Home / Business/ World food prices fall in Nov. to lowest in more than 2 years: FAO

World food prices fall in Nov. to lowest in more than 2 years: FAO


Comments / {{hitsCtrl.values.hits}} Views / Friday, 7 December 2018 00:00

Facebook


ROME (REUTERS): World food prices declined in November to their lowest level in more than two years, led by declines in vegetable oils, dairy and cereal, the United Nations food agency said on Thursday. 

The Food and Agriculture Organization’s (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 160.8 points last month, down from a revised 162.9 in October, and its lowest level since May 2016. 

The October figure was previously given as 163.5. In November, only the sugar price index gained, rising 4.4% from October, FAO said. 

The U.N. body’s Cereal Price Index averaged almost 164 points in November, down 1.1% from October. Vegetable oil prices fell for a 10th consecutive month, by 7.6% on the month and reaching a 12-year low. 

Cereal prices fell partly because new crops weighed on rice export quotations and export competition drove down maize, FAO said. 

Palm oil prices fell considerably “fuelled by both persisting large inventories in leading exporting countries and the recent contraction in global mineral oil prices,” it said. 

Soy and sunflower oil prices weakened due to “abundant supplies across the US, the EU and several emerging markets and positive production prospects in the Black Sea region.” Dairy prices dropped 3.3% from October, for a sixth straight monthly decline, and meat prices slipped slightly. 

FAO said global cereals output in 2018/19 was seen at 2.595 billion tons, down marginally from the previous forecast and 2.4% below last year’s record high production.  FAO’s forecast for world wheat production in 2018/19 was 725.1 million tons, 2.8 million tons lower than the previous forecast, “reflecting reduced estimates for this year’s harvests in Turkey and the Russian Federation,” FAO said. 

FAO’s forecast for world cereal stocks at the close of seasons in 2019 was 762 million tons, unchanged from November.


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

Tawheed is not a misdeed but dirtied by the extreme

Saturday, 25 May 2019

A singular and specific victim of the whole macabre incident of the 21 April Easter Sunday bombings by terrorists in Sri Lanka from a standpoint of Muslims was the maligning, tarnishing and distorting of a term indispensable, necessitous and fundamen


17 things ‘Avengers: Endgame’ teaches us about the state of our superheroes

Friday, 24 May 2019

Art imitates life. Even movies do. Maybe especially so. In these lean times, there’s nothing like a little laughter to stop the press, stem the blood pressure, ease that stress in life. So here goes. Trust you’ll take these tongue-in-cheek. Or pe


Sri Lanka needs urgent surgery!

Friday, 24 May 2019

Sri Lanka was on the slippery slope of a serious crisis, heading for a great disaster of the State, even before the outbreak of Easter Sunday attacks. Now, in the aftermath of the ruthless Easter Sunday attacks, the country’s crisis has become exac


Mangala, Monks, Mangala Sutta and Marx

Friday, 24 May 2019

In the Buddhist belief system, ‘Mangala’ means a ‘blessing’. In the abstract ‘Mangala’ denotes an ‘auspicious sign’. In the ‘Mangala Sutta’, the Buddha has enumerated 38 of the highest blessings that we must or should be guided b


Columnists More