Global Meat Prices Reach New Peak, Fao Finds

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Global nutrient prices person reached different high, chiefly driven by accrued import request for beef and lamb from nan US and China. 

The information from nan Food and Agriculture Organization (FAO) of nan United Nations shows that Food Price Index, which monitors 5 nutrient commodities, showed small wide alteration successful August.  

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Rising prices for meat, sugar, and rootlike oils counterbalanced declines successful cereal and dairy prices. 

The wide scale averaged 130.1 points successful August, a flimsy uptick from July’s revised figure of 130 points, marking a 6.9% summation compared to nan aforesaid play past twelvemonth and nan highest since February 2023 astatine 130.7.  

Meanwhile, nan FAO Meat Price Index climbed by 0.6% successful August, reaching a humanities precocious of 128 successful astatine slightest 25 years, surpassing nan erstwhile grounds of 127.2 group successful July. 

The FAO attributed nan surge successful nan sub-index to nan “rising world bovine nutrient prices, underpinned by beardown request successful nan United States of America and robust import request from China, which respectively boosted Australian and Brazilian export quotations”.  

Ovine prices besides rose, while pork prices “remained broadly stable” and poultry nutrient quotations “declined amid ample exportable supplies” from Brazil, nan agency added.  

The FAO Vegetable Oil Price Index roseate by 1.4% from July, hitting a three-year highest of 169.1.  

The uptick was influenced by rising palm, sunflower, and rapeseed lipid prices, partially owed to Indonesia’s “intention to further raise its biodiesel blending instruction adjacent year”. 

Conversely, world soy lipid prices saw a flimsy decline, pinch expectations of abundant soybean supplies successful nan coming trading year. 

The FAO Sugar Price Index knowledgeable a insignificant summation of 0.2% to 103.6, pursuing 5 months of consecutive decreases.  

“Concerns complete sugarcane accumulation and yields successful Brazil, arsenic good arsenic stronger world import demand” drove nan demand, nan FAO said.  

However, nan imaginable for larger harvests successful India and Thailand mitigated nan value escalation. 

Offsetting these increases were declines successful cereal and dairy prices.  

The FAO Dairy Price Index fell by 1.3% to 152.6, pinch reduced quotations for butter, cheese, and full beverage powder owed to little import request from important Asian markets. 

Additionally, nan FAO Cereal Price Index decreased by 0.8% to 105.6.  

International wheat prices dropped, backed by “larger harvests” successful nan European Union and nan Russian Federation.  

Meanwhile, world maize prices rose, influenced by heightened request for provender and ethanol accumulation successful nan US.