Global food prices fell last month, continuing an almost uninterrupted slide since April last year, led by falling dairy and sugar prices, the UN food agency said yesterday.
The UN Food and Agriculture Organization’s (FAO) food price index, which measures monthly changes for a basket of cereals, oilseeds, dairy, meat and sugar, last month averaged 165.1 points, down 1.5 points, or 0.9 percent, from May.
The reading was the lowest on the index since September 2009.
CHEAPER CRUDE OIL
High global production, a strong US dollar and cheaper crude oil have helped cap food prices over the past year and the index has been declining for more than a year, punctuated by a brief stabilization in October last year.
World cereal production is set to be “good” this year, the FAO said, forecasting overall output at 2.53 billion tonnes, fractionally above a forecast made in May, but still 1.1 percent below last year’s record harvest.
FAO senior economist Concepcion Calpe said the supply situation was “very comfortable,” but serious financial instability in parts of the world could cause future price movements.
“There is a lot of uncertainty today. We are in a more uncertain environment if we compare with previous months,” Calpe said.
‘UNCERTAINTY’
“Uncertainty can make prices move either way, especially if they come from beyond fundamentals,” she added.
While sugar and milk prices fell sharply last month, cereals and oils prices firmed and meat prices remained stable.
Maize crops in Europe and South America are set to be larger than previously expected, due to better weather conditions, boosting the overall outlook for coarse grains production.
Prospects for rice production in Asia and India have also deteriorated, prompting the FAO to cut its production forecast by 1.2 million tonnes to 499 million tonnes, barely 1 percent higher than last year’s harvest.
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