Rome – The benchmark for world meals commodity costs have been broadly secure in November, with decrease worldwide cereal quotations offset by larger costs of vegetable oils, the Meals and Agriculture Group of the United Nations (FAO) reported Friday.
The FAO Meals Value Index, which tracks month-to-month adjustments within the worldwide costs of a set of globally-traded meals commodities, averaged 120.4 factors in November, unchanged from its stage within the earlier month and 10.7 p.c decrease than in November 2022.
The FAO Cereal Value Index decreased by 3.0 p.c from October. Worldwide costs of coarse grains dropped by 5.6 p.c, led by a pointy fall in maize costs, whereas these of wheat declined by 2.4 p.c in November. The FAO All Rice Value Index remained secure month-on-month amidst contrasting worth actions throughout totally different origins and market segments.
The Vegetable Oil Value Index, in the meantime, elevated by 3.4 p.c from October. Worldwide palm oil costs rebounded by greater than 6.0 p.c in November, mainly underpinned by extra lively purchases by main importing nations and seasonally decrease outputs in main producing nations. World sunflower oil costs rose reasonably, whereas quotations for soyoil and rapeseed oils dropped barely in November.
The FAO Dairy Value Index rose 2.2 p.c from October, led by excessive import demand for butter and skim milk powder from Northeast Asian consumers, together with elevated inner demand forward of the winter holidays in Western Europe.
The FAO Sugar Value Index rose by 1.4 p.c month on month, averaging in November as a lot as 41.1 p.c larger than its stage in the identical month final 12 months, influenced by heightened considerations over world export availabilities amid worsening manufacturing prospects in two main exporting nations, Thailand and India, resulting from extreme dry climate situations related to the El Niño occasion.
The FAO Meat Value Index dipped 0.4 p.c from October, reflecting minor drops on the earth costs of poultry, pig and bovine meats, pushed principally by ample exportable provides.
File cereal manufacturing
FAO raised its forecast for this season’s harvests in a brand new Cereal Provide and Demand Transient, additionally launched Friday. World cereal manufacturing in 2023 is now pegged at 2 823 million tonnes, up 0.9 p.c from the earlier 12 months and 10.3 million tonnes above the earlier file excessive reached in 2021.
Upward revisions have been made for wheat output within the Russian Federation and Türkiye and for maize in america of America, whereas manufacturing forecasts have been lowered considerably for Argentina and Brazil. Meantime, the forecasts for maize manufacturing have been trimmed for the European Union and Mexico. FAO additionally expects world rice manufacturing in 2023/24 to rise by 0.8 p.c from the earlier advertising and marketing season.
Looking forward to the following season, planting of the 2024 winter wheat crop is ongoing within the northern hemisphere nations and, reflecting decrease crop costs, space progress could possibly be restricted. Sowing of the 2024 coarse grain crops is ongoing within the southern hemisphere nations, with slower sowings in Brazil however a rebound in Argentina.
World cereal whole utilization in 2023/24 is forecast at 2 813 million tonnes, 1.1 p.c larger than in 2022/23.
World cereal shares by the shut of seasons in 2024 are predicted to rise by 2.7 p.c above their opening stage and mark a brand new file excessive. Primarily based on the most recent forecasts, the worldwide cereal stock-to-use ratio can be 30.8 p.c in 2023/24, indicating an general snug provide stage.
World commerce in cereals in 2023/24 is forecast to contract barely to 468.4 million tonnes, down 1.8 p.c from the 2022/23 stage.
Extra particulars obtainable right here.
