FAO increased the forecast of global grain production due to a better harvest in Ukraine and the Russian Federation

Published 2023년 10월 9일

Tridge summary

The FAO Food Price Index remained relatively stable in September, with only a slight increase from August. However, it is still significantly lower compared to the previous year and the all-time high recorded in March 2022. There were mixed trends in commodity prices, with a rise in world corn prices and a decrease in vegetable oil prices, while the sugar price index reached its highest level in a decade. Overall, global grain stocks are forecasted to reach a record high, and the demand for cereal consumption is expected to increase.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

In September, the FAO Food Price Index, which tracks monthly changes in international prices for a basket of staple food commodities, stood at 121.5, compared with 121.4 in August. This figure is 10.7 percent below its value last year and 24.0 percent below the all-time high recorded in March 2022. The FAO Cereals Price Index rose 1.0 percent from last month, thanks to a 7.0 percent rise in world corn prices, driven by strong demand for Brazilian produce, a slowdown in farmer sales in Argentina and higher barge freight rates due to low water levels in the Mississippi River in the United States of America. World wheat prices fell 1.6 percent on ample supply and a good production outlook in the Russian Federation, while FAO's overall rice price index fell 0.5 percent amid overall weak import demand. FAO's vegetable oil price index fell 3.9 percent from August, with international quotes for palm, sunflower, soybean and canola oils falling, partly due to seasonal production growth and ...

Source: Infoindustria