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Showing posts with label March. Show all posts
Showing posts with label March. Show all posts

Tuesday, April 11, 2017

Global food prices decline in March

… Sugar, vegetable oils slide
The global food prices monitored by Food and Agriculture Organisation (FAO) fell in March amid large available supplies and expectations of strong harvests, reports NaijaAgroNet.

The FAO Food Price Index, made available to NaijaAgroNet showed average at nearly 171 points in March, marking a 2.8 percent drop from the previous month while remaining 13.4 percent above its level a year earlier. 

FAO's Food Price Index is a trade-weighted index tracking international market prices of five major food commodity groups.

FAO also released its first world cereal supply and demand outlook for the year ahead, expecting it to be "another season of relative market tranquillity" with grain inventories remaining at near-record levels.

Meanwhile, NaijaAgroNet gathered that meat prices are exception in general downward trend, according to the FAO Cereal Price Index declined 1.8 percent from February, led down by wheat and maize. It is now roughly par with its March 2016 level.

The FAO Vegetable Oil Price Index was 6.2 percent lower on the month. Palm oil and soy oil quotations both fell in March on the back of improving production forecasts, while those of rape and sunflower seed oils also declined due to higher-than-expected availabilities.

The FAO Sugar Price Index declined by 10.9 percent to its lowest level since May 2016 amid weak import demand and expectations of robust Brazilian supplies entering world markets as a result of strong harvests and slower domestic uptake for bio-ethanol production.

Buoyant milk supplies led to a 2.3 percent monthly decline in the FAO Dairy Price Index, which, however, remained well above its year-ago level.


The FAO Meat Price Index rose 0.7 per cent, led upward by firm import demand from Asia for bovine meat and pigmeat.

Isaac Oyimah/GEE
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Saturday, April 4, 2015

FAO: Sugar induces decline in food price index

 NaijaAgroNet
 

 The Food and Agriculture Organization (FAO) Food Price Index has continued to decline in March by1.5 per cent from February and 18.7 percent (40 points) below its level a year earlier, NaijaAgroNet reports.

The FAO food price is a trade-weighted index that tracks prices of five major food commodity groups on international markets, namely cereals, meat, dairy products, vegetable oils and sugar.

NaijaAgroNet also reports that a sharp fall in the price index for sugar which reached its lowest level since February 2009 together with dipping prices for vegetable oils, cereals and meat, more than offset a rise in dairy prices and contributed to the lower index, which in March averaged 173.8 points.

The index, NaijaAgroNet gathered has been on a downward path since April 2014.
The FAO noted that the Sugar Price Index averaged 187.9 points in March, down a sharp 9.2 percent from February. Stressing this was mainly due to improved crop prospects but also the continued weakening of the Brazilian currency against the US dollar, which is supportive to exports, NaijaAgroNet learnt.

The cereal output estimate for 2014, on other hand, rose to 2 544 million tonnes mainly due to a larger than anticipated maize harvest in the European Union, which confirmed that the global cereal output in 2014 would outstrip the 2013 record by 1 per cent.

Cyriacus Nnaji/ GEE

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