World food prices ease slightly in July, UN says
Adds quote, detail
LONDON, Aug 2 (Reuters) -The United Nations world food price index eased slightly in July according to data released on Friday, with a decline in the index for cereals offset in part by increases for meat, vegetable oils and sugar.
The U.N. Food and Agriculture Organization's price index, which tracks the most globally traded food commodities, averaged 120.8 points in July, down from 121.0 in June. The June reading was revised after initially being given as 120.6.
The FAO Cereals Price Index declined 3.8% to its lowest level in nearly four years with global export prices for all major cereals falling for the second consecutive month.
Wheat prices fell on seasonal availability from ongoing winter wheat harvests in the northern hemisphere and favourable conditions for spring wheat crops in Canada and the U.S., the FAO said.
"Maize (corn) export prices also declined as harvests in Argentina and Brazil progressed ahead of last year’s pace and crop conditions in the United States remained robust," the report added.
Prior to July, the FAO food price index had risen for four consecutive months after hitting a three-year low in February as food prices receded from a record peak set in March 2022, following Russia's invasion of fellow crop export major Ukraine.
The July value was 3.1% down on its level one year ago and 24.7% below its 2022 high point.
Reporting by Nigel Hunt
Editing by Peter Graff and Barbara Lewis
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
