FAO: International food prices stagnated in October
The international index for food prices ended October with a minimal – half a percent – decrease, only dairy products rose in price – reported the Food and Agriculture Organization of the United Nations (FAO).
With this, the October value of the FAO food price index – which tracks the monthly price changes of the most important food raw materials in international trade – was 10.9% below the level of a year earlier.
The cereal price index decreased by 1.0% in one month. Rice prices on international markets fell by 2.0% due to sluggish import demand, while wheat prices fell by 1.9% due to strong supply from the United States of America and intense competition among exporters. On the other hand, quotations for grain crops – led by corn – increased somewhat, partly due to low Argentine stocks.
The vegetable oil price index has shrunk 0.7% since September, after lower palm oil prices due to seasonally high output and depressed demand more than offset gains in soybean, sunflower and canola oils. The price of soybean oil increased mainly due to higher demand from biodiesel producers.
Although the price index of sugar decreased by 2.2%, it still exceeded its value a year ago by 46.6%. The correction in October was due to the rapid pace of Brazilian production, but the possibly shrinking global output limited the fall in the season ahead.
Related news
Strategic goal is for Hungary to become self-sufficient in potato production
The Ministry of Agriculture (MA) considers strengthening domestic potato production,…
Read more >Higher coffee bean prices than ever because of the bad weather
World coffee prices hit a multiyear high in 2024, after…
Read more >The FAO European Foot-and-Mouth Disease Committee held its plenary session in early May
The FAO Foot-and-Mouth Disease Committee (EuFMD) reviewed and assessed the…
Read more >Related news
Viktor Orbán: we will introduce margin reduction for new products as well, if necessary
The margin regulation must be maintained because people must be…
Read more >Healthy meat products rich in fiber and protein have been developed in Debrecen
A new product line consisting of health-promoting, fiber- and protein-rich…
Read more >German retail sales fell month-on-month in April
In Germany, retail sales fell by 1.1 percent in real…
Read more >