He FAO Meals Value Index* (FFPI) stood at 117.three factors in February 2024, zero.9 factors (zero.7 %) decrease than its revised January stage, as declines in cereal and vegetable oil worth indices offset barely will increase in sugar, meat and dairy merchandise. . The index fell 13.eight factors (10.5 %) in comparison with its corresponding worth a yr in the past.
He FAO Cereal Value Index averaged 113.eight factors in February, 6.1 factors (5.zero %) lower than in January and as much as 32.9 factors (22.four %) under its February 2023 worth. Worldwide costs of all main cereals decreased month after month.
Corn export costs fell essentially the most as expectations of huge harvests in Argentina and Brazil, together with aggressive costs provided by Ukraine wanting to reap the benefits of the well-functioning maritime commerce route, weighed in the marketplace.
Relating to wheat, the autumn in worldwide costs was primarily as a result of lower in export quotes as a result of robust export tempo of the Russian Federation, which put downward strain on costs from different origins. , specifically the European Union.
In step with the softer tone within the wheat and corn markets, world costs for barley and sorghum additionally fell. Worldwide rice costs fell 1.6 % in February as, aside from purchases from Indonesia, demand for brand spanking new imports remained usually sluggish and harvesting of latest crops started at some suppliers.
He FAO Vegetable Oil Value Index averaged 120.9 factors in February, 1.6 factors (1.three %) lower than in January and 15.zero factors (11.zero %) under its stage a yr in the past. The drop was primarily because of falling world costs for soybean, sunflower and rapeseed oils, which greater than offset barely greater palm oil quotes.
Worldwide soybean oil costs fell sharply in February, underpinned primarily by prospects for plentiful soybean manufacturing in South America amid usually favorable harvesting circumstances.
In the meantime, world costs for sunflower and rapeseed oil decreased, reflecting the persistence of ample exportable availabilities worldwide. In distinction, world palm oil costs rose barely in February, amid seasonally decrease manufacturing in main producing international locations in Southeast Asia.
He FAO Dairy Value Index averaged 120.zero factors in February, 1.three factors (1.1 %) greater than in January, however was 18.6 factors (13.four %) under its worth within the corresponding month final yr . In February, world butter costs rose essentially the most, supported by stronger import demand from Asian patrons and seasonally declining milk manufacturing in Oceania.
In the meantime, entire milk powder costs continued to rise, albeit slowly, primarily because of elevated import demand, particularly from China, which was partially offset by a drop in European Union costs.
Skimmed milk powder costs remained secure as rising Oceania costs had been nearly offset by decrease European Union costs, largely reflecting decrease import demand from the area because of elevated transport prices and transportation delays ensuing from the battle within the Crimson Sea.
Worldwide cheese costs additionally rose marginally as shopping for curiosity from Asia turned optimistic amid decrease inventories within the European Union.
He FAO Meat Value Index* averaged 112.four factors in February, 2.zero factors (1.eight %) greater than in January, reversing seven months of consecutive declines and standing zero.9 factors (zero.eight %) under its corresponding worth a yr in the past.
The worldwide worth quotes for poultry meat elevated essentially the most, adopted by these for beef, supported primarily by a rise in demand from the principle importing international locations. The rise in beef costs was because of decrease than anticipated provide from Australia, as heavy rain disrupted the transportation of livestock from main producing areas.
In the meantime, pork costs rose barely because of greater demand from China, together with greater home demand in Western Europe amid a persistent tight provide scenario.
In distinction, worldwide sheepmeat costs declined because of a slowdown within the tempo of imports from China and report manufacturing following the rebuilding of flocks in Australia.
He FAO Sugar Value Index averaged 140.eight factors in February, four.four factors (three.2 %) greater than in January, marking the second consecutive month-to-month improve, and standing 15.6 factors (12.5 %) above its worth in the past one yr.
Lingering considerations in regards to the outlook for the upcoming season in Brazil, following a chronic interval of below-average rainfall, continued to assist world sugar costs, exacerbating seasonal upward strain.
As well as, forecasts pointing to a possible lower in manufacturing in Thailand and India, two of the principle exporting international locations, contributed to the rise in costs. Nonetheless, improved rainfall in late February in the principle producing areas of Brazil and the weakening of the Brazilian actual towards the USA greenback contained the rise in world sugar costs.
* Not like different commodity teams, most costs used within the calculation of the FAO Meat Value Index will not be accessible when the FAO Meals Value Index is calculated and printed; due to this fact, the worth of the Meat Value Index for the newest months is derived from a mixture of projected and noticed costs. This will likely generally require important revisions to the ultimate worth of the FAO Meat Value Index, which in flip might affect the worth of the FAO Meals Value Index.
FAO Meals Value Index in Nominal and Actual Phrases