The United Nations meals company’s world worth index fell in February for a seventh consecutive month as decrease costs for all main cereals greater than offset the rising worth of sugar and meat.
The Meals and Agriculture Group’s worth index, which tracks essentially the most globally traded meals commodities, averaged 117.3 factors in February, down from a revised 118.2 factors the earlier month, the company stated on Friday.
The February studying was the bottom since February 2021.
The cereal index fell 5 per cent month-on-month in February to face 22.3 per cent beneath its stage a 12 months in the past because of expectations of enormous maize harvests in South America and aggressive costs provided by Ukraine.
Vegetable oil costs fell 1.3 per cent in February from January to face 11 % beneath 12 months in the past ranges amid prospects for considerable South America provides. Rapeseed and sunflower oil costs additionally fell, because of ample exports.
The UN company’s sugar index, against this, rose 3.2 per cent month-on-month in February, reflecting persistent considerations over prime producer Brazil’s upcoming output and forecast manufacturing declines in Thailand and India.
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In a separate report on cereal provide and demand, the company raised its estimate for 2023 cereal output by 1.1 per cent from the earlier 12 months to 2,840 million metric tons because of elevated maize provides in Brazil, China and america.
Waiting for 2024, the UN company pegged wheat output up one per cent from a 12 months earlier at 797 million tons because of beneficial climate in North America and prime exporter Russia, in addition to in China, India, Iran, Pakistan and Turkey.
