The Food and Agriculture Organisation (FAO) has said that
its latest founding shows that palm oil keeps global food price trending in the
month of April 2016, reports NaijaAgroNet.
Just as NaijaAgroNet gathered that its updated global cereal
harvest forecast points to stable markets for key staples, which also rose in
April, marking its third consecutive monthly increase after four years of
decline.
Also, NaijaAgroNet reports that the FAO Food Price Index
averaged 151.8 points in April, a 0.7 per cent increase from March, which is
about 10 per cent below its level a year ago and more than a third off its 2011
highs.
The gradual increase, FAO said, is far from even across the
board, adding that April's increase was driven by palm oil prices and, in a
minor key, cereals, while sugar prices tapered down after a strong increase in
March.
The FAO Food Price Index is a trade-weighted index tracking
international market prices for five key commodity groups, namely the major
cereals, vegetable oils, dairy, meat and sugar. Its decline over the past year
reflects ample food supplies, a slowing global economy and a stronger U.S.
dollar.
The FAO Vegetable Oil Price index rose 4.1 per cent, due
largely to a grim 2016 production outlook for palm oil coupled with a growing
worldwide demand.
NaijaAgroNet equally reports that the FAO Cereal Price Index
rose 1.5 per cent on the month, due primarily to international maize
quotations, themselves influenced by a weaker United States dollar and
spillover from the oilseeds complex.
However, rice prices declined marginally, while wheat
markets posted limited gains amid expectations of large supplies in the new
season for the crop.
Remmy Nweke
... Linking agrobiz, sustainable environs, people & technology
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