World Video | Defence | Foreign Affairs | Natural Events | Trade | NZ in World News | NZ National News Video | NZ Regional News | Search

 


World Food Prices Hit Six-Month Low

World Food Prices Hit Six-Month Low, UN Agency Reports

7 August 2014

Global food prices fell for a fourth consecutive month in July, a sharp decline for grains, oilseeds and dairy products outweighing strong meat and sugar prices, the United Nations agriculture agency reported.

The UN Food and Agriculture Organization’s (FAO) Food Price Index, which measures the monthly change in international prices of a basket of 55 food commodities, averaged 203.9 points in July, down 4.4 points or 2.1 per cent from June.

“The lingering decline of food prices since March reflects much better expectations over supplies in the current and forthcoming seasons,” said FAO senior economist Concepción Calpe.

The FAO Cereal Price Index averaged 185.4 points in July, down 10.7 points or 5.5 per cent from June, and as much as 36.9 points or 16.6 per cent below the level one year ago.

Lower grain prices “reflected excellent production prospects as well as expected abundant exportable supplies in the 2014/15 marketing season,” according to the FAO.

In contrast, rice prices edged marginally higher, on renewed import demand, especially given the drought and subsidy lapse in Thai production.

The FAO Vegetable Oil Price Index averaged 181.1 points in July, down 7.7 points or 4.1 per cent from June. The decline continued to be primarily driven by falling soy and palm oil prices, primarily in response to abundant supplies from the United States and South America.

Prices of dairy also fell, albeit temporarily. FAO attributed reduced import demand, including a decline in purchases of butter, by Islamic countries during the holy month of Ramadan.

The FAO Dairy Price Index averaged 226.1 points in July, down 10.3 points or 4.4 per cent over June, and down 17.5 points or 7.2 per cent from the same period last year.

Meanwhile, meat prices rose for the fifth consecutive month in July, and those for sugar remained firm.

“Livestock product markets have their own dynamics: in the case of meat, beef in particular, many exporting countries are in a herd rebuilding phase, which is limiting availability for exports and sustaining prices,” said Mr. Calpe.

A continued strong demand for meat in Asia, and particularly China, helped to edge up the FAO Meat Price Index which averaged 204.8 points in July, 3.7 points or 1.8 per cent higher than its revised value in June and 25.4 points or 14.1 per cent above the same period last year.

International sugar prices, which have been relatively volatile over the last three months as the world’s largest producer, Brazil, grabbles with a drought, and the second largest producer, India, is expected to experience below average monsoon rains.

These factors contributed to a marginal change of 1.1 points or 0.4 percent in the FAO Sugar Price Index, averaging 259.1 points in July. That figure is 20.2 points or 8.4 per cent higher than in July 2013.

ENDS


© Scoop Media

 
 
 
 
 
World Headlines

 

Afghanistan: UN Welcomes Conclusion Of Presidential Election

Pictured left to right: Jan Kubis, Special Representative of the UN Secretary-General for Afghanistan, and presidential candidates Dr.Ashraf Ghani Ahmadzai, and Dr. Abdullah Abdullah. Photo: Fardin Waezi/UNAMA More>>

ALSO:

UN Rights Chief: Sinking Of Mediterranean Migrant Boat Amounts To Mass Murder

Syrian refugees are rescued in the Mediterranean Sea, but others are not so fortunate. Photo: UNHCR/A. D'Amato More>>

UN: Ban Launches UN Ebola Response Mission

Ban Launches UN Ebola Response Mission; Advance Teams to Arrive in West Africa on Monday More>>

ALSO:

UN: Leonardo Dicaprio New UN Messenger Of Peace

Pictured left to right: United Nations Messenger of Peace, Leonardo DiCaprio and UN Secretary-General Ban Ki-moon. UN Photo/Mark Garten More>>

UN: 'Shocked And Saddened' By Vaccination Deaths In Syria

A Syrian boy gets his measles jab in Zaatari refugee camp in Jordan. Photo: UNICEF/Jordan-2013/ Alaa Malhas More>>

UN: Announces Mission To Combat Ebola

Ebola outbreak: a peacekeeper with the UN Mission in Liberia (UNMIL) wears a protective mask while on duty at UN offices in the capital city of Monrovia. UN Photo/Andrey Tsarkov More>>


Syria: Life-Saving Food Aid In Jeopardy For Millions Of Syrians

18 September 2014 – The United Nations World Food Programme ( WFP ) today warned that it is running out of funds to provide food for almost 6 million Syrians receiving its life-saving assistance. More>>

UN Warns: Hundreds Of Yemeni Families In Need Of Aid

Two displaced girls stand in front of the classroom where their family has been living in Aden, Yemen. Photo: UNHCR/P. Rubio Larrauri More>>


Get More From Scoop

 
 
 
 
 
World
Search Scoop  
 
 
Powered by Vodafone
NZ independent news