FAO food index drops 1.3%

The FAO food price index fell in September. Only sugar was a bit more expensive, the FAO said today in a press release.
The FAO Index summarizes prices for staple foods such as cereals, oilseeds, dairy products, meat and sugar. In September, the market pointer was calculated with 165.4 points, in August, the value was still at 167.7 points.
The FAO is a United Nations (UN) agency based in Rome.
The grain harvest in 2018 is now estimated by the FAO at 2.591 billion. That's 3 million tons more than the month before. This corresponds to 63 million tonnes or 2.4% less than in the record year of 2017. Wheat production in 2018 thus comes to 722.4 million tonnes - the smallest amount since 2013.
The grain price index has fallen by 2.8% since August. Export prices for wheat and corn have seen a 4% decline since August, mainly because the crop in the US is very large.
In contrast, the sugar index rose 2.6%, mainly due to the current harvest in Brazil, the world's largest sugar producer and exporter. There had been a dryness during the critical growth phase and yield estimates.

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