… 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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