I expected a record crop of rice …"Faw" Its estimates of grain production are raised globally
Geneva, March 7 / WAM / Food and Agriculture Organization, FAO, raised its estimates to produce grains globally in the past season “2024” to 2842 million tons slightly over the level of 2023.
However, the global food commodity price index witnessed last February a noticeable increase driven by increases in sugar prices, dairy products and vegetable oils, while the prices of meat and rice decreased with expectations of record production of the crop and a slight increase in wheat.
The organization said that the average food price index for the Food and Agriculture Organization, which tracks monthly changes in international prices of a group of food commodities circulating globally, reached 127.1 points in February, an increase of 1.6 % over the previous month and 8.2 % of its level in February 2024.
Sugar prices increased by 6.6 % from January after three consecutive months of decline. Fears of the most stringent global supplies for the 2024/2025 season, especially due to the expectations of low production in India and the opposite weather conditions that affect crops in Brazil.
Dairy prices also increased by 4.0 % from January as a result of the high prices in all major dairy products, including cheese and full milk powder, as strong demand for imports exceeded production in the main exporting areas.
The prices of vegetable oils recorded 156.0 points in February 2.0 % from January, by 29.1 % higher than the previous year due to the high prices of palm oils and soybeans driven by seasonal supply restrictions in Southeast Asia and strong demand from the vital diesel sector.
The grain prices increased by 0.7 % in February, when wheat prices increased due to a lack of supplies in the Russian Federation and concerns about crop conditions in Eastern Europe and North America, although the total index remained slightly lower than its level in February 2024.
Global corn prices continued to rise, supported by the deficiency of supplies in Brazil and strong demand for American exports.
On the contrary, global rice prices decreased by 6.8 % in February due to the abundant export supplies and weak demand for imports.
On the other hand, the report said that the average prices of meat for the Food and Agriculture Organization settled in February with an average of 118.0 points, a slight decrease of 0.1 % from January, while the prices of poultry meat declined due to abundant supplies, the prices of sheep and cows remained fixed with the support of strong global demand for imports.
The international organization’s report said that early expectations indicate a modest increase in global wheat production in 2025, the organization stated in a report on the offer and demand for grains that it expects wheat production to reach 796 million tons in 2025, which represents a modest increase of about 1 % over the previous year based on the expected production gains in the European Union, especially in France and Germany.
He expected rice production to reach a record level of 543 million tons (with ground rice rewards) in 2024/2025, driven by positive crops in India and favorable growth conditions in Cambodia and Myanmar.
Dry / WAM
- For more: Follow Khaleejion 24 Arabic, Khaleejion 24 English, Khaleejion 24 Live, and for social media follow us on Facebook and
