Monday, 11 December 2023 13:55

Food Price Index holds steady

Written by  Staff Reporters
Sharp falls in maize prices led the drop in international prices of coarse grains. Sharp falls in maize prices led the drop in international prices of coarse grains.

The benchmark for world food commodity prices were broadly stable in November, with lower international cereal quotations offset by higher prices in vegetable oils.

That’s according to the Food and Agriculture Organization of the United Nations (FAO) which released its monthly index on Friday.

The FAO Food Price Index tracks monthly changes in the international prices of a set of globally-traded food commodities.

The FAO Cereal Price Index decreased by 3% from October. International prices of coarse grains dropped 5.6%, led by a sharp fall in maize prices, while those of wheat declined by 2.4% in November.

The Vegetable Oil Price Index, meanwhile, increased by 3.4% from October. International palm oil prices rebounded by more than 6% in November, chiefly underpinned by more active purchases by leading importing countries and seasonally lower outputs in major producing countries.

The FAO Dairy Price Index also saw a rise, up 2.2% from October, led by high import demand for butter and skim milk powder from Northeast Asian buyers, along with increased internal demand ahead of the winter holidays in Western Europe.

The Sugar Price Index rose by 1.4% month on month, averaging in November as much as 41.1% higher than its level in the same month last year, influenced by heightened concerns over global export availabilities amid worsening production prospects in two leading exporting countries, Thailand and India, due to severe dry weather conditions associated with the El Nino event.

The FAO Meat Price Index dipped 0.4% from October, reflecting minor drops in the world prices of poultry, pig and bovine meats, driven mostly by ample exportable supplies.

More like this

FAO Food Price Index declines in August

International food commodity prices declined in August, led by staples other than rice and sugar, the Food and Agriculture Organization of the United Nations (FAO) says.

Food Price Index rebounds

Global food commodity prices rose in July, influenced by the termination of the Black Sea Grain Initiative and new trade restrictions on rice, says the Food and Agriculture Organization of the United Nations (FAO).

Featured

Ploughing Champs success

Sean Leslie and Casey Tilson from Middlemarch, with horses Beau and Dough, took out the Rural News Horse Plough award at the Power Farming NZ Ploughing Championships at Horotiu, near Hamilton, on April 13-14.

Farmers oppose work visa changes

Farmers are crying foul over changes announced by the Government this week to the Accredited Employer Work Visa (AEWV) scheme.

National

Back to the tractor!

Alliance Group chair Murray Taggart is looking forward to spending more time on farm as he steps down after a…

Machinery & Products

PM opens new Power Farming facility

Morrinsville based Power Farming Group has launched a flagship New Zealand facility in partnership with global construction manufacturer JCB Construction.

AGTEK and ARGO part ways

After 12 years of representing the Landini and McCormick brands in New Zealand, Bay of Plenty-based AGTEK and the brands’…

100 years of Farmall Tractors

Returning after an enforced break, the Wheat and Wheels Rally will take place on the Lauriston -Barhill Road, North-East of…

» Latest Print Issues Online

The Hound

Crazy

OPINION: Your canine crusader was truly impressed by the almost unanimous support given by politicians of all stripes in Parliament…

More!

OPINION: As this old mutt suggested in the last issue, MPI looks a very good candidate for some serious public…

» Connect with Rural News

» eNewsletter

Subscribe to our weekly newsletter