Nevertheless, meat costs improve
2 August 2024
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The United Nations world meals worth index eased barely in July in response to knowledge launched on Friday, with a decline within the index for cereals offset partially by will increase for meat, vegetable oils and sugar, reported Reuters.
The UN Meals and Agriculture Organisation’s worth index, which tracks probably the most globally traded meals commodities, averaged 120.8 factors in July, down from 121.0 in June. The June studying was revised after initially being given as 120.6.
The FAO Cereals Worth Index declined 3.8% to its lowest stage in almost 4 years with international export costs for all main cereals falling for the second consecutive month.
Wheat costs fell on seasonal availability from ongoing winter wheat harvests within the northern hemisphere and beneficial circumstances for spring wheat crops in Canada and the US, the FAO mentioned.
“Maize (corn) export costs additionally declined as harvests in Argentina and Brazil progressed forward of final yr’s tempo and crop circumstances in the USA remained strong,” the report added.
Previous to July, the FAO meals worth index had risen for 4 consecutive months after hitting a three-year low in February as meals costs receded from a report peak set in March 2022, following Russia’s invasion of fellow crop export main Ukraine.
The July worth was 3.1% down on its stage one yr in the past and 24.7% under its 2022 excessive level.
