FAO index has been rising for 3 months

Food prices have risen worldwide for the third month in a row. This was primarily due to the prices of coarse grain, vegetables, vegetable oils and sugar. The food agency of the United Nations (FAO) announced this morning in Rome.
The organization calculates an index every month that captures the price changes of a basket of groceries. In the basket are grains, oil seeds, dairy products, meat and sugar. In August there was an index of 96.1 points. In July it was still 94.3 points.
The experts in Rome report that the world grain harvest will reach a new volume record in 2020. The grain price index rose by 1.9% in August compared to the previous month and thus 7% above the value of the previous year.
Millet, barley and rice prices rose the most among the large cereals. Corn prices also rose significantly because of a storm in the US Midwest at the beginning of August that caused great damage.
The vegetable oil index has risen 5.9% since last month, reaching the level from before the Corona period. Palm oil prices were very firm as production was delayed in the major exporting nations. In addition, global demand increased.The two together will probably reduce stocks.
The average sugar price has increased by 6.7% since July. The reason given for this is the dry and hot summer weather in Europe and Thailand. China, on the other hand, bought a lot, driving up prices.
In contrast, the index for milk and dairy products remained almost unchanged. Falling prices for cheese and whole milk were offset by fixed prices for butter and skimmed milk powder.
The meat index was also largely stable. The price of beef and poultry weakened, while pork has become more expensive again after four months of weakness. Here, too, China's demand was the price driver.
The forecast for the 2020 grain season fell by 25 million tons, mainly because the US corn harvest is expected to be smaller due to bad weather. Nevertheless, this year's grain harvest is expected to set a new record with 2.765 billion tons (+ 3% compared to 2019).
The corn harvests in Argentina and Brazil will probably break new records and the world millet harvest will also increase by 6% compared to the previous year. The world's rice harvest will also set a new record in 2020, according to the FAO.
The forecast for grain consumption in 2020/21 is 2.746 billion tons, which would be 2% more than in 2019/20. The final grain stocks on June 30th, 2021 should then amount to 895.5 million tons. In July that was 33.4 million tons more.

Hansa Terminhandel GmbH
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