November 6, 2024 | 04:20 GMT +7

  • Click to copy
Saturday- 09:10, 06/03/2021

World food price index rises in February for ninth month running: FAO

World food prices rose for a ninth consecutive month in February, hitting their highest level since July 2014, led by jumps in sugar and vegetable oils, the United Nations food agency said on Thursday.
A woman wearing a protective mask shops for vegetables at a traditional market, as the coronavirus disease (COVID-19) outbreak continues, in Jakarta, Indonesia, September 23, 2020. Photo: Reuters.

A woman wearing a protective mask shops for vegetables at a traditional market, as the coronavirus disease (COVID-19) outbreak continues, in Jakarta, Indonesia, September 23, 2020. Photo: Reuters.

The Food and Agriculture Organization’s food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 116.0 points last month versus a slightly revised 113.2 in January.

The January figure was previously given as 113.3.

The Rome-based FAO also said in a statement that worldwide cereal harvests remained on course to hit an annual record in 2020, adding that early indications pointed to a further increase in production this year.

FAO’s cereal price index climbed 1.2% month on month in February. Among major coarse grains, sorghum prices increased the most, rising 17.4% on the month and 82.1% year on year, driven by strong demand from China.

Maize and rice prices edged up while wheat export prices remained largely stable, FAO said.

Sugar prices climbed 6.4% month on month amid concerns over supplies in 2020/21 because of production falls in major producing countries and strong demand from Asia. [SOF/L]

The vegetable oil price index increased 6.2% to reach its highest level since April 2012, with palm oil prices rising for a ninth month, lifted by worries over low inventories in major exporting nations.

Dairy prices rose 1.7%, while the meat index posted a modest 0.6% gain. FAO said pig meat quotations fell, hit by reduced purchases from China amid heavy oversupply and a rise in unsold pigs in Germany due to a ban on exports to Asian markets.

FAO raised its forecast for the 2020 cereal season to 2.761 billion tonnes from an estimate of 2.744 billion made last month pointing to a 1.9% increase year on year.

That revision reflected a 7.5 million tonne increase in the world wheat production estimate, driven by recently released official data from Australia, the European Union, Kazakhstan and Russia.

The forecast for global rice production was also raised by 2.6 million tonnes from last month on more buoyant production forecasts from India.

FAO raised its forecast for global cereal stocks ending in 2021 by 9 million tonnes to 811 million which would represent a 0.9% decline year on year.

“Looking ahead, current indications suggest a small rise in world cereal production in 2021,” FAO said.

“While most of the wheat crop in the northern hemisphere is still dormant and southern hemisphere countries are yet to plant, FAO’s preliminarily forecast for global wheat production in 2021 points to a third consecutive annual increase, to 780 million tonnes, a new record.”

VAN

(Reuters)

Meeting the new demands of the EUDR

Meeting the new demands of the EUDR

(VAN) Sophisticated automation enables users to send hundreds of data collection requests with a single click.

Small farmers in Europe struggle to get by

Small farmers in Europe struggle to get by

(VAN) Brutal economic situation has inflicted misery on farmers who struggle to turn a profit and forced some to look for alternative streams of revenue.

China intensifies emergency food supply amid increasing extreme weather events

China intensifies emergency food supply amid increasing extreme weather events

China has reinforced its emergency food supply in response to increasing extreme weather events and natural disasters, an official said.

Scientists dismayed as UK ministers clear way for gene editing of crops - but not animals

Scientists dismayed as UK ministers clear way for gene editing of crops - but not animals

(VAN) Advocates urge government to allow ‘precision breeding’ to combat disease, but RSPCA warns of ethical dangers.

Expectations positive, but tempered on GM wheat in US

Expectations positive, but tempered on GM wheat in US

(VAN) HB4 wheat’s USDA approval will enable Bioceres to 'move forward with nonregulated field activities for product development and commercialization,' CEO Federico Trucco said in September.

Famine and catastrophic hunger in 5 major hotspots alongside the looming La Niña_climate threat in others

Famine and catastrophic hunger in 5 major hotspots alongside the looming La Niña_climate threat in others

(VAN) Acute food insecurity is set to increase in magnitude and severity in 22 countries and territories.

Pharma and agritech groups push against biodiversity levy at UN summit

Pharma and agritech groups push against biodiversity levy at UN summit

(VAN) One contentious proposal seeks to impose 1% levy on returns from products made using genetic data.

Read more