Cereal prices declined by 1.3 per cent in the month of December from its November value due to intensifying export competition among maize producers according to the Food and Agriculture Organisation (FAO), reports NaijaAgroNet.
FAO in its Cereal Price Index made available to NaijaAgroNet said expectations of more wheat supplies entering world markets after Argentina removed export taxes was a major influencer, noting that the sub-index, which includes rice, shed 15.4 per cent on average during 2015 from the previous year.
While the Dairy Price Index subsided 1.0 per cent in December, and over the year was 28.5 per cent below its average level in 2014, the sharpest decline of any food commodity, a press statement from FAO showed.
The Meat Price Index, however, dropped by 2.2 per cent in December, which was prompted by surging pork output in Europe and reduced U.S. demand for imported beef, pointing out that “Over the full year, meat was on average 15.1 cheaper than in 2014.”
Whereas the Vegetable Oil Price Index rose 2.1 per cent in December, pushed up by uncertainties regarding Brazil's soybean crop, but over 2015 as a whole was 19 per cent below the previous year.
Meanwhile, FAO's Sugar Price Index rose 0.6 per cent in December, but was on average 21 per cent lower in 2015 than the previous year.
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