After two consecutive months of decline in June and July, world meals commodity costs skilled a “fast rebound” in August, led by sugar, vegetable oils and grains, based on 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 value 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 costs for milk powders fell, however then again, costs for cheeses rose, 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 all through and the South Pacific Ocean) on rising manufacturing.
Butter costs additionally rose barely, beneath strain from robust import demand from East Asia.
The meat value 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 as a consequence of excessive purchases, primarily from China, and restricted provides of slaughter animals in Oceania.
Poultry meat costs have additionally elevated, reflecting robust import demand from East Asia and the Center East and restricted manufacturing expansions in some main exporting international locations as a consequence of excessive prices of commodities. 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 improve 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% – prior to now. above its August 2020 stage.
Weak crop forecasts in a number of main exporting international locations 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 value improvement was combined in August.
Prospects for decrease barley manufacturing, significantly in Canada and america, 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 america.
Worldwide rice costs remained on a downward path in August, influenced by efforts to advertise abroad gross sales in addition to foreign money fluctuations.