Planet meals rates leap in Aug, cereal harvest outlook slash -FAO

ROME, Sept 1 (Reuters) – Planet food stuff price ranges jumped in August following two consecutive months of decline, pushed up by powerful gains for sugar, vegetable oils and some cereals, the United Nations foodstuff company said on Thursday.

The Rome-based mostly Food and Agriculture Corporation (FAO) also claimed in a assertion that worldwide cereal harvests would come in at almost 2.788 billion tonnes in 2021, down on its past estimate of 2.817 billion tonnes but nonetheless up on 2020 amounts.

FAO’s foods price index, which tracks worldwide rates of the most globally traded food stuff commodities, averaged 127.4 details previous month in comparison with 123.5 in July.

The July figure was earlier presented as 123..

On a 12 months-on-year basis, selling prices had been up 32.9% in August.

FAO’s cereal rate index was 3.4% larger in August from the previous thirty day period, with reduced harvest anticipations in numerous major exporting international locations shunting up earth wheat charges by 8.8% thirty day period-on-thirty day period, whilst scarcely surged 9.%.

By contrast, maize and intercontinental rice charges declined.

FAO’s sugar index rose 9.6% % from July, pushed up by problems around frost problems to crops in Brazil, the world’s largest sugar exporter. Excellent manufacturing potential clients in India and the European Union assisted mitigate these fears to a degree.

Vegetable oil costs rose 6.7%, with palm oil selling prices hitting historic highs because of to continued worries in excess of output ranges and resulting inventory drawdowns in Malaysia. Quotations for rapeseed oil and sunflower oil also rose.

Meat costs edged up slightly in August, as strong purchases from China supported ovine and bovine meat prices and stable import desire from East Asia and the Center East lifted poultry charges, FAO claimed.

The dairy rate index edged a little bit lessen on the thirty day period.

FAO said the tumble in its estimate for entire world cereal creation this year was induced by persistent drought problems in several key producing nations around the world.

Amid the key cereals, the forecast for wheat output saw the most important downward revision — down 15.2 million tonnes considering the fact that July to 769.5 million tonnes — due mainly to adverse weather ailments in the United States, Canada, Kazakhstan and Russia.

The forecast for globe cereal utilization in 2021/22 was reduce by 1.7 million tonnes from July to 2.809 billion tonnes, continue to 1.4% greater than in 2020/21.

The estimate for entire world cereal shares by the near of seasons in 2021/22 was decreased by 27. million tonnes since July to 809 million tonnes, pointing to a decrease of .9% on stock levels registered at the begin of the time period, FAO reported. (Enhancing by Crispian Balmer)

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