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FAO: Food prices rise amid maize crop low forecast
07.06.2019 14:12 "Agro Perspectiva" (Kyiv) —
As of this year May, the global food prices rose for the fifth consecutive month, pushed up by rising prices of cheese and maize due to adverse weather conditions, FAO reports referring to the newest FAO Food Price Index.
As to the report, the FAO Food Price Index, which tracks monthly changes of the international prices of commonly traded food commodities, averaged 172.4 points within this year May, up 1.2% from this year Apr, but still 1.9% below last year May.
Thus, as of this year May, the FAO Dairy Price Index rose 5.2% against this year Apr, nearing a five-year high. The upswing, centered on cheese prices, reflected robust global import demand amid tight export availabilities from drought-ridden Oceania.
Reportedly, the FAO Cereal Price Index rose 1.4%, entirely driven by a sudden surge of maize price quotations in response to diminishing production prospects in the United States of America, where planting of the crop is off to the slowest pace ever recorded due to widespread flooding and rain. Wheat prices generally dipped, while those of rice held broadly steady.
Besides, the FAO Sugar Price Index declined 3.2% for the month, as prospects of increased output in India, the world largest producer, outweighed a reported 17% annual drop in production in Brazil. Weaker international energy prices, which reduce demand for sugarcane to produce biofuels, also negatively affected sugar prices.
Also, the FAO Vegetable Oil Price Index declined 1.1% as palm oil values declined on account of large inventory levels in leading exporting countries. Prices of soy, sunflower ad rapeseed oils increased modestly.
Besides, as of this year May, the FAO Meat Price Index was up marginally as pig meat price quotations continued to rise amid strong import demand from East Asia, where the African Swine Fever has decimated production. Bovine meat prices declined against this year Apr highs, reflecting elevated global export supplies.
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