FAO Meat Price Index continues to rise
Meat prices have continued their ascendant trajectory in August, according to the latest FAO global food commodity report. There were increases in the prices for poultry, beef and sheepmeat, while pork was falling.
The FAO Meat Price Index rose slightly in August and averaged 112.5 points, thus continuing the upward trend that has now been running for ten months in a row. Thus, in August, the index was 20.3 points (+ 22%) above the value registered in the same month last year.
The high level of purchases, mainly from China, and the limited supply of animals for slaughter in Oceania have led to an increase in international prices for sheep and beef.
As for poultry meat prices, they also rose, reflecting strong import demand in East Asia and the Middle East and limited production expansion in some of the major exporting countries as a result of high production costs. inputs and labor shortages.
By contrast, pork prices fell in August due to continued declines in purchases from China and weak domestic demand in Europe against a background of slightly increased supply of ready-for-slaughter pigs.
Overall, global food commodity prices rebounded rapidly in August after two consecutive months of decline, led by strong gains in the international price quotations for sugar, wheat and vegetable oils, the Food and Agriculture Organization of the United Nations (FAO) reported today.
The FAO Food Price Index averaged 127.4 points in August, up 3.1 percent from July and 32.9 percent from the same month in 2020. The index tracks monthly changes in the international prices of commonly traded food commodities.
The FAO Sugar Price Index rose 9.6 percent from July, pushed up by concerns over frost damage to crops in Brazil, the world's largest sugar exporter. The increase was mitigated by good production prospects in India and the European Union as well as by a decline in crude oil prices and a weakening of the Brazilian real.
The FAO Vegetable Oil Price Index increased by 6.7 percent in August, with international palm oil prices reverting to historic highs due to protracted concerns over below-potential production and resulting inventory drawdowns in Malaysia. Quotations for rapeseed oil and sunflower oil also rose.
The FAO Cereal Price Index averaged 3.4 percent higher in August than July. World wheat prices jumped by 8.8 percent due to reduced harvest expectations in several major exporting countries. Maize prices, by contrast, declined 0.9 percent as improved production prospects in Argentina, the European Union and Ukraine moderated the lowered production forecasts in Brazil and the United States of America. International rice prices remained on a downward trajectory.
The FAO Dairy Price Index was down marginally from July, as international quotations for milk powders declined amid a weak global import demand and seasonally rising export availabilities in Oceania, more than offsetting rising butter and cheese prices.
However, meat prices have been rising for 11 months now, despite COVID-19 restrictions imposed in several markets and disruptions appeared in the supply chain.
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