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See - Sada Elbalad
a day ago
- Business
- See - Sada Elbalad
FAO: Global Food Commodity Prices Decline
Taarek Refaat The Food and Agriculture Organization of the United Nations (FAO) reported on Friday that global food commodity prices declined in May, driven by significant declines in cereals, sugar, and vegetable oils. According to the FAO's monthly index, changes in the prices of a basket of the world's most traded food commodities averaged 127.7 points in May, down 0.8% from April. The May reading was 6% higher year-on-year, but 20% lower than the peak reached in March 2022, following Russia's full-scale invasion of Ukraine that sparked a devastating war between two of the world's largest grain producers. FAO said its Cereal Price Index fell 1.8% month-on-month, driven by a sharp decline in global maize prices. Strong harvests and ample supplies in Argentina and Brazil, along with expectations of a record crop in the United States, weighed on prices. Wheat prices also declined due to improved crop conditions in the Northern Hemisphere. In contrast, rice prices rose 1.4%, supported by strong demand for aromatic varieties and currency volatility. Also, vegetable oil prices fell 3.7% compared to April, with all major oils declining. The FAO Sugar Price Index fell 2.6%, reflecting concerns about the global economic outlook, weak demand from the food and beverage industries, and expectations of a production recovery next season. In a separate report on cereals, the FAO forecast a record global cereal production of 2.911 billion tonnes in 2025, up from its previous estimate of 2.848 billion tonnes and a 2.1% increase from 2024. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News China Launches Largest Ever Aircraft Carrier Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Lifestyle Get to Know 2025 Eid Al Adha Prayer Times in Egypt Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
Trade Arabia
08-03-2025
- Business
- Trade Arabia
Global food price index up in February on sugar, dairy prices: FAO
The benchmark for global food commodity prices rose in February, propelled by increases in sugar, dairy, and vegetable oil prices, according to the new Food and Agriculture Organisation of the United Nations (FAO) report. The FAO Food Price Index, which tracks monthly changes in the international prices of a set of globally traded food commodities, averaged 127.1 points in February, up 1.6% from the previous month and 8.2% higher than its February 2024 level. The surge was largely driven by the FAO Sugar Price Index, which rose by 6.6% from January after three consecutive months of decline, reaching 118.5 points in February. The increase was fuelled by concerns over likely tighter global supplies for the 2024/25 season, particularly due to declining production prospects in India and adverse weather conditions affecting crops in Brazil. The FAO Dairy Price Index increased by 4.0%t from January, averaging 148.7 points. The rise was the result of higher prices across all major dairy products, including cheese and whole milk powder, as strong import demand exceeded production in key exporting regions. The FAO Vegetable Oil Price Index averaged 156.0 points in February, up 2% from January and as much as 29.1% higher than a year earlier. The increase was largely the result of higher prices for palm, soy, and sunflower oils, driven by seasonal supply constraints in Southeast Asia and robust demand from the biodiesel sector. The FAO Cereal Price Index edged up 0.7% in February, averaging 112.6 points. Wheat prices increased due to tighter supplies in the Russian Federation and concerns over crop conditions in eastern Europe and North America, though the overall index remained slightly below its February 2024 level. World maize prices continued to rise, underpinned by tightening supplies in Brazil and strong US export demand. By contrast, world rice prices fell by 6.8% in February due to ample exportable supplies and weak import demand.
