Monday, December 17, 2018
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
   

TOP NEWS

November commodity prices fall, led by decline in palm, veg oil prices
Friday, 07 December, 2018, 13 : 00 PM [IST]
Rome
Globally traded food commodity prices declined in November, led by marked drops for palm oil and other vegetable oils. This was stated by the Food and Agriculture Organization (FAO) of the United Nations (UN).

The FAO Food Price Index averaged 160.8 points for the month of November, down 1.3 per cent from October and 8.5 per cent from a year earlier. The index, an indicator of the monthly change in international prices of a basket of food commodities, is now at its lowest level since May 2016.

The FAO Vegetable Oil Price Index hit a 12-year low, declining 5.7 per cent from October. Large palm oil inventories and abundant supplies of soy and sunflower oils fuelled the decline.

The FAO Cereal Price Index, covering wheat, coarse grains and rice, dropped 1.1 per cent during the month, reflecting large export supplies of wheat, intensified export competition for maize and new crop arrivals of rice.

The FAO Dairy Price Index declined for the sixth consecutive month, falling 3.3 per cent from October, as large stocks and increased availability of export supplies - especially from New Zealand - led to lower price quotations for butter, cheese and whole milk powder.

The FAO Sugar Price Index defied the downward trend, rising 4.4 per cent in the month. The increase was mostly due to a significant production decrease expected in Brazil, which has also lowered the share of sugarcane used to produce sugar to 35.8 per cent from almost half-a-year ago.

The FAO Meat Price Index came in marginally lower, with only bovine meat prices rising during the month.

Updated forecasts for cereals output and trade
FAO also released a new Cereal Supply and Demand Brief, marking down its forecast for world cereal production in 2018 to 2,595 million tonne, some 2.4 per cent below the record high reached last year.

The new forecast figures do not incorporate recent and significant historical revisions made by China to its grain production estimates, for maize in particular, which are under review by FAO with an eye to updated assessments early next year.

World rice production this year remains on course to reach a new high of 513 million tonne, representing a 1.3 per cent increase from 2017. By contrast, FAO lowered its forecast for global wheat output to 725.1 million tonne due to smaller-than-earlier expected harvests in Turkey and the Russian Federation. The projection for world production of coarse grains was also lowered, to 1,357 million tonne, due to downward revisions to barley and sorghum outputs.

FAO expects greater planting of winter wheat crops in the northern hemisphere as well as higher maize production in much of the southern hemisphere, although the prospects of a possible El Nino event impair the outlook in South Africa and the neighbouring countries.

World cereal utilisation during the 2018-19 season is expected to rise by 1.3 per cent to 2,649 million tonne, led by stronger feed and industrial uses of maize.

World cereal stocks are forecast to stand at 762 million tonne by the close of seasons in 2019, some 6.5 per cent below their all-time high opening levels. Maize inventories are anticipated to contract by 14 per cent, while wheat stocks should decline by at least 12 per cent. World rice stocks, by contrast, are expected to increase by 2.7 per cent to hit an historical high of 177 million tonne.

International trade in cereals is still forecast to contract in 2018-19, though the decline, estimated at 1.1 per cent, is smaller than it was anticipated in November.
 
Print Article Back FNB News Twitter
Post Your commentsPost Your Comment
* Name :    
* Email :    
  Website :  
Comments :  
   
   
Captcha :
 

 
 
Food and Beverage News ePaper
 
 
Interview
"We plan to put 10000 SmarTrucks, hire 20000 drivers"
Past News...
 
FORTHCOMING EVENTS
 

FNB NEWS SPECIALS
 
Overview
Packaged wheat flour market growth 19% CAGR; may reach Rs 7500 cr: Ikon
Past News...
 
 
Advertise Here
 
Advertise Here
 
Advertise Here
 
Recipe for Success
Recipe for Success: MasterChef’s hat the most rewarding for multiple hat-wearer Bhadouria
Past News...



Home | About Us | Contact Us | Feedback | Disclaimer
Copyright © Food And Beverage News. All rights reserved.
Designed & Maintained by Saffron Media Pvt Ltd