ROME (Reuters) – Planet food stuff prices rose for a seventh consecutive month in December, with all the key categories, barring sugar, posting gains very last thirty day period, the United Nations food stuff company mentioned on Thursday.
The Foods and Agriculture Organization’s meals rate index, which actions month-to-month modifications for a basket of cereals, oilseeds, dairy products, meat and sugar, averaged 107.5 points previous thirty day period vs . 105.2 in November.
The November determine was formerly provided as 105..
For the full of 2020, the benchmark index averaged 97.9 factors, a a few-year higher and a 3.1% improve from 2019. It was nonetheless down far more than 25% from its historic peak in 2011.
Vegetable oil prices continued the latest sturdy gains, jumping 4.7% month-on-thirty day period in December right after surging more than 14.% in November. For the complete of 2020, the index was up 19.1% on 2019.
FAO stated offer tightness in key palm oil producing international locations experienced pushed rates up, while trade was also impacted by a sharp hike in export duties in Indonesia. Prices for soy oil rose partly simply because of prolonged strikes in Argentina. [POI/]
The cereal price index posted a more modest 1.1% rise in December from the thirty day period before. For all of 2020 the index averaged 6.6% higher than 2019 concentrations.
Export price ranges for wheat, maize, sorghum and rice all rose in December, shifting bigger in component because of to worries in excess of increasing disorders and crop prospective clients in North and South The united states as properly as Russia, the Rome-primarily based FAO mentioned.
The dairy index climbed 3.2% on the month, nonetheless, around the full of 2020, it averaged some 1.% fewer than in 2019.
In December, all factors of the index rose thanks to solid world-wide import desire brought on by problems more than drier and hotter problems on Oceania’s milk manufacturing as nicely as higher inside desire in Western Europe.
The meat index pushed up 1.7% previous month, while its total-year normal was 4.5% down below that of 2019. FAO mentioned poultry quotations rebounded in December, partly thanks to the impact of avian influenza outbreaks in Europe. Even so, pig meat charges fell slightly, strike by the suspension of German exports to Asian markets following African Swine Fever outbreaks.
Bucking the rises in other indices, normal sugar price ranges dipped by .6% in December. For 2020 as a full, the sub-index posted a most 1.1% achieve on 2019 ranges. FAO said the relative firmness of most up-to-date data reflected a surge in imports by China and amplified demand from customers for refined sugar from Indonesia. [SOF/L]
FAO did not concern an updated forecast for all over the world cereal harvests in January. Its up coming estimate is due in February.
Past month, FAO revised down its forecast for the 2020 cereal season for a 3rd month managing, chopping it to 2.742 billion tonnes from a earlier 2.75 billion tonnes.
(Reporting by Crispian Balmer)