FAO index for food continues to rise

Vegetable oil prices and dairy products supported global commodity prices for the second consecutive month in July. The FAO announced today in Rome.
The Food and Agriculture Organization calculated its food price index at 94.2 points, 1.2% higher than in June and 1% higher than in July 2019. The non-governmental organization uses the index to track the price development of the world's most important agricultural commodities.
The vegetable oil price rose to a five-month high with an increase of 7.6% compared to June. The demand for it was very good worldwide.
The milk price index also rose by 3.5% compared to the previous month. All dairy products from butter to skimmed milk powder became more expensive.
The grain price index, on the other hand, remained stable compared to June. Even if the prices for sorghum and corn rose significantly because China was a major buyer in the USA. In contrast, rice prices fell because the harvest in 2020 was very large.
The FAO meat index fell 1.8% in July compared to the previous month because the global import demand for pork fell.Higher poultry prices in Brazil could not compensate for the decline in the meat index.
The FAO Sugar Price Index rose 1.4% as sugar cane processing margins improved as energy prices rose in Brazil.

Hansa Terminhandel GmbH
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