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Global food prices continue to soar, reaching their highest level in almost 7 years | Food news


The Food and Agriculture Organization of the United Nations food price index, which measures monthly changes in a basket of grains, oilseeds, dairy products, meat and sugar, averaged 118.5 points last month, up from 116.1 slightly revised in February.

Global food prices rose for a 10th consecutive month in March, reaching their highest level since June 2014, on the back of higher indices for vegetable oils, meat and dairy products, announced Thursday the United Nations Food Agency.

The Food and Agriculture Organization of the United Nations food price index, which measures monthly changes in a basket of grains, oilseeds, dairy products, meat and sugar, averaged 118.5 points last month, up from 116.1 slightly revised in February.

February’s figure was previously 116.0.

The Rome-based FAO also said in a statement that global cereal harvests remain on track to reach an annual record in 2020, adding that early indications point to a further increase in production this year.

The FAO grain price index fell 1.7 percent per month in March, ending eight consecutive months of gains, but still 26.5 percent higher than the same period last month.

Among major grains, export prices for wheat fell the most, down 2.4 percent on the month, reflecting good supplies and encouraging production prospects for the 2021 crops, FAO said. .

The FAO vegetable oil price index jumped 8 percent on the month to its highest level since June 2011, on higher prices for palm, soybean, rapeseed and sunflower oils.

Dairy product prices rose for the 10th consecutive month, registering an increase of 3.9%. The FAO said one of the drivers of the sector was powdered milk, which had been boosted by a surge in imports into Asia, especially China, due to concerns over short-term supplies.

The meat index climbed 2.3 percent, but unlike all other indexes, it was still slightly down year over year. The FAO said poultry and pork meat quotations have increased, supported by a rapid pace of imports from Asian countries, mainly China.

Sugar prices fell 4% per month, but were still up 30% on the year. The decline in March was fueled by prospects for large exports from India, the FAO said.

The FAO has raised its forecast for the 2020 cereal season to 2.765 billion tonnes from a previous estimate of 2.76 billion, indicating a 2 percent year-over-year increase.

Looking ahead, FAO has said it expects global cereal production to increase for a third consecutive year in 2021.

Global wheat production hit a new high of 785 million tonnes this year, up 1.4 percent from 2020 levels, due to a sharp rebound expected across most of Europe and expectations of a record harvest in India, FAO said.

Above-average yields were also expected for maize, with a record harvest forecast for Brazil and a multi-year high forecast for South Africa.

For the current 2020-2021 marketing year, global cereal use was estimated at 2.777 billion tonnes, up 2.4 percent from the previous year, largely due to higher estimates from the feed use of wheat and barley in China, where Africa’s livestock sector is recovering. swine fever.





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