World meals value index falls for fifth consecutive month in August | World News

The United Nations meals company's world value index fell for a fifth month in a row in August, farther from all-time highs hit earlier this 12 months, as a resumption of grain exports from Ukrainian ports contributed to improved provide prospects.

The Meals and Agriculture Group (FAO) stated on Friday that its value index, essentially the most globally traded meals commodities, averaged 138.0 factors final month versus a revised 140.7 for July.

The July determine was beforehand put at 140.9.

The index has fallen from a report of 159.7 in March, hit after Russia's invasion of Ukraine. The August studying was, nevertheless, 7.9% larger than a 12 months earlier.

FAO's cereal value index fell 1.4% month-on-month in August, with the re-opening of Ukrainian Black Sea ports beneath a diplomatic deal in addition to beneficial wheat harvest prospects in North America and Russia weighing on costs, the company stated.

However the maize value index rose 1.5% final month as scorching, dry climate diminished the outlook for manufacturing in Europe and the USA, it stated.

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The vegetable oil, sugar, dairy and meat value indices all fell, partly reflecting improved provides.

In separate cereal provide and demand estimates FAO lowered its forecast for world cereal manufacturing in 2022 to 2.774 billion tonnes from a earlier projection of two.792 billion in early July.

That's 1.4% beneath estimated output for 2021.

The lower to its prediction for 2022 cereal manufacturing was because of the weather-reduced corn prospects within the northern hemisphere, with European Union yields notably seen falling 16% beneath their five-year common, FAO stated.

World cereal use in 2022/23 is anticipated to surpass manufacturing at 2.792 million tonnes, resulting in a projected 2.1% fall in world shares in contrast with 2021/22 to 845 million tonnes.

That might characterize a stocks-to-use ratio of 29.5%, down from 30.9% in 2021/22 however nonetheless comparatively excessive traditionally, FAO stated.