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The world food price index rose for 7 consecutive months, this year's grain index is the highest in 6 years

Soybean
Published Jan 9, 2021

Tridge summary

(Seoul = Yonhap News) Reporter Go Eun-ji = The Food and Agriculture Organization of the United Nations (FAO) World Food Price Index rose for seven consecutive months. FAO announced on the 8th that last month's global food price index rose 2.2% from the previous month to 107.5 points. This index has been rising for the seventh consecutive month since 91.0 in May. FAO monitors international price trends for 24 items since 1990 and publishes monthly food price indexes for each of the five product groups (grain, oil, meat, dairy, and sugar). When looking at the price index by item, grain was calculated at 115.7 points, up 1.1% from the previous month. Wheat prices were strong as the supply of major exporters declined and the forecast that wheat shipments would decrease after Russia's export quota was announced. Concerns that production in South America could decline and the ripple effect of rising soybean prices led to a rise in rice prices as demand from India and Pakistan increased while supply from Thailand and Vietnam was given. Oils and fats recorded 127.6 points, up 4.7% from the previous month.

Original content

Palm oil prices rose for seven consecutive months due to shortages in supply from major producers, and soybean oil prices reached the highest level in seven years as a long strike in Argentina affected soybean crushing and port logistics. Rapeseed oil and sunflower seed oil showed strong prices due to increased demand and rising palm oil prices. Dairy products rose 3.2% from the previous month to 108.8 points. Influenced by growing concerns that the oceania region is hot and dry, which could reduce milk production. Meat was 94.3 points, up 1.7% from the previous month. As for poultry meat, avian influenza (AI) outbreaks in Europe and demand in the Middle East increased, prices for beef and mutton increased due to insufficient supply in Oceania. Sugar was 87.0 points, the only drop of 0.6% among the five product groups. This is because the import of sugar from China, the world's second largest importer, is expected to increase, and production from Brazil and India, the world's ...
Source: Yna
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