Coarse grain production on track to hit an all-time high, pushing up overall supply and trade prospects
The benchmark for world food commodity prices fell further in January, albeit slightly, led by decreases in the prices of cereals and meat, which more than offset an increase in the sugar prices, the Food and Agriculture Organization of the United Nations (FAO) reported today.
The FAO Food Price Index, which tracks monthly changes in the international prices of a set of globally-traded food commodities, averaged 118 points in January, down 1 percent from December and 10.4 percent from its corresponding value a year ago.
The FAO Cereal Price Index declined by 2.2 percent from the previous month.
The FAO Dairy Price Index remained virtually unchanged from its revised December value, standing 17.8 percent below its value a year ago. In January, international price quotations for butter and whole milk powder increased largely due to higher demand from Asian buyers, nearly offsetting declines in those for skim milk powder and cheese.
The FAO Meat Price Index declined for the seventh consecutive month by 1.4 percent from December, as abundant supplies from leading exporting countries drove down international prices of poultry, bovine and pig meats.