Meat prices declines
The FAO Meat Price Index has declined in July, by 1.8% compared with June and sits 9.2% below the level reported in July 2019, informs FAO. Pig and bovine meat quotations both fell in the month as global import demand volumes remained below export availabilities, despite the coronavirus-induced disruptions to the industry in key exporting regions, explained the UN organization.
On the other hand, reduced poultry production in Brazil has pushed up prices for chicken meat. Concern over future demand and high feed costs have forced Brazilian poultry producers to cut their production. However, chicken meat is in high demand in the domestic market and prices have increased by 2.2%, according to ABPA.
In contrast with meat, the Food and Agriculture Organization's Food Price Index averaged 94.2 points in July, a 1.2% increase from June and nearly 1.0% higher than July 2019, supported by the increase reported in prices of dairy, vegetable oil, sugar and cereals.
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