World food prices rise with a boost in meat and vegetable oils, says FAO

World food prices rose sharply in November, driven by big jumps in the prices of meat and vegetable oils, despite slightly lower values for cereals, the United Nations food agency reported on Thursday.

The Food and Agriculture Organization's (FAO) food price index, which measures monthly changes in a basket of cereals, oilseeds, dairy products, meat and sugar, reached a 26-month high in November.

The indicator reached an average of 177.2 points, an increase of 2.7% compared to the previous month and an increase of 9.5% compared to the same period last year.

The meat price index recorded its biggest monthly increase since May 2009, rising 4.6% from October to 190.5 points, with beef and lamb advancing more strongly, driven by demand from China and higher end-of-season consumption. year.

The vegetable oil price index rose 10.4% to 150.6 points, reaching its highest point since May 2018, led by firmer palm oil values, which strengthened on strong import demand, increased usage of biodiesel and concerns about possible shortages.

The cereal price index fell 1.2% to 162.4 points, with large export supplies and strong competition among global producers weighing on wheat prices.

Rice prices fell to six-month lows as new harvests added pressure.

The sugar price index averaged 181.6 points, up 1.8% compared to October, led by expectations of higher demand.

PRODUCTION

The agency raised its forecast for global cereal production in 2019 by 0.4%, estimating the global cereal harvest at 2.714 billion tonnes, compared to 2018 levels.

Wheat production is expected to increase by 4.8% to 766.4 million tonnes.

Global rice production was estimated at 515 million tonnes, an increase of 1.6 million tonnes from the previous forecast, implying a drop of 0.5% from the 2018 record, the agency said.

Source: Notícias Agrícolas

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