March 1, 2021

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Planet foods cost index rises for seventh month running in Dec -FAO

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ROME (Reuters) – World foodstuff price ranges rose for a seventh consecutive month in December, with all the significant groups, barring sugar, submitting gains final month, the United Nations food stuff agency claimed on Thursday.

FILE Image: Wheat is observed all through sunset in a subject of the Solgonskoye farming business in the village of Solgon, Russia, in this September 6, 2014 REUTERS/Ilya Naymushin

The Foods and Agriculture Organization’s foodstuff price tag index, which actions every month modifications for a basket of cereals, oilseeds, dairy goods, meat and sugar, averaged 107.5 factors very last thirty day period versus 105.2 in November.

The November determine was previously given as 105..

For the total of 2020, the benchmark index averaged 97.9 factors, a a few-12 months high and a 3.1% boost from 2019. It was continue to down far more than 25% from its historical peak in 2011.

Vegetable oil costs ongoing current potent gains, jumping 4.7% thirty day period-on-thirty day period in December immediately after surging far more than 14.% in November. For the whole of 2020, the index was up 19.1% on 2019.

FAO reported offer tightness in main palm oil producing nations had pushed price ranges up, although trade was also impacted by a sharp hike in export obligations in Indonesia. Selling prices for soy oil rose partly for the reason that of prolonged strikes in Argentina. [POI/]

The cereal price index posted a far more modest 1.1% rise in December from the thirty day period prior to. For all of 2020 the index averaged 6.6% above 2019 ranges.

Export prices for wheat, maize, sorghum and rice all rose in December, transferring greater in element due to issues over growing situations and crop prospective customers in North and South The united states as perfectly as Russia, the Rome-based FAO mentioned.

The dairy index climbed 3.2% on the thirty day period, even so, over the whole of 2020, it averaged some 1.% fewer than in 2019.

In December, all factors of the index rose because of to robust worldwide import need brought on by problems about drier and hotter disorders on Oceania’s milk manufacturing as well as substantial internal need in Western Europe.

The meat index pushed up 1.7% very last thirty day period, when its full-yr common was 4.5% below that of 2019. FAO explained poultry quotations rebounded in December, partly owing to the impact of avian influenza outbreaks in Europe. Even so, pig meat costs fell a little bit, strike by the suspension of German exports to Asian marketplaces following African Swine Fever outbreaks.

Bucking the rises in other indices, regular sugar selling prices dipped by .6% in December. For 2020 as a full, the sub-index posted a most 1.1% attain on 2019 levels. FAO stated the relative firmness of newest details mirrored a surge in imports by China and enhanced demand for refined sugar from Indonesia. [SOF/L]

FAO did not difficulty an current forecast for throughout the world cereal harvests in January. Its up coming estimate is because of in February.

Final month, FAO revised down its forecast for the 2020 cereal season for a 3rd thirty day period operating, chopping it to 2.742 billion tonnes from a past 2.75 billion tonnes.

Reporting by Crispian Balmer

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