Food prices are broadly stable amid record cereal inventories
Wednesday, 2016/12/14 | 08:07:46
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FAO Food Price Index dips slightly in November, maize and rice on course for record output in 2016
Figure: Harvesting maize in Jalal-Abad Oblast, Kyrgyzstan.
8 December 2016, ROME--The FAO Food Price Index dipped slightly in November, marking a mild departure from its steady rise over the course of 2016.
The Index declined 0.4 percent from October, averaging 171.3 points in November, as a sharp drop in sugar prices outweighed an increase in palm oil quotations.
FAO's Food Price Index, a trade-weighted index tracking international market prices for five major food commodity groups, is still 10.4 percent higher than in November 2015.
The FAO Sugar Price Index fell 8.9 percent from October, reflecting reports of a higher-than-expected harvest in Brazil, the world's largest sugar producer, and a weakening of the Brazilian real with respect to the U.S. dollar.
The FAO Vegetable Oil Price Index rose 4.5 percent in the month, led by lower-than-anticipated production of palm oil in Southeast Asia as well as below-potential soybean crushing of in South America.
Other commodities were more stable. The FAO Meat Price Index was unchanged from October. The FAO Dairy Price Index rose 1.9 percent, continuing a recent upward trend after a protracted slump. The FAO Cereal Price Index declined 0.6 percent, as global supplies are ample and strong harvest prospects in Argentina and Australia weighed on wheat quotations.
See more: http://www.fao.org/news/story/en/item/458033/icode/ |
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