FAO Meals Worth Index in November stays unchanged for second month

The FAO Meals Worth Index (FFPI) averaged 135.7 factors in November 2022, nearly unchanged from October, with month-on-month decreases within the worth indices for cereals, dairy and meat, almost offsetting will increase in these of vegetable oils and sugar.

The index stood solely marginally above (0.3 p.c) its corresponding worth in November 2021.

The Cereal Worth Index averaged 150.4 factors in November, down 1.9 factors (1.3 p.c) from October, however nonetheless 9.0 factors (6.3 p.c) above its worth a yr in the past. World wheat costs registered a 2.8-percent decline through the month of November, largely pushed by the rejoining of the Russian Federation within the Black Sea Grain Initiative and the extension of the settlement, subdued import demand for provides from america of America as a result of uncompetitive costs, and larger competitors in international markets with elevated shipments from the Russian Federation.

Worldwide costs of coarse grains additionally eased in November, down 1.0 p.c from October. Maize costs declined by 1.7 p.c month-on-month, additionally influenced by developments within the Black Sea Grain Initiative, whereas improved transport on the Mississippi River in america of America weighed on costs as properly. Worldwide costs of sorghum declined by 1.2 p.c in November in tandem with maize costs, whereas these of barley elevated by 2.5 p.c. Worldwide rice costs moved up by one other 2.3 p.c in November, influenced by foreign money appreciation towards america greenback for some Asian suppliers and good shopping for curiosity.

Additionally, Sugar Worth Index averaged 114.3 factors in November, up 5.7 factors (5.2 p.c) from October, marking the primary enhance after six consecutive month-to-month declines.

The November rebound was largely associated to robust shopping for amid prevailing tight international sugar provides as a result of harvest delays in key producing nations and the announcement by India of a decrease sugar export quota.

“Greater ethanol costs in Brazil, elevating issues over a larger use of sugarcane to supply ethanol, exerted additional upward strain on world sugar costs.

“Regardless of the November enhance, worldwide sugar worth quotations remained 5.9 factors (4.9 p.c) beneath their ranges in the identical month of final yr, weighed down by prospects of ample international provides within the 2022/23 season,” the UN company mentioned.