutions, meat and sugar, averaged 116. factors last month compared to a somewhat revised 113.2 in January.
The January figure was beforehand provided as 113.3.
The Rome-centered FAO also claimed in a assertion that all over the world cereal harvests remained on program to strike an once-a-year record in 2020, incorporating that early indications pointed to a further improve in output this yr.
FAO’s cereal selling price index climbed 1.2% month on thirty day period in February. Amid major coarse grains, sorghum selling prices enhanced the most, growing 17.4% on the thirty day period and 82.1% calendar year on 12 months, driven by sturdy demand from customers from China.
Maize and rice costs edged up even though wheat export selling prices remained mainly stable, FAO mentioned.
Sugar rates climbed 6.4% thirty day period on thirty day period amid concerns over provides in 2020/21 for the reason that of output falls in major manufacturing nations around the world and powerful demand from customers from Asia. [SOF/L]
The vegetable oil price index amplified 6.2% to arrive at its maximum amount since April 2012, with palm oil price ranges rising for a ninth thirty day period, lifted by worries over reduced inventories in key exporting nations.
Dairy costs rose 1.7%, whilst the meat index posted a modest .6% obtain. FAO mentioned pig meat quotations fell, strike by reduced purchases from China amid major oversupply and a rise in unsold pigs in Germany thanks to a ban on exports to Asian markets.
FAO lifted its forecast for the 2020 cereal year to 2.761 billion tonnes from an estimate of 2.744 billion manufactured very last month pointing to a 1.9% raise calendar year on yr.
That revision mirrored a 7.5 million tonne maximize in the planet wheat manufacturing estimate, driven by recently produced formal data from Australia, the European Union, Kazakhstan and Russia.
The forecast for worldwide rice output was also raised by 2.6 million tonnes from last month on much more buoyant manufacturing forecasts from India.
FAO raised its forecast for world cereal stocks ending in 2021 by 9 million tonnes to 811 million which would signify a .9% drop yr on calendar year.
“Looking in advance, existing indications advise a modest increase in globe cereal manufacturing in 2021,” FAO reported.
“While most of the wheat crop in the northern hemisphere is however dormant and southern hemisphere nations are yet to plant, FAO’s preliminarily forecast for international wheat creation in 2021 points to a 3rd consecutive annual enhance, to 780 million tonnes, a new report.”
Reporting by Crispian Balmer modifying by Jason Neely