FAO: Wheat and meat push FAO Food Price Index higher in June
Global food commodity prices rose in June, led by wheat and meat prices.
The FAO Food Price Index, a monthly trade-weighted index tracking international market prices of five major food commodity groups, released today, averaged 175.2 points in June, up 1.4 percent from May and 7.0 percent from a year earlier.
The FAO Cereal Price Index rose by 4.2 percent in the month, amid surging prices of high-protein wheat due to deteriorating crop conditions in the United States of America. Maize prices, by contrast, declined amid record harvests in South America.
FAO’s price indices for meat and dairy products also rose, while those for vegetable oils and sugar dropped.
Cereal stocks on course to hit new record
Despite tightening supply conditions for high-protein wheat, global cereal supplies are likely to remain abundant in the coming year, according to FAO’s latest Cereal Supply and Demand Brief, also released today.
FAO revised down its June forecast for global wheat output in 2017, while raising those of maize and rice. Global cereal production this year is likely to total 2 593 million tonnes, some 0.6 percent below that of 2016.
World cereal stocks are expected to expand further to a new record high of around 704 million tonnes.
Global food commodity prices rose in June, led by wheat and meat prices. The FAO Food Price Index, a monthly trade-weighted index tracking international market prices of five major food commodity groups, released today, averaged 175.2 points in June, up 1.4 percent from May and 7.0 percent from a year earlier. The FAO Cereal Price Index rose by 4.2 percent in the month, amid surging prices of high-protein wheat due to deteriorating crop conditions in the United States of America. Maize prices, by contrast, declined amid record harvests in South America. FAO’s price indices for meat and dairy products also rose, while those for vegetable oils and sugar dropped. Cereal stocks on course to hit new record Despite tightening supply conditions for high-protein wheat, global cereal supplies are likely to remain abundant in the coming year, according to FAO’s latest Cereal Supply and Demand Brief, also released today. FAO revised down its June forecast for global wheat output in 2017, while raising those of maize and rice. Global cereal production this year is likely to total 2 593 million tonnes, some 0.6 percent below that of 2016. World cereal stocks are expected to expand further to a new record high of around 704 million tonnes.
Related news
FAO’s guide to International Potato Day helps you prepare for the first World Potato Day on May 30
While preparations are already underway for the first celebration of…
Read more >FAO Cereal Supply and Demand Brief
FAO’s forecast for world cereal production in 2023/24 has been raised marginally…
Read more >The export volume of wheat and barley increased in 2023
The export value and foreign trade assets of cereals were…
Read more >Related news
Waves in the company trend – the changing faces of liquidations and company formations
Even with decreasing terminations, decreasing numbers of companies in the…
Read more >IGD: Retail media and increased efficiency will be important in 2024
This article sets out to summarise the retail trend predictions…
Read more >Domestic businesses are planning cautiously but consciously – VOSZ Barometer business sentiment analysis – Q1 2024
Uncertainty is still strongly felt in the business mood of…
Read more >