The FAO Meat Value Index was just about unchanged
9 July 2024
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The benchmark for world meals commodity costs was unchanged in June, as will increase in worldwide quotations for vegetable oils, sugar and dairy merchandise offset a lower in these for cereals, the Meals and Agriculture Group of the United Nations (FAO) reported Friday.
The FAO Meals Value Index, which tracks month-to-month modifications within the worldwide costs of a set of globally-traded meals commodities, averaged 120.6 factors in June, the identical as its revised determine for Could. The index is now 2.1 p.c decrease than its year-earlier worth and 24.8 p.c under its March 2022 peak.
The FAO Cereal Value Index declined by 3.0 p.c in June from Could, with quotations for coarse grains, wheat and rice all down, pushed partially by improved manufacturing prospects in main exporting nations.
The FAO Vegetable Oil Value Index, against this, rose 3.1 p.c from Could, buoyed by reviving world import demand for palm oil and agency demand from the biofuel sector within the Americas for soy and sunflower oils.
The FAO Sugar Value Index elevated by 1.9 p.c from Could after three consecutive month-to-month declines, due largely to issues over the probably affect of opposed climate and monsoons on manufacturing in Brazil and India.
The FAO Dairy Value Index rose by 1.2 p.c, with worldwide quotations for butter reaching a 24-month excessive on the again of elevated world demand for near-term deliveries amidst sturdy retail gross sales, seasonally falling milk deliveries in Western Europe and low inventories in Oceania.
The FAO Meat Value Index was just about unchanged in June, as slight will increase on the earth costs of ovine, pig and bovine meats almost offset a supply-led decline in worldwide poultry meat costs.
International cereal output seen hitting all time excessive in 2024
FAO additionally up to date its forecast for world cereal manufacturing in 2024, now pegging it at 2 854 million tonnes, a brand new all-time excessive.
The Cereal Provide and Demand Transient, additionally issued by FAO immediately, attributed its raised projections to a greater harvest outlook for maize in Argentina and Brazil in addition to Türkiye and Ukraine, which can offset downgrades to the outlook for Indonesia, Pakistan and a number of other Southern African nations. The wheat manufacturing forecast has additionally been raised primarily based on higher prospects in Asia, notably Pakistan, which ought to outpace an anticipated decline within the Russian Federation as a result of inclement climate in main wheat producing areas earlier within the season. International rice manufacturing is projected to succeed in a file 535.1 million tonnes.
World cereal complete utilization in 2024/25 is forecast to rise to 2 856 million tonnes, up 0.5 p.c from the earlier yr, led by rice and coarse grains.
World cereal shares are forecast to broaden by 1.3 p.c in 2025, leaving the worldwide cereal stocks-to-use ration in 2024/25 almost unchanged at 30.8 p.c.
FAO’s forecast for worldwide commerce in complete cereals stays unchanged at 481 million tonnes, representing a 3.0 p.c decline from 2023/24.
Conflicts, droughts, drive meals insecurity
Conflicts are producing extreme ranges of acute meals insecurity particularly in Yemen, the place almost 4.6 million folks in government-controlled areas had been estimated to be dealing with excessive ranges of acute meals insecurity, and the Gaza Strip and Sudan, the place populations are additionally dealing with the danger of famine, in line with the most recent Crop Prospects and Meals Scenario report, additionally printed immediately.
The triannual publication by FAO’s International Data and Early Warning System (GIEWS) affords a granular overview of starvation developments within the 45 nations it recognized in want of exterior help for meals.
It additionally affords a regional breakdown of cereal manufacturing and prospects. Cereal manufacturing in Low-Earnings Meals Deficit International locations is predicted to extend in 2024, however development is uneven across the 44-nation group.
Of specific concern is the projected virtually 20 p.c annual drop in complete cereal manufacturing in Southern Africa in 2024, as a result of widespread sizzling and dry situations. Import necessities for the subregion are projected to be greater than double the previous five-year common, assuming regular consumption ranges are maintained. Zambia, normally a internet exporter of maize, is forecast to import almost a million tonnes in 2024. Though world maize suppliers are anticipated to be ample, most is yellow maize, whereas world provide of the white maize that may be a staple meals in Southern Africa is tight, the report famous.
