“The benchmark for world food commodity prices declined significantly in July” -FAO Press Conference

United Nations published this video item, entitled “”The benchmark for world food commodity prices declined significantly in July” -FAO Press Conference” – below is their description.

The benchmark for world food commodity prices declined significantly in July, with major cereal and vegetable oil prices recording double-digit percentage declines, the Food and Agriculture Organization of the United Nations (FAO) reported today (5 Aug).

FAO Food Price Index averaged 140.9 points in July, down 8.6 percent from June, marking the fourth consecutive monthly decline since hitting all-time highs earlier in the year.

The Index, which tracks monthly changes in the international prices of a basket of commonly traded food commodities, remained 13.1 percent higher than in July 2021.

Briefing reporters today on the FAO’s latest Food Price Index, FAO’s Chief Economist, Maximo Torero, said that “The decline from very high food commodity prices is welcome, but many uncertainties remain, including the still high fertilizer prices that impact farmers’ livelihoods, a future production prospect for the next year, and the global economic outlook and currency movements, all of which pose ongoing constraints for the global food security.”

The FAO Vegetable Oil Price Index decreased by 19.2 percent in July from June, marking a 10-month low.

Torero said that “Lower crude oil prices are also a welcome sign, which could lead to a considerable downward pressure of food commodities, but uncertainties over gas availability, which prices are still increasing, are important and could destabilize still the fertilizer market and the food supplies.”

International quotations for all oil types fell, with palm oil prices declining due to prospects of ample export availabilities out of Indonesia, those of rapeseed oil responding to expectations of ample new crop supplies, and soy oil prices down due to protracted sluggish demand.

Sunflower oil prices also dropped markedly amid subdued global import demand despite continued logistical uncertainties in the Black Sea region. Lower crude oil prices also pressured vegetable oil values down.

The FAO Cereal Price Index dropped by 11.5 percent in the month while remaining 16.6 percent above its July 2021 value.

Prices of all the cereals represented in the index fell, led by wheat, for which world prices declined by as much as 14.5 percent, partly in reaction to the agreement reached between Ukraine and the Russian Federation to unblock exports from key Black Sea ports and partly to seasonal availability from ongoing harvests in the northern hemisphere.

World coarse grain prices declined by 11.2 percent in July, with those of maize down by 10.7 percent, due in part to the Black Sea agreement and increased seasonal availabilities in Argentina and Brazil.

International rice prices also declined for the first time in 2022.

The FAO Sugar Price Index fell by 3.8 percent from June amid concerns over demand prospects due to expectations of a further global economic slowdown, a weakening Brazilian real, and lower ethanol prices resulting in greater sugar production in Brazil during the month than previously expected.

Indications of greater exports and favorable production prospects in India also contributed to the decline in world sugar prices.

At the same time, hot and dry weather in the European Union sparked concerns about sugar beet yields and prevented sharper price declines.

The FAO Dairy Price Index decreased by 2.5 percent from June amid lackluster trading activity, but it still averaged 25.4 percent above its July 2021 value.

Prices of milk powders and butter declined, while those of cheese remained stable, buoyed by demand in European tourist destinations.

The FAO Meat Price Index was also down in July, by 0.5 percent from June, due to weakening import demand for bovine, ovine, and pig meats.

By contrast, international poultry meat prices reached an all-time high, underpinned by firm global import demand and tight supplies due to Avian influenza outbreaks in the northern hemisphere.

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