Following two months of stability, new statistics released by the United Nation’s Food and Agriculture Organization (FAO) revealed the FAO Food Price Index rose 1.4%, or 3 points, from its level in August.
The FAO Food Price Index, measuring the monthly change in international prices of a basket of 55 food commodities, climbed to 216 points in September from 213 points in August. The rise reflected strengthening dairy and meat prices and more contained increases for cereals. Prices of sugar and oils, on the other hand, fell. The FAO Index currently stands 22 points below its peak of 238 points in February 2011, and 9 points below its level of 225 points in September 2011.
The Cereal Price Index averaged 263 points in September, up 3 points from August, as gains in wheat and rice offset a decline in maize. At this level, the FAO Cereal Price Index is 7% higher than in the corresponding period last year but still 4% below the peak of 274 points registered in April 2008. While shrinking maize export availabilities and high maize prices have been leading cereal markets in recent months, tightening wheat supplies have also become a concern. Nonetheless, international wheat prices fell toward the second half of the month, following the announcement by the Russian Federation that it would not impose restrictions on exports.
The Dairy Price Index averaged 188 points in September, up 7% from August, representing the sharpest monthly increase since January 2011. All the five dairy products monitored saw prices rise, in particular skim milk powder and casein, which both surged by 12%. World demand for milk products remains firm which, combined with increasing feed costs, is underpinning world quotations.
The Oils/Fats Price Index averaged 225 points in September, down 0.4% from August. While prices for soy, rapeseed and sunflower oil remained firm during most of September, palm oil quotations dropped for the second consecutive month reflecting seasonally high production, which, combined with weak demand, has led to a marked rise in stocks.
The Meat Price Index averaged 175 points in September, up 2.1% from August. The grain-intensive pig and poultry sectors recorded particularly strong gains, increasing by 6% and 2%, respectively. Bovine prices made little headway, while sheep meat values were stable.
The Sugar Price Index averaged 284 points in September, down 4.2% from August, and 25% from September 2011. The decline in sugar quotations reflects improved sugarcane harvest in Brazil, the world’s largest sugar exporter, and improved crop prospects in some key producing regions including India, China and Thailand.
The FAO Food Price Index, measuring the monthly change in international prices of a basket of 55 food commodities, climbed to 216 points in September from 213 points in August. The rise reflected strengthening dairy and meat prices and more contained increases for cereals. Prices of sugar and oils, on the other hand, fell. The FAO Index currently stands 22 points below its peak of 238 points in February 2011, and 9 points below its level of 225 points in September 2011.
The Cereal Price Index averaged 263 points in September, up 3 points from August, as gains in wheat and rice offset a decline in maize. At this level, the FAO Cereal Price Index is 7% higher than in the corresponding period last year but still 4% below the peak of 274 points registered in April 2008. While shrinking maize export availabilities and high maize prices have been leading cereal markets in recent months, tightening wheat supplies have also become a concern. Nonetheless, international wheat prices fell toward the second half of the month, following the announcement by the Russian Federation that it would not impose restrictions on exports.
The Dairy Price Index averaged 188 points in September, up 7% from August, representing the sharpest monthly increase since January 2011. All the five dairy products monitored saw prices rise, in particular skim milk powder and casein, which both surged by 12%. World demand for milk products remains firm which, combined with increasing feed costs, is underpinning world quotations.
The Oils/Fats Price Index averaged 225 points in September, down 0.4% from August. While prices for soy, rapeseed and sunflower oil remained firm during most of September, palm oil quotations dropped for the second consecutive month reflecting seasonally high production, which, combined with weak demand, has led to a marked rise in stocks.
The Meat Price Index averaged 175 points in September, up 2.1% from August. The grain-intensive pig and poultry sectors recorded particularly strong gains, increasing by 6% and 2%, respectively. Bovine prices made little headway, while sheep meat values were stable.
The Sugar Price Index averaged 284 points in September, down 4.2% from August, and 25% from September 2011. The decline in sugar quotations reflects improved sugarcane harvest in Brazil, the world’s largest sugar exporter, and improved crop prospects in some key producing regions including India, China and Thailand.
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