ROME, Nov 4 (Reuters) – The United Nations meals company’s world value index edged barely decrease in October, the seventh consecutive month-to-month fall and a few 14.9% down from its all-time excessive recorded in March.
The Meals and Agriculture Group (FAO) mentioned on Friday that its price index, which tracks essentially the most globally traded meals commodities, averaged 135.9 factors final month versus a revised 136.0 for September.
The September determine was beforehand put at 136.3.
The index has fallen from a document of 159.7 in March, however remained 2.0% larger than a yr earlier.
Whereas costs dipped total, the cereal index rose 3.0%, with wheat up 3.2%, principally reflecting uncertainties associated to exports from Ukraine and in addition a downward revision for U.S. provides. Worldwide rice costs elevated 1.0%.
Against this, FAO’s vegetable oil index fell 1.6% in October and was down practically 20% on its year-earlier degree. Rising worldwide quotations for sunflower seed oil have been greater than offset by decrease world costs of palm, soy and rapeseed oils.
Dairy costs fell 1.7%, meat was down 1.4% and sugar eased 0.6%.
In separate cereal supply and demand estimates, FAO lowered its forecast for world cereal manufacturing in 2022 to 2.764 billion tonnes from a earlier 2.768 billion tonnes.
That’s 1.8% beneath the estimated output for 2021.
“The month-on-month downward revision virtually solely considerations the wheat crop in the USA, reflecting downgrades to yields and harvested space,” FAO mentioned.
World cereal use in 2022/23 is anticipated to surpass manufacturing at 2.778 billion tonnes, resulting in a projected 2.0% fall in world shares in contrast with 2021/22 to 841 million tonnes.
That might signify a stocks-to-use ratio of 29.4%, down from 30.9% in 2021/22 however nonetheless comparatively excessive traditionally, FAO mentioned. World commerce in cereals in 2022/23 was predicted to register a 2.2% contraction to 469 million tonnes.
Modifying by Crispian Balmer
Our Requirements: The Thomson Reuters Trust Principles.
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