After two consecutive months of decline in June and July, world meals commodity costs skilled a “speedy rebound” in August, led by sugar, vegetable oils and grains, in line with the United Nations. meals and agriculture (FAO).
The FAO Meals Value Index on common 127.4 factors in August 2021, up 3.9 factors – or 3.1% – in comparison with July and 31.5 factors – or 32.9% – in comparison with the identical interval within the 12 months final.
FAO – dairy index
Nevertheless, the FAO dairy worth index averaged 116 factors in August, down barely from July, however nonetheless 13.9 factors – or 13.6% – above its worth. of the corresponding month in 2020.
In August, worldwide quotations for milk powders fell, however then again, worth quotations for cheese elevated, supported by elevated home demand and tight provides in Europe, offset by a slight drop in costs in Oceania (made up of 1000’s of islands throughout the Central and South Pacific) on the rise in manufacturing.
Butter costs additionally rose barely, underneath strain from sturdy import demand from East Asia.
The meat worth index averaged 112.5 factors in August, up barely from July, placing the index 20.3 factors – or 22% – above its worth of the corresponding month of final 12 months.
In August, worldwide costs for sheepmeat and beef rose primarily because of excessive purchases, primarily from China, and restricted provides of slaughter animals in Oceania.
Poultry meat costs have additionally elevated, reflecting sturdy import demand from East Asia and the Center East, and restricted manufacturing expansions in some main exporting nations because of excessive prices. inputs and labor shortages.
In distinction, pigmeat costs fell because of the continued decline in purchases from China and weak home demand in Europe amid a slight enhance within the provide of ready-to-market pigs. slaughter.
With a median of 129.8 factors in August, the cereals index was up 4.3 factors – or 3.4% – in comparison with July and 30.8 factors – or 31.1% – up to now. above its August 2020 stage.
Weak crop forecasts in a number of main exporting nations pushed world wheat costs up 11.1 factors – 8.8% – month on month, to 41.5 factors – or 43.5 – above their stage from a 12 months in the past.
Amongst different cereals, the worth improvement was blended in August.
Prospects for decrease barley manufacturing, notably in Canada and the USA, and the fallout from greater wheat costs pushed worldwide barley values up 10.9 factors – 9.0 % – since July, to 34.7 factors – or 35.6% – above their ranges of a 12 months in the past.
In distinction, corn costs fell barely by 1.3 factors – 0.9%. Enhancing manufacturing prospects in Argentina, the EU and Ukraine mitigated the results of decrease manufacturing forecasts in Brazil and the USA.
Worldwide rice costs remained on a downward path in August, influenced by efforts to advertise abroad gross sales in addition to foreign money fluctuations.