Globe food stuff selling price index rises for seventh thirty day period operating in Dec -FAO

ROME (Reuters) – World foods selling prices rose for a seventh consecutive thirty day period in December, with all the important groups, barring sugar, putting up gains final thirty day period, the United Nations foods company said on Thursday.

FILE Photo: Wheat is witnessed all through sunset in a discipline of the Solgonskoye farming enterprise in the village of Solgon, Russia, in this September 6, 2014 REUTERS/Ilya Naymushin

The Foods and Agriculture Organization’s foodstuff value index, which steps month-to-month modifications for a basket of cereals, oilseeds, dairy items, meat and sugar, averaged 107.5 factors very last month versus 105.2 in November.

The November figure was previously provided as 105..

For the total of 2020, the benchmark index averaged 97.9 factors, a a few-yr higher and a 3.1% boost from 2019. It was continue to down extra than 25% from its historic peak in 2011.

Vegetable oil selling prices continued recent sturdy gains, jumping 4.7% month-on-month in December following surging far more than 14.% in November. For the complete of 2020, the index was up 19.1% on 2019.

FAO explained provide tightness in significant palm oil developing countries experienced pushed prices up, even though trade was also impacted by a sharp hike in export duties in Indonesia. Prices for soy oil rose partly simply because of extended strikes in Argentina. [POI/]

The cereal selling price index posted a additional modest 1.1% increase in December from the month just before. For all of 2020 the index averaged 6.6% earlier mentioned 2019 levels.

Export costs for wheat, maize, sorghum and rice all rose in December, shifting higher in aspect owing to worries over rising situations and crop prospective customers in North and South The us as properly as Russia, the Rome-centered FAO explained.

The dairy index climbed 3.2% on the month, even so, in excess of the full of 2020, it averaged some 1.% considerably less than in 2019.

In December, all factors of the index rose due to potent world import desire induced by problems more than drier and warmer disorders on Oceania’s milk generation as properly as high inner need in Western Europe.

The meat index pushed up 1.7% final month, while its total-yr regular was 4.5% down below that of 2019. FAO stated poultry quotations rebounded in December, partly owing to the affect of avian influenza outbreaks in Europe. Even so, pig meat charges fell a little, hit by the suspension of German exports to Asian marketplaces following African Swine Fever outbreaks.

Bucking the rises in other indices, ordinary sugar costs dipped by .6% in December. For 2020 as a full, the sub-index posted a most 1.1% get on 2019 amounts. FAO claimed the relative firmness of latest knowledge reflected a surge in imports by China and greater demand for refined sugar from Indonesia. [SOF/L]

FAO did not difficulty an updated forecast for all over the world cereal harvests in January. Its subsequent estimate is thanks in February.

Last thirty day period, FAO revised down its forecast for the 2020 cereal season for a third thirty day period functioning, cutting it to 2.742 billion tonnes from a preceding 2.75 billion tonnes.

Reporting by Crispian Balmer

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